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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 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 Build 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 2020.
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 app works, and the cost of the App Development in 2020.
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, to create 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 their customer base through mobile payment app development.
The digital wallet app development has already shaken the market, so to create 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
Authorizing Credit Card/Bank Account/Debit Card
Discount / Redeem Coupons
Spending Analysis to allow app consumers to check their spending
Reward offers using ad campaigns
Security and Privacy of E-wallet with OTP, fingerprint, or QR code
GPS Tracker & Navigation
Wearable technology and Device Integration
Integration of geo-tags
What type of Industries can benefit from Digital Wallet App Development?
Well, many industries are benefiting from the 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 with the mobile wallet app development:
Transportation and Logistics Companies
Online commerce payments
Do you feel like you can’t wait in the 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 a 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 of available offers by applying coupons at the time of payments.
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 over the mail. Also, this allows a user to use the digital wallet safely.
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 the best way possible. The app will be in use by the people for their convenience, and most of them may not be tech-savvy. Moreover, the 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.