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Last updated onAug 5, 2024
Last updated onMay 14, 2024
We live in an age that demands advanced financial services. It enables users to conduct transactions while on the go. Furthermore, such apps can be the gold mine for financial companies due to their high potential to attract customers and gain their loyalty.
Therefore this is the right time for financial organizations and other related companies to start investing in online payment apps like Google Pay.
In the last few years, apps like Google Pay and PayPal are making hits in the digital payment market. But do you know the reason behind their popularity and why tech giants are investing in online payment technologies?
This article will help you to find the answer to the above questions and learn more about an E-Wallet application, its key features, advantages, market size, tech stack, development cost, and how you can quickly create an e-wallet app like Google Pay.
So, let's start with an overview of the E-Wallet application.
An E-wallet is a way to carry cash in a digital format that has replaced cash and cards in the last few years. It is a more convenient, secure, and fastest way to perform transactions, pay bills, and view transaction details using smartphones, tablets, and smartwatches.
It has become a comprehensive solution for all payment needs. With such technical advancements, customers do not need to take the risk of carrying physical cash or cards while making a payment.
What do you think about why E-Wallet apps like Paytm, Freecharge, PayPal, Mobikwik, and Google Pay are dominating the digital payment market?
Why do most of the banks have personalized e-wallets such as Axis Bank Lime, ICICI Pockets, SBI Buddy, etc?
The answer is hidden in the convenience and security it provides for making cashless payments. Here are a few advantages of E-Wallet Applications.
With the E-Wallet app, there is no need to carry debit/credit cards or cash while traveling. All you need to do is tap your device to make a payment or scan a QR code to pay for items you are purchasing.
In the case of cash, if you lose it there is a negligible chance to get it back. If you lose your credit or debit card, you will need to contact every lender to block the card and issue a new one.
In the case of an E-Wallet, personal information such as pins, passwords, and biometrics is locked inside the third-party provider, and even if you lose your device you can still gain access when you get the new device.
E-Wallet is widely accepted in most places such as retail shops, hotels, travel booking sites, and other online transactions. The number of retailers that provide payment access this way continues to grow each year.
For payment processing, you need to enter a PIN to allow payment for devices. For devices with biometric authentication, fingerprint authentication is required to proceed with payments. Authorization provides security against online fraudulent purchases and identity theft.
There are other advantages of E-Wallet applications such as Exciting Rewards, Budget planning, and Quick Fund transfer.
To better understand why it’s a smart decision to build an E-wallet app like Google Pay, let’s have a look at its market size.
The mobile wallet market is booming (almost $10 billion in 2023) due to more smartphones, better internet, and online shopping. These secure apps on your phone let you pay for things, recharge your phone, and more, replacing your bulky traditional wallet.
The market size of mobile wallet apps from 2019 to 2032
Further, according to Global Market Insights, Mobile wallets are surging in popularity (a $318.5 billion market in 2022) thanks to more smartphones and internet access. This trend is expected to continue, growing at 18.5% annually by 2032.
Moreover, at the end of 2024, the number of smartphone users is predicted to reach 7.1 billion. Currently, there are 6.48 billion smartphones are used globally and more than 3.8 billion people worldwide have access to bank accounts. For Financial institutes, it’s the fastest way to increase their customer base through mobile payment apps.
These figures will give you a clear idea about why to create an E-Wallet application like Google Pay. Therefore, it’s the right time to invest in or create a Mobile E-Wallet app like Google Pay.
Any digital payment application will have a certain set of features for making payment easy, faster, and more convenient.
Here are the key features of the E-Wallet application you need to include in your app.
The user interface(UI) should be user-friendly and easy to navigate so that customers can smoothly complete their payments.
E-Wallet must ensure seamless account creation, secure login, and transactions. Users can complete their transactions in a few clicks.
E-Wallet makes money transfers faster and easier. You can transfer money anywhere anytime. Also, you can securely check your account balance and transaction history on click.
You can link single or multiple bank accounts to your E-Wallet app if you have the same mobile number registered with the accounts.
You can make mobile recharge, utility bill payments, and get rewards and cashback on them.
E-Wallet provides you with real-time data synchronization avoiding discrepancy of account balance after each transaction.
When it comes to financial apps, security is the prime concern. Most of the apps provide authorization through OTP, QR codes, or biometric information to make transactions more secure.
Other than the above features you can add Gift cards, Membership cards, GPS tracker and navigation, Reward offers, integrated geotags, and wearable device integration.
Before building an app like Google Pay you must choose a tech stack to start your actual development. Here is the tech stack used for developing the Google pay application.
Now you will get an idea about choosing a tech stack for your E-Wallet app.
