Things You Must Know Before Considering E-Wallet Mobile App Development
As the world is diving deep and deep into the technology, it is advancing in every aspect and field. The mobile app development companies are providing new and creative applications for users each day. One of these applications is E-Wallet, which has not only helped the people but also other service providers as they can now go online and provide the online payment options to their customers. E-Wallet is delivering digital payments for the users reducing the burden of carrying credit cards. There is an immense growth in this field as many e-commerce, and mobile commerce, tech giants and shopping apps have delivered their own E-Wallet for the users like WeChat Pay, Samsung Pay, and many more.
1. Research And Facts About The Market With all the advancements in the field of technology, payment method has also gone digital.
Earlier people used to go out to buy stuff and pay in cash, but now this process has been made easier with the help of online shopping apps and providing them with payment gateways. Best Mobile Wallet App for Android makes the digital payment process faster and efficient in various ways. E-Wallet mobile apps have started setting new records with evolving technology. Apps like Paytm, Amazon Pay, Samsung Pay, PhonePe, Mobikwik, and many more have proven to be very helpful and reduced the load of carrying cash. Paytm has 300+ million registered users as per the statistics of 2018. When talking globally, WeChat is leading in this field with 600+ million users over the world.
A global forecast report presented by Market Research Future has estimated that the market of E-Wallet would grow at a CAGR of 15% and may reach 2100$ billion in six years span from 2017-2023. A few technologies used by the mobile app developers for E-Wallet are Bluetooth, Beacon, Blockchain, Scan QR code, Near Communication Field. Now let’s have a complete analysis of these:
Bluetooth and Beacon Technology: It allows the payments where the sender and the receiver are in close proximity. It is a reliable and fast as well as secure method of payment.
QR code scanning: Many apps like Paytm have provided the facility to scan the QR code for making payments. It is a very easy and convenient method of payment, especially when paying on shops. Here each individual has his/her own QR code in the app.
The Near Communication Field or the NFC: It is a future technology that will help in transferring money and information sharing easily.
2. World’s Best E-Wallet Apps All the leading Mobile Payment App Development companies are competing among themselves to be at the top. All have implemented new and innovative technologies in their applications. These technologies and features give them uniqueness, which is helpful for the growth of their market. Similarly, in this field of E-Wallets, various companies have tried their best to deliver apps that are unique and embedded with great features. Here are some of the best E-Wallets from all over the world :
WeChat Pay
It uses the QR code method for payments, which means users have to scan the QR code of the receiver and then transfer money. WeChat Pay is one of the leading apps, with 600+ million users over the world. It is also providing messaging services and an additional feature of allowing users to buy bus tickets. WeChat Pay has outreached to different parts of the world from Malaysia to China, and it can be used anywhere. It is of great help for Chinese tourists who visit Malaysia and vice versa. The main drawback of this app is, it does not provide currency conversion. Therefore, tourists have to top up with Malaysian Ringgit and Chinese RMB.
Razer Pay Just like WeChat Pay this E-Wallet also uses the QR code method of payment. Steam, 7 Eleven, Starbucks are its most remarkable merchants.
This app is a joint effort of top companies, Razer, Berjaya Group, and MOL. They have been making gaming peripherals. This app is designed for virtual currency and Razer’s ecosystem support. It also allows users to store funds which they can use later on to buy Razer gold, which can further be used to purchase games online. Moreover, using the virtual currency, a user can also purchase gaming peripherals from the Razerzone online store. As it is a result of collaboration, this app provides the features from all the companies involved. It is an excellent app from a gamers point of view as well. Click here to read more.