![]() If you plan to let users store funds on the app’s account, create an e-wallet app that allows them to transfer money from cards or other payment services, such as PayPal or Webmoney, to the wallet. Using integrations provided by PayPal, Stripe or Braintree, users can easily and securely enter their bank card details once and then use the card as a payment method instantly via the app.Īdd & check balance. This part of the app lets new customers register an account using social networks or email and get access to their profile details. In this section of the article, we’ll overview the main features of a wallet app and technologies that can be used to implement them. The set of features highly depends on the type of wallet app you plan to build. Open wallet apps, for example, QIWI wallet, can be used to pay for any purchases in stores that accept credit cards or e-stores that support this wallet app, and also send money to other app users. Half-closed type of wallet apps, such as Amazon Pay, allows users to make transactions with a list of companies or individuals that are parts of a wallet network. For example, Walmart Pay app speeds up the checkout process in Walmart stores and offers additional cashback options. A major fintech player, PayPal, lets users of its app set up QR-codes to accept payments along with the ability to quickly send money to other Paypal users.Īnother classification of digital wallets is based on what types of transactions they support.Ĭlosed wallet apps are created by a company selling goods or services and lets customers pay using the app only for its goods. Apps that combine several delivery technologies are getting more and more common, providing a solution for both online and offline transactions in one app. Also, apps like Zelle allow users to send money to other Zelle users by simply entering their phone number or email.Ĭombined. Such wallet apps as YooMoney are used for online purchases and let users checkout instantly at e-stores using pre-linked bank cards. One of the popular e-wallet apps that supports QR-codes is Cash App.ĭigital. A wallet app that recognizes QR-code can decode its payment details and make a transaction. QR-code is a 2D barcode that can be scanned by a smartphone camera. Of course, the most prominent examples of such apps are Apple Pay and Google Pay. It works by substituting a physical card with NFC chip with a mobile phone - a user links their card once and can exchange data with nearby readers and payment devices via phone. Near Field Communication is a radio frequency technology for digital payments. There are several types of digital wallets depending on the delivery technology or the way transactions happen. From this article, you will learn about types of digital wallets, technologies and features essential to mobile wallet app development, and how much it might cost. Surf has profound experience in developing apps for banks and trading platforms and knows more than well how to create a wallet app. Digitalization of all industries makes investing in fintech apps such as digital wallets a potentially highly profitable business. If you think about developing a digital wallet app, there has hardly been a better time for it. Of course, in return for the convenience and special discounts, retailers grow their customer base and have more data to make their offers even more appealing and personalized. Together with the effects of the COVID-19 pandemic, which turned people away from unnecessary visits to physical stores and cash payments, the trend of digitalization makes e-wallet apps highly popular.ĭigital wallet is a category of apps that allow users to make contactless payments in stores, purchase online without inputting card details, store their credit, debit and loyalty cards’ details securely on a phone and send money to their friends and relatives. ![]() According to a McKinsey report, about half of retailers plan to extend their digital presence and prioritize mobile app or point-of-sale experience in the near future. ![]() With smartphones and high-speed cellular networks becoming omnipresent around the globe, more people use their phones to purchase things, consume content and interact with each other. Wallet App Development: Features, Cost, Technologies
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