Luckily, entrepreneurs have found many new ways to disrupt the overly intensified market and top the chart. One such way is integrating groundbreaking features in the mobile apps to attract more users and beat apps which are lacking features. 

In today’s time, app features play a significant role to build the initial user base and witness the long-lasting success. Futuristic and unique app features provide convenience to users which eventually makes users change their preferred apps. 

In this blog, we are going to discuss the eWallet app features. Since the market of the eWallet apps is also overly intensified, you must have to spend some time to decide the feature set before going to the technical part of the eWallet app development. 

For making learning easy, we will list down user app features as well as admin app features. Generally, many entrepreneurs and eWallet app development companies give a cold shoulder to admin app features. But a few entrepreneurs and we as the top eWallet app development company understand the importance of feature-packed admin panel to monitor the user journey and sales-life cycle. 

eWallet app feature set 

Before we move further, it is worth mentioning that the feature set depends on the market. Meaning, you need to run an aggressive market research campaign to learn about users, competitors and app features. But it is costly and time consuming for a small scale startup. However, you can seek help from our business experts who will do market research on behalf of you and prepare a comprehensive business plan. 

Following are the top eWallet app features you have to consider before going for eWallet app development

Feature #1: User Registration and authentication 

This is perhaps the most common and fundamental feature you should have in your app. Without it, every other app module is useless. 

Mobile app features: 

• Allow users to register himself by providing some basic information like name, and email id. (Don’t ask users to add personal details like birthday, age as it increases the complexity and may annoy some users. For such personal details, give them a separate window.) 
• Allow users to add personal information under the profile section. Users should also be able to update those details whenever they want. For offering custom user experience, these personal details are very important. 
• If needed, ask users to add identification proof. For that, add a feature which enables users to scan the document and upload it. 

Admin panel features  

• Whenever a new user signs up, his activity should reflect on the admin panel.  
• Admin can update/delete/add a user account from the backend, manually. 
• Admin should not have a way to see the sensitive information of the users for the sake of data privacy. 

Feature #2: Services and service configuration 

An eWallet app offers many payment services like money transfer, mobile recharge, bus/train/flight/movie ticket booking etc. Since offering these services to users and earning a commission when a user utilizes any service is the underlying purpose of the eWallet app, you should pay extra heed to this feature.  

User app feature 

• After signing up, land users on the next screen which contains the list of all services with logos and a small description. If you are offering users some benefits for using a particular service, you should show that offer on that service icon. 

Admin panel features 

• Admin should be able to add services in the eWallet, in different categories. 
• Admin should have an easy way to add service provider, transaction limit and request frequency to avoid a system crash.

Feature #3: Commission and service charge configuration  

This feature has nothing to do with users in a direct way. But this feature is vitally important for admin as it allows admin to set the service charges and commission. Which means, the business model of the eWallet business largely depends on this feature.   

Admin panel features 

• Admin can configure service charge and commission of services, individually or in bulk. 
• Admin can anytime turn on or off the services, individually or in bulk. 

Feature #4: Promotion and Cashback configuration 

To attract more users, all eWallet apps offer great promotion and cashback to users. For many times, promotion and cashback are the only reason why users are using one app. So, looking at its gravity, your app should have this feature too. 

User app features  

• Users should be able to see all deals and cashback offers on that particular service.
• Users should be able to know buying value after applying a promotion offer. 
• All conditions on offers should be well-documented and clearly visible. 

Admin panel features  

• Admin can easily configure offers on services and products. (Promotions can be flat or percentile value of total order, Promotions can also be different for validated and non-validated users.) 
• While configuring promotion, admin can also put a limit on maximum cashback. 

Feature #5: Reports and Analytics 

This feature is very purposeful for both admin and users to know the history of activities including spending. Using this feature, admin can know the usage pattern of users and plan out data-driven business strategy. 

User app feature

• From the profile module of the app, users can get monthly statements and view the order history. 

Admin panel features 

• Admin should have transaction reports by category, type and time.
• The system should provide reports by services, promotions and cashback.

Feature #6: Security 

Security is the major concern of eWallet app users. So, to win their trust and convert them in regular users, you should offer them some security features which provide military-grade security to eWallet app and users’ sensitive information. 

User app features: 

• Users can set the pin or use biometric capabilities of mobile to unlock the digital wallet app.
• Apart from on mobile, a user should receive important notifications on his linked email id.  

Admin panel features: 

• Admin can configure transaction limit for validated and non-validated users.
• Admin can restrict fund transfers to avoid money laundering.
• Admin can disable APIs to avoid fake transactions.
• Admin can disable services, users and transactions to avoid a data breach.

Feature #7: Load and transfer money 

This is another basic and much-needed feature of the eWallets. Using this feature, users can link their bank accounts, transfer money between eWallet app, banks & other users and pay for the services. 

User app features: 

• User should be able to load money via net banking, cards and other digital wallets.
• User should be able to transfer money to another user on the same platform.
• User should be able to withdraw money to a bank account.

Admin panel feature: 

• Admin can put a limit on withdrawal, transfer and credit amount for users.

