To build a secure mobile wallet app or to start developing a reliable mobile wallet app, you first need to understand its basics. A mobile wallet app is a type of payment service provider. It works like sending and receiving money using a mobile app. The world has witnessed that wallet apps have turned out to be one of the fastest-growing digital products in the last quarter of 2017. The current reports of the Indian market suggest a 16% rise in mobile payment, which is confirmed by the RBI.
Payment apps like Paytm, PayPal, and Google Tez, are dominating the market at the moment. And hence, there is a huge market to serve with your services and generate revenue, which is unlimited. So, if you are committed to Building a Secure Mobile Wallet App, you must keep on reading this blog further. It will cover the most crucial elements of Mobile wallet app development, especially in 2022.
Moreover, before you hire Mobile App Developers or any Mobile wallet app development Company, you must understand how the process works. This guide includes elements like the need to develop a Mobile Wallet Application, industries that benefit from it, Mobile App Development Company, and more. It further covers aspects like must-have or advanced app features, app execution and tracking, the way the app works, and the cost of the App Development in 2022.
So, let’s get into it, without wasting time:
Identify the Need to Build an app like Google Pay
Reports state that about 1.2 billion people have access to a bank account with payment accessibilities. Moreover, about 5 billion people use smartphones, which indicates several people have the liberty to access net banking. So, creating a Mobile Wallet App like Google Pay is a good idea for startups or large enterprises to invest in. Any financial institution will prefer to increase its customer base through mobile payment app development.
The digital wallet app development has already shaken the market, so creating a Mobile Wallet App like Google Pay with a fresh concept is robust. A mobile wallet app is far easier to access than net banking. Well, this is because the convenience of using the app is so easy, smart, and fast. Moreover, the revenue of the global mobile payment app has increased from 450 billion dollars to 780 billion dollars.
The US consumer rate between the age group of 25-34 is using peer-to-peer payment facilities at a 45% hike. And the next age group has shown a 37% hike between 35-44 years old. Hence, the market is booming, and now it would be the right time to invest or create a Mobile Wallet App like Google Pay.
Crucial Features to Create a Mobile Wallet App like Google Pay
- Easy-to-use, smooth, and interactive User Interface
- Seamless and easy money Transactions User Registration or Login
- Add and then Check Account Balance
- Fund Transfer
- Recharge/Bill Payment
- In-App Camera
- Authorizing Credit Card/Bank Account/Debit Card
- Discount / Redeem Coupons
- Digital Receipts
- Spending Analysis to allow app consumers to check their spending
- Data Synchronization
- Cloud-based Technology
- Loyalty card
- Reward offers using ad campaigns
- Gift cards
- Membership cards
- Security and Privacy of E-wallet with OTP, fingerprint, or QR code
- GPS Tracker & Navigation
- Wearable technology and Device Integration
- Push notifications
- Integration of geo-tags
What type of Industries can benefit from Digital Wallet App Development?
Well, many industries are benefiting from digital wallet app development. The concept of mobile wallet app development allows users a way to secure payment transactions from anywhere and anytime. For example, the retailer can offer a QR code for the users to scan and pay. Below-discussed are a few mentions of other industries that are benefiting from the mobile wallet app development:
- Telecommunications Companies
- Transportation and Logistics Companies
- Online commerce payments
Do you feel like you can’t wait in line, recharge your metro card through your wallet hassle-free, and never be late? What if your electricity bill due date is approaching, but you don’t feel like stepping out of the house? Well, click on the option provided by your wallet app and pay your electricity bill now without worrying a second.
How to Execute and Track Digital Wallet App Development?
The most appropriate technique to execute and track the digital wallet app development will be the utilization of the ‘Scrum’. Well, it’s a well-developed and tested technique within the more extensive ‘Agile’ methodology. You can then build an MVP i.e. a Minimum Viable Product, which is basically a functional product. Moreover, an MVP will help you get real market feedback.
