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The e-commerce industry has gained momentum over the past five to six years. In addition, the demand for digital payment services has already increased many times. It indicates that the digital payments segment of the global economy is currently the hottest.
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There are already several players on the market, but don’t let that stop you! Catching up on your niche in the market can position you as a leader if your e-wallet app has the potential to appeal to a large number of users.
What do you mean by an e-wallet?
There are thousands of online articles, hundreds of startups and tutorials that talk about e-wallet payment services, creating e-wallet apps, their business potential and much more. But what is an e-wallet?
An e-wallet is a computer program, algorithm or software that allows users to store, access and manipulate money in electronic form. It is a type of digital currency that can be used for online transactions and purchases using a computer or a smartphone.
Also called a digital wallet, it comes with a user-selected digital payment system that can be password protected and encrypted.
An e-wallet app has two essential elements, including:
- The software responsible for payment security and strong data encryption.
- The information database where the personal data of the users is stored, such as name, card details, payment options, etc.
What are the pros and cons of an E-Wallet app?
To make an ideal, easy to use and secure e-wallet app, you need to highlight the pros and cons of such applications.
Benefits of e-wallet apps
1. Simplified Payment Process
Using online e-wallet apps, users can instantly pay online for products and services without the need for a physical card that requires CVV code, card number, etc. for secure payments.
2. Use it as long as you want
Unlike some internet banking platforms that charge per transaction made online, e-wallet apps give their users the freedom to use them for as long and as often as they want. All a user has to do is register an account with the payment apps.
3. Online Transactions Provide Convenience
For users involved in various routine transactions, e-wallet apps are the best service to use because of its hassle-free money transfer process.
4. Comparatively faster transaction speed
A transaction through an e-wallet gateway can be completed in seconds or minutes, while a bank transfer can take days to secure payment. That’s why most internet users are switching or have already switched to e-wallet payments.
5. Additional Features
Some additional features offered in e-wallet apps that lack offline payment methods include:
- A safe and protected payment environment
- Easy transactions in different currencies
- Smooth money deposit and withdrawal process.
Disadvantages of e-wallet apps
There are not many drawbacks to using an e-wallet app. Still, some of the possible ones are as follows:
1. Internet access is a must
The biggest problem with any digital payment interface is a mandatory high-speed internet connection. It means that you cannot use the services in remote locations where the internet cannot reach them.
2. High dependency on smartphones
Most e-wallet payments are made through smartphone apps. It means that the phone must be in working condition. Otherwise, the payment process may be stopped.
3. Security Issues
If the cash storage and transaction environments are not effectively shielded by different layers of protection, they can be vulnerable to frequent hacker attacks and data breaches; pose a threat to users’ privacy and cause loss of money.
Top 5 Must-Include Features for Your E-Wallet App
Here are some of the best features you should add to your E-wallet app for better business prospects:
1. An attractive UI/UX design
User interaction is highly dependent on the UI/UX design of the application. An easy-to-use design will entice them to connect to the app and help gain trust and popularity.
To ensure that the app is easy to use and easy to use, UI/UX design is a critical aspect of smartphone app development. It increases user engagement and the readability of your app.
2. Use of cloud-based technology
Cloud-based technology enables the e-wallet apps to make faster and more seamless transactions without compromising payment security. It enables various payment services such as B2B, B2C and payments between users through one app.
GPS tracking and navigation, as an essential built-in feature, enables users and businesses to pay and accept payments from all corners of the world.
Users can use GPS to find people on their devices and make payments by simply tapping the individual user’s credentials. Because no account information is required and the transaction is processed quickly, this feature saves a lot of time.
4. Privacy and Security
From the early stages of the app development itself, incorporating security and protection features into the app should be your top priority.
In addition to providing a secure, fast and efficient payment transfer interface, e-wallet app developers should work on a password-protected app with features such as fingerprint facial recognition, OTP and QR code for proper authentication and validation.
5. Payment status update function
Regular payments status updates ensure that all parties involved always know where their money is and what is happening with it.
This feature helps build trust in the app among the users, which will ultimately lead to an increase in brand loyalty.
It comes down to
To create the ideal e-wallet app, your team of developers must focus on building a customer-centric application that can make a transaction smoother, faster, and error-free.
In addition, you should work on the development of payment gateways for better stability and effectiveness of the payment processing system. Because money matters are involved with such online products, these types of apps require a lot of attention to detail.
There is no doubt that e-payment systems are developing at a breakneck pace. In addition, it is perfectly acceptable to have two monetary systems at the same time.
However, the energy balance could soon shift slightly in favor of digital payments, a reality that cannot be denied.
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