Recently, Google picked Flutter to drive its global product development by focusing on a fast and efficient development environment, that is advanced and intuitive and has the flexibility needed to keep UI clean.
Moreover, it must be able to work on both Android and iOS, with write once and deploy anywhere capability.
Flutter has the following three things that make it a better choice for Google Pay.
Without Flutter it was difficult to scale the Google Pay app for different platforms.
We've explored the exciting world of E-Wallet apps, delving into their advantages, key features, and the ever-growing market. Now, let's get down to business! This section tackles two crucial aspects of building your E-Wallet app: how you can make money from it and the costs involved in development.
E-Wallet apps offer a variety of ways to generate income. Here are some popular strategies to consider:
Transaction Fees: A small percentage can be charged on every transaction processed through your app. This is a widely used method by leading E-Wallet providers like Google Pay. It's crucial to keep these fees competitive to attract users without hindering adoption.
In-App Advertising: Partner with relevant businesses to display targeted ads within your app. This can be a non-intrusive way to generate revenue. Ensure the ads are strategically placed and don't disrupt the user experience.
Premium Features: Offer a free basic version with limited functionality. You can then introduce a premium tier with additional features like higher transaction limits, advanced budgeting tools, or exclusive rewards programs. This caters to users who need more from their E-Wallet app.
Subscription Model: Implement a monthly or yearly subscription fee to unlock premium features. This can be a good option if your premium features offer significant value to users.
Cashback/Rewards Programs: Partner with merchants to offer cashback or reward points for transactions made through your app. This incentivizes users to choose your platform and attracts businesses looking to expand their customer base. A win-win situation!
The cost of developing an E-Wallet app can vary greatly depending on several factors:
Feature-Rich vs. Feature-Light: The complexity and number of features directly impact development time and cost. Start with a solid core of essential features and gradually expand based on user needs and market trends.
Tech Stack Selection: The programming languages and frameworks you choose can influence the cost. While Flutter offers a "write once, deploy anywhere" advantage, there might be additional costs for backend development. Explore cost-effective options that balance performance with development speed.
In-House vs. Outsourced Development: Hiring an in-house developer team offers greater control but can be expensive. Outsourcing to a development agency can be a cost-effective alternative, but ensure you choose a reputable and experienced partner.
Location of Development Team: Development rates can vary depending on the location of your team. Consider exploring regions with competitive developer rates while prioritizing quality and communication.
Now you have the details about the E-Wallet app market, its advantages, key features, Tech stack, monetization strategies, and development cost. However, building an application isn’t a cakewalk, it takes a lot of time and effort.
But what if you can minimize the development time and effort required to build an app like Google Pay?
DhiWise can make it possible!
DhiWise is an advanced platform designed and developed to empower developers, it speeds up app development by minimizing repetitive tasks. The platform supports modern technologies such as React, HTML, Flutter, Kotlin, Swift, and Next.js.
Developing an E-Wallet app can seem daunting, but DhiWise is here to help! Our platform empowers you to streamline development and potentially reduce costs in several ways:
DhiWise offers a library of pre-built features and ready-made templates specifically designed for financial applications. This reduces the need for extensive coding from scratch, saving you both time and money.
So, if you are building an E-Wallet or mobile banking app with DhiWise you can use the following pre-built templates.
DhiWise's intuitive tools and functionalities like Figma to code conversion and simplified state management accelerate development processes. This translates to faster completion times and a quicker time-to-market for your E-Wallet app.
Compared to hiring a large in-house development team, DhiWise offers a cost-effective solution. You can leverage our platform's capabilities to build your app without breaking the bank.
If you are searching for a platform to quickly develop your E-Wallet application with Flutter or other technologies, DhiWise is here for you.
DhiWise Flutter builder provides the following features to accelerate your development process even if you are starting from scratch.
By choosing DhiWise, you gain access to a powerful platform packed with features designed to simplify and expedite the development process for your E-Wallet app. This allows you to focus on your core business strategy while leaving the technical complexities to us.
So, are you ready to turn your E-Wallet vision into reality? DhiWise is here to help you navigate the path to success!
Building an E-Wallet app like Google Pay is the smartest decision for any financial institution or startup but you must ensure the best set of features, and tech stack before developing the app.
Not only that, for a successful application it’s crucial to build and take the app early to the market as it helps you to get early feedback for faster product development.
Tired of manually designing screens, coding on weekends, and technical debt? Let DhiWise handle it for you!
You can build an e-commerce store, healthcare app, portfolio, blogging website, social media or admin panel right away. Use our library of 40+ pre-built free templates to create your first application using DhiWise.