And hence, you will be enhancing the app and its features based on market feedback. You iteratively undertake this method by experimenting with multiple ‘Sprints.’ After that, you’ll need to build a ‘product backlog’. Well, it’s a list of features you will be adding to create a Mobile Wallet App like Google Pay. And, subsequently, you will be planning your ‘Sprint’ by estimating the demand for features requested in the product backlog.
Once the above-discussed work is completed, you will then have to conduct a ‘Sprint review meeting.’ To ensure effective execution and to track such projects, you’ll require using relevant tools. Moreover, Trello and Asana are a few popular and available project management tools.
How does a Secure Digital Mobile Wallet app work?
It’s not rocket science, it’s quite easy and smart to use a digital wallet. First, you will need to open the digital wallet app. After that, go ahead and authorize it by using a PIN code, password, fingerprint scanner, etc. You can also use any other way to secure the digital wallet app from being misused.
Then find the option to choose a card or banking account to link it to your digital wallet. This linking of a card or bank account will help you with secure, fast, and smart transactions anytime. Apart from that, the digital wallet app users can also avail themselves of available offers by applying coupons at the time of payment.
The digital wallet application can be used for every transaction that has the option to accept such payment modes. Moreover, the mobile app works via three types of payment modes, like NFC technology to transfer information about payments. Bluetooth and iBeacon for payments and the last payment mode are done with the use of QR codes.
Furthermore, these modes in a digital mobile wallet app like Google Pay help a user make a secure transaction over the desk. The concerned person receives the payment receipt in the mail. Also, this allows a user to use the digital wallet safely.
How to initiate mobile wallet application development?
Brainstorm and innovate your idea
In other words, you must analyze the market demand and whether your app concept is feasible for the same. Answering the below questions will help you get the insights to tailor your app development solution.
What is the goal you want to achieve with your mobile app?
What are the demographics of your audience, and how will this mobile app help them?
How does the user journey look on your app from login to check out?
Are there any features you should include in your app’s first version except for must-have?
Which technology should you use to create a high-performing app?
Choose the right development associates.
You have three methods to have a development team for your app: Freelancers, in-house development & app development agencies. The third one is the most affordable one. Because you just need to find an outsourcing app development company with a diverse portfolio and experienced developers. And they handle the rest. Our company also offers outsourcing services.
The fun fact about outsourcing is that we guarantee effective communication, project management with a quick turnaround time, and timely delivery. You can inquire about anything by filling out the form at the bottom.
When you innovate something, you might need to iterate the design multiple times. Moreover, to attract investors, you need a substantial product design. In such a case, a click-through prototype development following wireframing that functions similar to a real app without code is a great exercise.
Furthermore, prototyping also helps you nurture your user-friendly mobile app design and receive adequate feedback from stakeholders in bonus.
Build MVP first
Your first product should be a Minimum Viable Product with essential functionality and features. MVP is a strategy very helpful for big to small brands to shape their final product.
Nurture Final product development
When you launch MVP, you receive feedback from your early adopters. You can utilize such feedback to identify areas of improvement in your product. This way, you can nurture your app, making your wallet app more customer-friendly.
An Estimate Cost to Develop a Mobile Wallet Application
Considering the crucial elements above that are required to build a Secure Mobile Wallet App, you can estimate the final cost. The overall cost of Mobile wallet app development with minimum features and technology will come around $25,000 to $50,000. However, if your digital wallet application is equipped with advanced technology and features, the cost might go up to $100,000 to $150,000. It is based on the compensation of the app developers depending upon where the person is located and how much they charge per hour.
The overall cost is based on the development team, tech stack, app features both- must-have and advanced, app complexity, size of the app, design, app platforms (iOS or Android or both), etc., that you are including into your app. In this case, if you consider how much time the mobile payment app development takes, the actual cost of the App Development like Google Pay might be less or more.
Make sure to create a mobile wallet app like Google Pay and work towards a product that can help users with digital payments in
the best way possible. The app will be in use by people for their convenience, and most of them may not be tech-savvy. Moreover, digital wallet users prefer a simple platform to get their work done and get easy access to services.
Apart from that, ensure that you are keeping in check all the trends and upgrades in the industry. This will further allow you to make an app like Google Pay with the best solution for the users.