The world where we live in is powered by technologies and digitalization. Due to this, the consumers are getting more and more dependent on smartphones thus making it part of their day-to-day life.
Smartphone usage is not only limited to the entertainment segment or social media but is being used vigorously to buy and sell everything including the Grocery, Booking tickets, and many more. All this can be done with just a few taps on your mobile phone devices thus making easy accessibility of goods and services.
As the Society is going Cashless the digital wallets have become the talk of the town. The people are using the digital wallet solution in everything, be it paying bills, shopping, eating in restaurants, and more hence making Digital wallet payments as the major contributor to fintech growth in the world.
What is an E-Wallet?
An E-Wallet payment system is that financial instrument which allows business and individuals to receive and send money via mobile devices.
It is a type of digital currency for online transactions which is being referred to as the program which allows the user to store and use electronic money.
The E-wallet or the digital payment system is a password-protected account for storing the money for online transactions.
The payment would not be completed unless the One-time password received on the user’s phone is being checked and entered by the user on the e-wallet application. This digital system is being connected with the user’s bank and cards.
Types of E-wallet
1# SMS Based Payment
This Wallet uses the customer’s banking card information to make the payment where SMS containing code and password is being sent to the customers for confirmation.
The OTP i.e. One-time Password is being shared which is being used by the users to make the payment via their E-wallet.
2# Mobile Web Payment
Through Mobile Web payment the problem of entering card details, again and again, is solved. This Mobile money payment Solution provides two layers of authentication for the users to check-in i.e. via OTP and UPI pin.
3# Mobile Communication Service Provider
It is one of the most popular, secure, fast, convenient, and easy methods of doing Payment. As in this method, the user’s mobile account is used to make the payment.
4# QR Code Payment
4 Advantages of the E-Wallet System
Today the E-wallet system is being used by everyone who is fond of purchasing and selling things on the Internet. For them, the E-wallet system is the most beneficial and easy mode of payment.
The e-wallet system has various additional benefits that the common credit debit cards do not provide. Hence making the digital payment system the efficient and effective mode of payment. Below are some of the advantages
1# Simpler Payment Process
With an e-wallet, the customer can easily pay for the service or the product both online or in the physical store.
As the payment through plastic cards is a more complex process as one needs to enter the card number, CVV every time the transaction is being made.
As compared to plastic cards e-wallet registered account user can use it for a long time as much he like.
3# Convenient For Freelancers
People who work as freelancers have their clients available online. Hence Receiving and paying electronic money via e-wallet is the most convenient mode for them.
4# High Transaction Speed
Bank transfers sometimes take from several hours to a few business days. Transactions with electronic money are performed in a matter of minutes.
Extended payment functionality. Digital wallet features are:
- A highly protected user account with all the necessary information for making a secure e-wallet mobile payment;
- The ability to select the desired currency (ideally, the list should offer cryptocurrency either);
- The possibility of convenient funding of the e-wallet (or withdrawal of funds from it).
Factors To Keep in Mind While E-Wallet Software Development
Here are some key factors that you need to keep in mind during E-wallet software development;
1. Prioritizing The E-wallet Functions
As we know The e-Wallet application consists of various features and functions and to make your build money transfer app successful prioritizing them becomes a must.
Deep Market research needs to be done to analyze the customer’s demands and desire and compare it with the market trend before building up the application
This is the most important feature of the digital payment system or the e-wallet application as the customers rely only on those applications which have a tight security structure as they need to share there all bank and card details.
Hence it becomes the primary responsibility of the developer to ensure their data security by using advanced technology methods so that the data is hard to decrypt.
3. Digital Receipt
As soon as the transaction is being done by the customer they need to know and want a confirmation about the success or failure of the transaction.
Therefore issuing of digital receipts becomes a must. Either it can be shared with their registered mail address or can be built in the application only.
4. Reward Points
People love to get rewards or cash back. So if you want to make your digital payment application sustain in the market for a longer run.
Do start giving leverages in the form of rewards or cashback. These reward points can be redeemed later by the customer and would also help you to understand your target audience, their likes, and dislikes.
5. Keep Them Engaged
Sharing timely notifications with the customers from time to time would help you to keep them engaged in your e-wallet application.
They won’t abandon the application after its first usage if they would get timely notifications about the latest offers and discount on your e-wallet applications
Mobile wallets are no longer just a market trend but it has become the need of the time. But to enjoy the benefits of this fast-evolving e-wallet market, you need to ensure flawless implementation of various features on your application to engage your customers.
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Author Bio: Nikunj Gundaniya, Product manager Digipay.guru, one of the leading eWallet Application Development, which provides mobile finance application development services. He is a visionary leader whose flamboyant management style has given profitable results for the company. He believes in the mantra of giving 100% to his work.