The digital economy is growing significantly now. With people having smartphones and access to the Internet, e-wallet usage is reaching enormous heights. Sending and receiving funds domestically and internationally, booking tickets, recharging bills, etc can be done with ease via digital payment solutions. Hence, this is an apt time for entrepreneurs to start mobile wallet development.
Why is it right to initiate Mobile Wallet App Development?
- Millennials are most likely to use online wallets for handling money. Proficiency with technologies like Near Field Communication (NFC), One-Click Payments, and QR code scanning.
- Besides that, factors like the availability of Point of Sale (PoS) devices in Kirana stores, the sale of products on e-commerce platforms, and plenty of cashback, discounts, and offers will help customers to reduce their dependence on coins and notes.
- Overall, the digital payments industry would grow by 19.4% over the next 7 years. From $68.04 billion in 2021, the industry is predicted to cross a value of $236.10 billion by 2028.
What are the top 5 popular e-wallets right now?
Apple Pay- Today, users can execute transactions at retail outlets, add any number of credit, debit, and prepaid cards to their mobile wallets, and safeguard their data with end-to-end data encryption and unique transaction codes. They will benefit from a touchless experience and multilingual technical support.
Google Pay – GPay arose in the market in January 2018 and disrupted the entire world. Both payers and payees can utilize features like claiming and renewal of health insurance plans, scratch cards, split payments, and recharge of mobile data plans. Moreover, they can get coupons and rewards by integrating Google Pay with different food delivery platforms and ride-hailing apps.
PayPal – If Fintech is trending now, it is due to PayPal’s origin in December 1998. This American platform started the tendency of electronic money transfer. Therefore, it was a suitable alternative to cheques and money orders. Today, PayPal can be used by individuals and business enterprises in every nook and corner of the world.
Paytm – India’s tryst with fintech began with Paytm’s launch in 2010. It has grown from a small startup to a big giant today. The Noida-headquartered platform is also going to come out with an Initial Public Offering (IPO) worth 18,400 crores soon.
PhonePe – “Rapid growth in a short span” is ideal to describe the success of PhonePe. Since its launch in 2015, PhonePe has crossed 100 million downloads on Android. Users can recharge data plans, get silver bars and coins delivered to their homes, process transactions at both offline and online outlets, buy food and groceries, and renew a variety of health and vehicle insurance policies.
How will digital wallet development benefit entrepreneurs?
Industry-compatible solutions – It is quite easier to handle funds online than managing heavy bags of cash. Hence, techpreneurs can target a variety of industries like educational institutions, food, and grocery delivery, healthcare, telecom, transportation, logistics etc.
This will help in offering B2B and B2C payment solutions such as the creation of salary accounts, filing of personal loans, payouts to nodal accounts, integration with Application Programming Interfaces (APIs), QR code scanning, setting up of a Point of Sale (PoS) software, and split payments.
Numerous sources of revenue – Entrepreneurs can easily build their wealth by owning a mobile wallet. They can levy account maintenance charges, deposit and withdrawal fees, repayment of debit and credit cards, a transaction processing fee, and transfer charges for the national and international moving of funds.
Wrapping Up
As digital payments create a cashless economy, entrepreneurs cannot afford to miss this big chance. The future of online transactions would focus on compliance with laws related to privacy, data protection. Besides that, the incorporation of technologies like Artificial Intelligence (AI) and Machine Learning (ML) will help in fraud detection and understanding user behavior.
Payment initiation services via Application Programming Interfaces (APIs) and tie-ups with financial institutions and small businesses will boost the future of this industry. Therefore, techpreneurs can start Mobile wallet development by tying up with an app creation enterprise soon.
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