Did you know that the first-ever digital wallet was launched in 2004? It was named Oxigen wallet.

But none of the apps survived in the market until PayPal, Venmo, Google Pay, Apple Pay and many more entered the market and showed them how it's done.

What do you think the failed apps lacked? And how do you think one can make their application stand out in this cut-throat competition?

The fintech apps have boomed throughout the pandemic and changed our lives drastically. Apparently, in 2021 in the US, mobile payments grew by around 29% and 43.2% in 2022. With that being said, the competition is increasing rapidly.

This article will help you give an insight into how your digital payment app will stand out from the other apps in the competitive niche.

Benefits of an e-wallet app

This perhaps is gonna be a huge list! So here is an infographic to give you a better understanding.

E-wallets are capturing almost every sector now:

Cryptocurrency- By Connecting to a decentralized finance service (Defi) and crypto, e-wallets have removed all boundaries.

Collaborations with banks- By extending its branches, digital wallet apps now offer banking services to their customers.

Financial Hub- Competing with the mobile banking apps, mobile wallets are gradually evolving into financial hubs as they offer all finances in one place.

And the list goes on!

Must-have features for your e-wallet app

Stand Out Features for your E-Wallet app

To guide you on the right path, here’s some personal advice.

Every wallet app has the basic features and not just that, nowadays even users are aware of the features and can decide better for themselves which app suits them the best. So, how does your app stand distinguished?

• Entry into super apps

To offer you a smart vision- you can add your wallet into a super app wherein a user can access many other apps and features apart from just the wallet.

This will help you impress even the smartest of users and make your app more efficient and the talk of the town for providing all-in-one services.

• User-oriented graphs and reports

Another standout feature is giving the users an overview of the transaction history and also the financial status through instant update reports, graphs, and charts.

While banks and credit cards are stuck in the past in respect of their statements, this feature will give your wallet a clear advantage over other already existing payment options.

• Data analytics

The app owners have a huge advantage when it comes to overseeing and monitoring customer behavior and their transactions.

You can accurately track the sources of payments and can also integrate sales with POS systems. This can also help in improving personalization for the users.

• Loyalty Programs

Customers surely deserve rewards for their loyalty and multiple purchases. Exciting rewards and discounts can also lead to impulse buying and will give them a reason to use e-wallets over credit cards.

Types of e-wallet apps

When thinking of developing an e-wallet app, you ought to be aware of all the options and types available depending on their functionality. Let’s discuss the most popular types:

• Closed/open loop

Closed wallets are the ones that can only be used at specific places. Whereas open wallets are the ones that allow you to pay at different locations with centralized wallets.

• Cryptocurrency wallets

Crypto wallets are the ones that offer to buy, transfer or hold cryptocurrencies. If not completely, some apps like Venmo hold partial crypto interactivity.

• Bank extensions

And with this type of wallet app, users can deal with various financial services offered by a bank. They can fund their cards, send money and make payments using these apps.

Steps to create an e-wallet application

Providing you with a comprehensive guide to creating a stepwise digital payment app so that you don’t have to go anywhere else.

Create a prototype

The purpose of creating a prototype is to verify if your assumptions verify with real users or not. This will help you adjust the prototype according to the feedback received.

Don’t forget to decide the type of a Wallet app you want to build from the above-mentioned options.

Put lines of code in order

Now that you have a virtual version that customers will most likely appreciate, it’s time to start developing the wallet. Here are a few things that you need to keep in mind.

Open-end type architecture- Open architecture means that the app should be able to connect to external services and provide the ground-level architecture for the developers to create a lot of APIs.

Security- Security will be your binding factor!

You need to ensure that you have the topmost security for your app to win the user’s trust. For that, you can extend your security by adding a Touch ID or Face ID.

Dashboard for admin- You need to have a dashboard for the admin to manage users and also their interactions with the app. Do consider making a template while you are in the process with your e-wallet app.

Pick out the best technologies

Creating an app of your own requires a thorough development process that includes both front and back-end techniques.

To ensure smooth maintenance and flexibility, it’s wise to use native development tools like Kotlin for Android or Swift for ios.

Test and Release

It's the most crucial step!

The app needs to be tested by the coders to see if all the features are working as expected. The app needs to be run through functional and UX testing. You might take help from mobile app development services for the same.

Once the app has passed all the tests, it is ready to be released. You might need to jump through a few hurdles of App Store and Google Play’s guidelines and BOOM, your app is available to the public.

Maintenance

Once the app is available in the stores, it will be your job to keep it updated according to the latest OS features, removing bugs and improving the user experience.

This will help retain your users and you will be thanking us in the future.

Essential Points to be kept in mind to avoid any challenges that come your way.

1. Prevention from “Fraud & Security” should be of utmost importance to you as the failure in the same will not only hit your reputation as an organization but will also lead to financial losses as well.
2. To ensure the smooth functioning of your app, your app needs to comply with legal standards and requirements. Trust me, it’s beneficial for both you and the user.
3. Your app should be able to perform on multiple devices and across different operating systems.
4. To stay ahead of the competition, it’s vital to adapt technologies that stand beyond the standard approaches and enable wider functions.

After deeply understanding all the insights into an e-wallet application, you are now ready to be a part of the fintech industry. Keep all the points in mind and you are simply ready to become a successful app owner.