Mobile wallets are gaining popularity as they benefit users in multiple ways, including
greater flexibility, faster checkout process, seamless transactions, and much more.
It comes as no surprise that the adoption of mobile wallets is increasing worldwide
due to the rise in presence of smartphones. Statistics available on Statista show that
there will be 1.31 billion mobile payment transactions by 2023. That said, the digital
wallet is taking over the online world.
Technological advancements are indeed creating high-end solutions in the form of
payment apps.
This blog post explains the digital wallet app development process for iOS and
Android.
As the term suggests, digital wallet apps let users instantly make online payments
using their smartphones for grocery shopping, booking movie tickets, etc. Digital
wallet apps are also known by the term 'eWallets.'
In simpler terms, eWallet apps refer to a service allowing users to make online
transactions seamlessly.
The app stores the user's information, like name, phone number, and credit/debit
card details to process the payment. It securely stores all the transaction information
and passwords of the user.
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There are three major types of digital wallets- closed, semi-closed, and open wallets.
1) Closed Wallet
The first type of digital wallet is a closed wallet developed by companies to sell their
goods & services to a particular audience. Using closed digital wallets, the users can
make online payments with the wallet issuer.
Businesses can leverage the closed wallet to sell their products or services.
Starbucks is one of the popular examples of a closed wallet.
2) Semi-Closed Wallet
Another type of digital wallet is semi-closed, where users can make online payments
at the listed stores or merchants. Semi-closed wallet is easy to access because it
lets users add multiple addresses and maintains confidentiality.
In this type of wallet, the user's data is secure in one place. Apple Pay is one of the
well-known examples of a semi-closed wallet.
3) Open Wallet
The last type of digital wallet is an open wallet partnered with banks. An open wallet
is flexible, allowing users to make payments at the store.
The open wallet lets users manage their online payments and record the complete
transaction history. While making a payment to any user, ensure that the receiver
has an account on the app. PayPal is an excellent example of an open wallet.
Define Your App Requirements
As a business owner, you must decide what platform will fit the best for your digital
wallet app development. You can begin the app development process by defining its
requirements.
This phase is also known as the discovery stage, where business owners uncover
their app ideas, vision, purpose, goal, and technical needs. They can also define the
digital wallet app's opportunities and reflect on the existing solutions.
You can begin by defining the following requirements to get a better version for your
digital wallet app.
Conduct Market Research
Once you have defined your digital wallet app requirements, it is time to begin
market research. The best way to do in-depth market research is by preparing
questionnaires and surveys.
In this phase, you will become familiar with your targeted audience's preferences &
requirements and get to know about your competitors as well.
Market research helps entrepreneurs gain insights into services offered by
competitors to stay ahead of the curve. It also helps get better ideas to strengthen
the market position and make business owners aware of the ongoing market trends.
Design App UI/UX
If you want to attract the users, ensure to design the app's user interface beautifully
(yet interactive). You can integrate essential features into your digital wallet app and
make it user-friendly to deliver a great user experience.
By availing of the digital wallet app development services, you can prepare an app
prototyping to validate the app design.
In the app prototyping, businesses will get a mockup of the digital wallet app before
launching the final product. App designers will create an app wireframe consisting of
a sketch, mapping out the user flow, etc.
Begin the App Development Process
Once you finalize the app design, app developers will begin with the coding. They
will convert the UI mockups into a fully-functional digital wallet app with advanced
features and customizable functioning for a better user experience.
In other words, the minimum viable product (MVP) becomes the final version of the
digital wallet app.
After completing the entire development process, the testing team will conduct
quality assurance (QA) testing to identify the errors in the digital wallet app and
resolve them.
App Launch
Finally, your digital wallet app is ready to launch on App Store or Play Store. You can
ask the app developer to release the app on any of the platforms of your choice.
Afterward, create an account for the same with the relevant app title, screenshots,
suitable keywords, and informative descriptions.
Maintenance & Support
If you want your digital wallet app on your intended user's phone for a longer time,
provide ongoing app maintenance and support.
As a business owner, it is your responsibility to focus on analytics, integrate new
features and latest updates, or even pay attention to users' feedback. It is better to
note down the user's suggestions or advice to boost their experience.
The digital wallet app development cost depends on the factors mentioned below.
1. The platform of your choice
2. Apps design and size
3. Mobile app hosting and security
4. App testing
5. Post-app launch maintenance & support
You can even get a no-obligation cost from a digital wallet app development
company.
Conclusion
Now that you have an idea about the digital wallet app development process, you
can finally think of developing a digital wallet app for your business.
The information mentioned above was enough to tell that the digital wallet app
development process is similar for iOS and Android.
All you have to do is find the right digital wallet app development company that can
meet your business expectations.
