Payment apps have completely transformed the way people used to make purchases. The digital convenience of making payments online, has eliminated the need to carry cash. You can simply make big or small purchases with a single click on your smartphone.
Payment apps provide adequate opportunities for SMEs and startups. So, if you are the one and wish to start a new business? This is an ideal sector, you should consider working in. We are not saying this, the data speaks for itself.
According to the report from Business of Apps, over two billion people used mobile payments in 2021.
The P2P payment market is likely to touch a revenue of $9,097.06 Billion by 2030, which is calculated as a CAGR of 17.3% during 2021–2030.
This blog will provide all the significant information needed for eWallet app development, like Venmo. You can enlist the help of an industry-leading eWallet app development company to bring your eWallet app idea into reality. Or you can hire eWallet app developers who provide freelance app development services to the needy.
Before delving into eWallet app development like Venmo, first get to know Venmo with an overview.
What is the Venmo app?
Venmo is a money transfer application launched by PayPal in 2009. It allows app users to purchase various services, like Uber and online products. Within a short duration of its launch, the payment app witnessed a large number of app users who chose the application as their preferred method of payment owing to the convenient features it provides. Millennials made up the largest share of the app’s user base. Within five months of its release, the app garnered huge popularity after being acquired by Braintree (a PayPal subsidiary) for a hefty sum of $26.2 million.
Initially, Venmo was intended to function as a peer-to-peer (P2P) payment application. A payment wallet app that forms a social media network with its users. Currently, the app can be used for safe, cashless transactions with businesses and friends. A user’s account is directly linked to their credit card or bank account for one-tap transactions.
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Venmo allows its users to view their transactions in a continuous stream. They can even search for and add friends to their network.
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Users see all the transactions in the app with emoticons.
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The app provides a Trust function for the users, using which they can set up automated payments for recurrent expenses like utilities.
Features of the Venmo app
If you want to develop an eWallet app like Venmo, then you must include the following features in your app solution:
1. User accounts:
The inclusion of a user account component into your application will allow users to enter their personal information, update financial information such as bank account and credit card information, select a currency, and more.
2. Integration of bank accounts and credit cards:
Your app should encourage users to use built-in digital wallets. They should be allowed to use their debit or credit cards to make direct bank-to-bank payments.
3. Real-time payments:
Your eWallet app like Venmo, should allow users to make instant payments. Therefore, it should have a handy real-time payment method so that the user can easily pay a bill or a friend.
4. Online purchases:
Your app, in-collaboration with other online companies, should allow users to make purchases on external websites. This type of functionality will not only speed up but also simplify consumers’ internet shopping experiences.
5. Pin code authentication:
Security is one of the key concerns in any mobile application, and with an eWallet or payment app, it becomes highly significant. Therefore, you should incorporate a two-way authentication mechanism into your app to make it safe. This will keep a user’s account safe even while a mobile device is locked.
6. App wallet money transfer:
This feature will allow your users to transfer funds between each other’s digital wallets or from their app accounts to banks, and vice versa.
7. Chatbot assistant:
There are chances that your app users might need immediate assistance while using the application. The availability of a chatbot or virtual assistant may swiftly respond and resolve their queries.
8. Transaction tracking:
The availability of this feature in your eWallet app will allow users to keep track of their payments and maintain a history of their financial transactions. Additionally, the configuration of an email tool will help update users on the status of their transactions.
9. Cryptocurrency exchange:
If you want to attract more users to your app, you should think of providing a bitcoin or any other traditional crypto currency trading option. Since cryptocurrency is a popular selling factor in current fintech businesses.
10. Notification alerts:
Your app should be equipped with notification alert features to notify them about any payment transaction or in-app wallet changes.
How to Build an eWallet App Like Venmo? Step-by-Step Development Process
Crafting an eWallet application similar to Venmo encompasses numerous stages, spanning from ideation to deployment. Presented below is a comprehensive step-by-step guide to shepherd you through the development journey:
1. Idea and Conceptualization:
Embark on defining the rationale and extent of your eWallet application. Ascertain the pivotal attributes you intend to offer, such as peer-to-peer money transfers, bill division, payment solicitations, social assimilation, and more.
2. Market Exploration:
Undertake an exploration of the market, familiarizing yourself with rivals and comprehending user requirements. Identify the aspects that distinguish your application and how you can render an enhanced user experience.
3. Business Model:
Settle on your revenue framework. Will you levy transaction fees, subscription charges, or provide freemium services? This determination will exert influence on your application’s monetization tactics.
4. Feature Compilation:
Conceive an assemblage of attributes your application will encompass. Standard elements in an eWallet application à la Venmo comprise:
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Registration and formation of user profiles
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Linkage of bank accounts and credit or debit cards
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Facilitation of money transfers
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Issuance of transaction notifications
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Social stream for transactions and annotations
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Equitable distribution of bills among acquaintances
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Entreaties for payments
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Quick transaction facilitation via QR code scanning
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Embedding security mechanisms (authentication, encryption, etc.)
5. Wireframing and Design:
Fabricate wireframes or simulated representations of your application’s user interface. Devise a user-friendly and aesthetically pleasing interface that harmonizes with your brand identity.
6. Technology Stack:
Make a selection of the technological underpinnings for your application, encompassing the platform (iOS, Android, or both) and the backend technology (programming languages, frameworks, databases, etc.).
7. Development:
Initiate the application development phase:
Forge the frontend: Instate the user interface, navigation components, and user interactions.
Concoct the backend: Erect the server, database, APIs, and fuse payment gateways.
Integrate protective measures: initiate user authentication, data encryption, and countermeasures against fraudulent activities.
8. Testing
Assiduously test the application for functionality, user-friendliness, performance, and security. Conduct a blend of manual and automated tests to uncover and rectify glitches.
9. Beta Testing
Roll out a preliminary edition of the application to a restricted audience for practical assessment. Accumulate feedback and undertake imperative enhancements.
10. Launch
Prepare yourself for the official launch by formulating app store listings, promotional resources, and a launch strategy.
11. Deployment
Unveil your application on app stores such as the Apple App Store and Google Play Store. Affirm adherence to all stipulated guidelines and policies.
12. Marketing and Promotion
Create a marketing blueprint to amplify the visibility of your application. Leverage social media, collaborations with influencers, advertisements, and other channels to augment its reach.
13. User Feedback and Updates
Incessantly solicit user feedback and evaluations. Exploit this input to refine the application and periodically introduce fresh attributes and bug fixes.
14. Security and Compliance
Regularly enhance security protocols to safeguard user data and transactions. Conform to pertinent regulations, encompassing data protection laws and benchmarks set forth by the financial sector.
15. Scalability
As your user community burgeons, ensure your application’s infrastructure is capable of accommodating the heightened demand. Streamline performance and scalability elements.
16. Customer Assistance
Extend exemplary customer support to tend to user inquiries, troubleshoot complications, and cultivate user contentment.
Bear in mind that application development is an iterative process. Uninterruptedly scrutinize user behavior, scrutinize application performance, and execute enhancements to sustain the competitiveness and user-centric nature of your eWallet application.
Conclusion
By going through the blog, you must have learned about eWallet app development if you are planning to launch an eWallet app like Venmo. Then what are you waiting for? Hire eWallet app developers from a renowned eWallet app development company that has considerable experience providing eWallet app development services. It will help you bring your eWallet app solution within the least possible time and budget.
