Initiate Your Mobile App Business With A Secure Mobile Wallet App
Digitization is the core concept behind the arrival of digital wallets. They contribute highly towards building a digital economy. During the pandemic, mobile wallets became the most sought-after option by people to carry out their transactions.
In the present scenario, people prefer using these E-wallets for all their needs. Be it for fund transfers or utility bills, they have become entirely dependent on these mobile wallets. This has created a need for more mobile wallets in the market.
If you are an entrepreneur looking for ideas to start your own venture, I suggest you invest your money in mobile wallet development. Wondering why? This blog will be your eye-opener as it carries insights into starting a successful digital wallet app.
What is a mobile wallet, and how does it impact our daily lives?
Mobile wallets can be defined as a financial instrument that helps individuals and businesses to send and receive money through mobile apps. The bank accounts are linked to these mobile applications, and one can carry out transactions.
In some cases, few mobile wallets follow a pattern where the users have to add funds to those mobile wallets for their transactions. Some of the popular mobile wallets in the market are PayPal, Paytm, Venmo, AmazonPay, GooglePay, PhonePe, etc.,
These mobile wallets are available everywhere, and with just a few taps, the amount gets transferred. People have also bid farewell to their wallets and bags as they can go cashless anywhere with just their mobile phones.
Before getting deep into the topic, let us see in what ways mobile wallets impact our lives,
- Using these mobile wallets is way easier than using credit/debit cards. Moreover, these wallets carry out transactions and payments instantly without involving much time.
- On the other hand, these wallets promote cashless transactions, which is the need of the hour. The global pandemic has made our stay extra conscious about touching surfaces and all. So, people started preferring mobile wallets for their usage.
- When it comes to safety and security, these mobile wallets are the best. The biometric sign-in and passwords make them even more secure.
- The mobile wallet app records all the transactions of the users. They can also see those transactions and prepare themselves for their other expenses.
- Mobile wallets apps are a one-stop solution for all our purposes. Through a few clicks, you can pay your utility bills, mobile recharge, DTH card, and metro card recharges, travel ticket bookings, etc.
Why is starting a mobile wallet business the right choice?
In this era of digitization, smartphones have become quintessential. Without mobile phones, passing a single day of our life is a big task. According to statistics, in 2020, nearly 3.8 billion people used smartphones. This accounts for 48.33 percent of the total population.
Among these, every individual will at least use one mobile app. So, this 48.33 percent will be your potential target. Mobile wallets have become one with other payment options like debit/credit cards or net banking.
In addition, businesses have opted for mobile wallets to receive their payments. Several industries get benefitted from mobile wallets. Have a look at the list of sectors that will get benefited from your mobile wallet,
- Retail and e-commerce businesses
- On-demand food and grocery delivery services
- Taxi booking applications
- Banking and finance organizations
Steps involved in developing an E-wallet app
Step1 – Market research
Understand the nature of the market through systematic research. By doing so, you can understand the recent trends and demands prevailing in the market.
Step 2 – Identify gaps from your competitors
Know your competitors and analyze their products and services. From those products, identify the gaps and try to figure them out in your app. Your app should have a necessary solution for those identified gaps.
Step 3 – Choose a suitable business model
Adopt a sound business model that can be profitable for your business. When it comes to mobile wallets, there are three types – closed wallets, semi-closed wallets, and open wallets. Choose a more feasible model for your business.
Step 4 – Develop strategies to earn revenue.
However, the primary goal of any business is to gain profits through different operations. So, find out the ways and means to earn profit from your app. List them all and work out the most feasible options.
Step 5 – Hire developers for your app
This is one of the essential steps you undergo in your app development. The amount you spend on developing an app is a one-time investment. So be careful in hiring the best developers for your app.
You can approach app development companies and go with ready-made cloned mobile wallet apps for your business.
How much does it cost to develop a digital wallet app?
I hope you are clear with the basic ideas on developing a mobile wallet. Now, let us plunge into the critical aspect of your app development. What is the cost of building a mobile wallet app? For app development, we cannot fix or predetermine their price.
In general, the app developers are paid on an hourly basis. Say, for instance, the hours they spend on developing each feature and segment of the app decides your app price.
The cost of an app is based on several factors and determinants. For example, the level of customization you wish has a substantial impact on the overall cost of your app. Apart from that, there are several factors like market research, features integration, app platform, UX/UI design, app development, digital marketing, and many more. In addition, if you opt for extra technical support like bug fixing, API integration, and testing, the cost will increase considerably.
Wrapping up,
Mobile wallets have become a required payment method for all of us. This peak of high demand will be the right choice for you to launch your app. Firstly, approach the best app development companies that are known for mobile wallet app development. Then, launch your mobile wallet app successfully in the market.
