The digital wallet app development- Insights to consider
Hey there! The need for digital transactional platforms among users is found to be increasing in contemporary times. Users show great desire towards digital payment apps compared to the traditional banking system, where users have to cling on to large queues.
Keeping in mind the sophistication the digital payment apps provide, business investors rely on developing mobile payment apps. If you would like to put your hands in mobile wallet development, roll down your eyes, and get the insights below.
Let us first begin with the different types of mobile wallet applications that service providers build.
Closed e-wallet app- The closed e-wallet will suit businesses or companies where only the internal members can access the app. Also, the app doesn’t allow users to withdraw or redeem cash.
Semi-closed e-wallet app- The semi-closed e-wallet is used by businesses to make payments for goods and services. Here users can access the e-wallet both online and offline.
Open e-wallet app- The user can access the open e-wallet app to withdraw money from ATMs or perform transactions between other users.
Types of services available to users with the e-wallet:
- Bill payments
- Fund transfers
- Mobile top-ups
- Bus/train ticket booking
- Mobile recharges
- Merchant payments
Features settled with the e-wallet applications:
The user app:
Account integration- Users can link their bank accounts with the e-wallet instantly. The user will have to provide specific details related to the bank account like account number, IFSC code, branch name, etc.,
Transfer funds- Users can transfer funds to other users efficiently with the app’s secure payment gateway.
Pay bills- Users can use this platform to pay bills or avail of recharge facilities.
Transaction history- To help users keep track of their transactions, the app stores all the transactions and allow users to access them.
In-app wallet- Users can add a certain amount of money to the app’s wallet to make payments swiftly.
QR code- Every user will have a QR code representing their account details. Users will have to scan the code to make the payment. Simple yet efficient.
The merchant app:
Add products- The app partners with merchants and showcases their products. Users can wish to make purchases via the app itself.
EMI- The merchant can allow users to make payments on multiple installments. The EMI facility will help to retain users as they can make payments at their convenience.
Push notifications- The merchant can update users with the latest product offerings via push notifications.
The admin panel:
Dashboard- The admin can follow up with the users and track their activities from the unified dashboard.
Add merchants- The admin adds merchants to users who wish to partner with the app to sell their products.
Analytics corner- The analytics helps the admin make better decisions as it provides insights into the app’s overall performance.
Promo codes- It is the admin who is liable to offer promo codes to users. Users can claim the promo codes on selected payments or services.
Revenue management- The app will generate the revenue report that aids users to gain insights on the total revenue incurred via the app.
Conclusion
The digital wallet app development will set standards for your business if you launch one. Get in touch with Appdupe, where you can get a robust app ingrained with all the above-said features.
