What is an eWallet app?
An electronic wallet or eWallet refers to a digital platform that facilitates online fund management, money transfers and bill payments right from one’s smartphone. Similar to a real wallet storing cash and cards, an eWallet securely stores payment cards, bank account details, gift cards, loyalty programs and coupons virtually.
Estimated Cost to Develop an EWallet App like PayPal
Basic Features App
Cost estimate: $20,000-$40,000
Completion timeline: 3-5 months
Mid-Level Features App
Cost estimate: $60,000-$80,000
Completion timeline: 6-8 months
High-End Customized App
Cost estimate: $100,000-$150,000
Completion timeline: 9-12 months
Core Features to Include in Apps Like PayPal
Let’s explore the essential components incorporated by leaders like PayPal in detail:
- Account Registration and Sign-in
- Funding Sources
- Making and Receiving Payments
- View Transaction History
- Optional Features
- Budgeting and Expense Tracking
- Split Bills
- Rewards Programs
- Loyalty Programs
- Referral Programs
Things to Keep In Mind While Investing in EWallet App Development
This guide outlines crucial aspects to consider when investing in eWallet app development projects.
Payment Processing
Seamless payment acceptance is core to any wallet app. Partnering with leading payment processors helps scale supported payment options.
- Partnering with Payment Gateways
- APIs for Different Payment Methods
- Compliance with PCI DSS Standards
Security and User Authentication
Users need to trust that their credentials and money are safe before adopting an app like one built by custom app development services. Some of the core security features we recommend incorporating are:
Encrypted Data Storage: Our top mobile app development company in USA ensures user data, including login credentials and payment records, is stored securely using bank-grade encryption standards.
Secure Login: Android and iOS app development companies are implementing robust login screens with two-factor authentication to deter unauthorized access attempts.
Two-Factor Authentication: Enforcing 2FA in payment apps ensures security, allowing users to receive transaction verification codes on registered devices/emails for sensitive processes.
Privacy Policy Compliance: On Demand App Development Company prioritizes privacy and privacy laws in their payment wallet app. The app will transparently disclose data usage, fostering confidence and providing protection for financial transactions, similar to PayPal's famous app.
Integration with Other Platforms
Seamless integration with other popular online platforms has proven effective in amplifying any app’s reach and usability. Here are some of the prime integrations we recommend for wallet apps:
Social Login: Most mobile app development services in USA offer one-touch social logins nowadays. Enabling sign-ups using familiar accounts like Google, and Facebook can dramatically boost conversions. Users prefer such frictionless onboarding processes.
Bank Connectivity: Our developers utilize APIs to facilitate direct account linking with banks, enabling quick fund loads and withdrawals, while also verifying credentials and enhancing credibility.
eCommerce Checkouts: PayPal integration into online shopping carts boosts transactions by allowing consumers to pay with a single tap, attracting more customers to online shopping.
CRM Syncing: By integrating user profiles and activity history with an in-house CRM, post-purchase engagement is enhanced, and personalized communications based on wallet usage are implemented for retention.
By thoughtfully integrating with dominant online platforms, any app built by our custom mobile app development company can achieve an exponential boost in reach from day one. These partnerships fuel the network effects critical for payment services. A well-integrated wallet app enjoys strong virality.
Testing and Quality Assurance
Exhaustive testing detects flaws to deliver polished, scalable solutions.
- Unit Testing
- Integration Testing
- Security Testing
- Third-Party Dependency Testing
Maintenance and Support
Post-launch support establishes enduring user trust and retention.
- Software Updates
- 24/7 Customer Support
- Payment Updates
- Security Updates
Marketing and Business Model
Clearly defined commercialization strategy scales ROI on investment
.
- Pricing Plans and Models
- User Acquisition Strategy
- Partnerships and Affiliations
- Promotion Strategy
Final Thoughts
Building an eWallet app requires careful planning, robust security architecture, and long-term support. A3Logics is a top iOS and Android app development agency that offers comprehensive assistance for eWallet app development, ensuring a steady user base and merchant acceptance for scale and monetization.
For more details: https://www.a3logics.com/blog/develop-ewallet-apps-like-paypal
