What are the key features of a digital wallet application? How much it costs to develop a digital wallet app?

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Today demand for digital payments concept intense globally. This seems like a vital asset of the current time. People nowadays just love to use a digital wallet app to make the transactions in a quick way. Reason being for popularizing, the digital wallet app provides a safer and, reliable solution. It makes the transaction processing very fast and convenient.

People don’t like to wait for a long time just to pay their bills, transact the amounts to others. Many of the startups today not only adopting the digital wallet application concept, but they are also planning to develop their own disruptive and economical digital wallet application platform for their businesses.

“According to a survey, lots of users given a feedback that they are scared to use such app just because of security concerns”. so just to rid out of this the application should be highly secure, and protected.

What are the key features of a digital wallet app?

Here are some major functionalities to consider to develop a digital wallet app:

User Functionalities:

  • An Interactive and Smooth User Interface: The user interface is always a key to get the user attraction towards the application. So an attractive UI facilitates the users a glance.
  • User Registration: This is the most crucial feature of the application. There are many ways to allow users to register in the application. One could be using the email. Another could be via mobile number or social media like Facebook, Google+ etc.
  • Bank Account Integration: The user can integrate their authorized bank account with the digital wallet account instantly. Using a credit/debit card or net banking.
  • Add Money: User can add a specific amount to his eWallet account.
  • Send Money: User can transfer the money or made the transaction in various ways. The amount gets the transfer to the concern people by using account details. Also, the user can send the amount to the users with the same platform using the mobile number. Another ways it using the QR code of the receiver which is the latest trend.
  • Send Money to Bank: User can transfer their money a specific amount from the wallet to their bank account.
  • Balance Status: Once the user gets done with the transaction. The user can view their balance status. With this feature, user can track their incoming and outgoing cash flow.
  • Receive Payments: User can accept payments as well the same way he sends in a well-secured manner.
  • Offers and Promotions: While making any transaction the user can avail the offers and redeem the points according to that.

Backend functionalities (Admin Panel):

  • User Management: Admin can manage all users registered with the application along with the transactions and track activities on the application.
  • Dashboard: Admin can view the statistical analysis and graph charts that have the basic information about the all users registered with the app and their transaction at a glance etc.
  • Offers and Promotions Management: Offers and promotions can be managed, updated and tracked by the admin from the backend.
  • Transaction Contacts Management: The user retention and acquisition techniques for the all users associated with the application are managed by the admin.
  • Analytics: This functionality includes all the reports and analytics for every user, transaction, and such other information. Admin can track all the information within the back-end system in form of analytics. Also, Admin can validate all the reports.
  • Block and Add Management: Admin can also add new users as per required from admin panel. Apart from this, Admin can block according to the behavior.

Some of the common and vital features of the digital wallet app:

  • Data Synchronisation: This feature enables the application to synchronize the user’s data with their register social networks and registered mobile number. Hence, we can deliver an accuracy and high-level security.
  • Calendars: The calendar helps users to remind the next transaction or bill payment date. It reduces the human mentally efforts. The user can simply highlight the dates on the calendar. The calendar also allows setting the reminder alert option to receive the reminder notification for the payment or transaction.
  • QR Code: With QR code functionality the user can simply make payments with a very highly effective and quick manner. It has become much easier to generate customized QR codes as compared to plain and simple black/white codes using with certain libraries.
  • In-app Camera: An in-app camera is a great feature when it comes to scanning the QR code. All the transactions get confirm within an app so as validate all the fund transfer requests frequently.
  • Push Notifications: Push notification functionality will keep the users always attentive. The app informs users about the different events like rewards, payment confirmation, and other important alerts. So that any sort of important notice can’t be missed.

How much it costs to develop a digital wallet app?

Building a digital wallet app can be simple and challenging based on the feature it has and the utilities it provides. A mobile wallet with key features that serve as an MVP or Minimum Viable Product can be anywhere between 10000–15000 USD and can take between 2–3 months.

Would you like to develop a digital wallet app? Contact us for free one-to-one consultation with our experts.