How much does it cost to develop the eWallet app? 

Coruscate is the top FinTech app development company which has earned expertise in p2p lending app development and eWallet app development. Our highly skilled developers and designers work with global clients and deliver pioneering mobile apps which can solve deep-rooted problems and make app owners successful entrepreneurs. If you hire our FinTech developers, they will do justice with your choice in the best possible way and help you to conquer the market with the best ever eWallet app. 

With our rapid app development technology, we can develop and deliver an eWallet app within 45-55 business days. Also, eWallet app development at Coruscate starts from just $10k. 

To know more about the app features, market potential, and government regulations, please feel free to contact us. One of our well-schooled and experienced team members will give you the free app demo and free consultation.  

The post Planning to go for eWallet app development? Read this blog first to know must-have app features and cost to develop an eWallet app. appeared first on Coruscate Solutions.

The time has witnessed major dive of the companies into the Latin American market. Competition is still less when compared to developed countries, and the curve of consumption, especially in e-commerce, is higher. But obtaining entrance to this market with exceptional potential requires a step back: having local payment methods that reach global consumers in Latin America. 

The size of the market

Latin America has more than 650 million customers. Most of the customers prefer an online purchase. A recent investigation suggested that e-commerce is expected to grow 21% this year in the region, much higher than the global average of 4.5%. Along with the local stores, global companies are also taking advantage of the momentum. The largest digital companies like Spotify, Netflix, Airbnb, and Uber have seen large growth in Latin America, which has become one of the main markets for these companies. The products and services of these companies are widely adopted by millions of customers. 

However, Latin American people have their own way of getting things done. They are facing various challenges in their home countries: logistics, access to health and education, inequality, and, of course, access to banking services. More than half of the population in the region is unbanked. Offering access to local payment methods is the solution to traverse this market with extraordinary opportunities.

Creativity drives new payment methods

Many companies from China, the US and Europe are aware of the most used payment method in Mexico- Oxxo. It is an individual, typically Latin American solution: Oxxo is a successful chain of convenience stores that created its cash voucher, extensively used by Mexicans to pay for their service bills, e-commerce transactions and it can even be used for shopping in physical stores.

Boleto Bancario is another popular payment method in Brazil. It is used in more than 30% of the e-commerce transactions. The Brazilians use it to pay for their utility bills, tuition fees, and of course, online purchases.

Boletos are nothing but the vouchers with a barcode used for payment. These barcodes can be printed or obtained through a computer, smartphone, and are processed in banks, post offices, supermarkets, among other locations. Customers are allowed to pay them in different ways, including with cash and through internet banking or bank apps.

With the advance of fintechs and broader access to financial services, there has been a rise in the use of apps and credit cards. 

A recent study directed by the Central Bank of Brazil illustrates that, in terms of money, old habits die hard: 29% of the adult population still gets their wages in cash. Cash was named as the chosen payment method by 60% of respondents — and this was in 2018!

The global innovations such as e-wallet and mobile payment apps have their own specializations in Latin America. Though they are not as widespread as in developed countries, the use of e-wallets is expected to increase with each passing day with the improvement in fintech.

It is your time now

As we can see, global businesses want to reach the majority of Latin America’s market. They are finding ways through the improvement of internet connection in the region, or the distribution of the state-of-the-art smartphone for mobile shopping. Businesses have already made these things a reality. Getting to the pockets of Latin American consumers in the right way is what matters. It is possible only through the right payment methods.

Let’s talk about three categories of e-wallet.

3 Major E-Wallet Types

⇒ Contactless Mobile Wallet: An actual digital copy of a customer’s wallet. It tokenizes and stores credit cards in digital format for use on a mobile device or wearable in contactless payments at physical merchants like Samsung Pay. 

⇒ Digital E-Commerce Wallet: A card-on-file online tool that tokenizes and saves a customer’s payment card information, for using in e-commerce during Visa Checkout and MasterPass.

⇒ Stored Value Wallet: A digital account obtained through a mobile phone that stores electronic funds, meant to be used instead of a bank account. These come within two sub-categories: those intended for feature phones and smartphone apps. 

Tips to develop eWallet app in Latin America and to conquer the Latin America market :

E-wallets in Latin America are still developing and in an exploratory phase. The country is entering into a demographic and technological phase, however, which encourages the selection of e-wallets. But for this to happen on a massive scale, e-wallets should:

1.  Not compete with cash. Allow payments for which cash has a distinct deprivation, which means, digital goods, bill payments.
2. Build the e-wallets for young, urban, underbanked smartphone users. Authorize non-credit card payment methods.
3. Offer the right stimuli, such as credit, significant time savings, or access to new types of goods.

With the volume of investment being drained into e-wallets in the region, e-wallets will overtake on sooner or later in Latin America. Looking at this rapid growth of usage of smartphones, wide-scale adoption could be expected. 

Takeover the Latin American market with our e-wallet white label solutions. To know more, connect with us and ask for a free demo. 

The post The solution to Latin American payments: Get local to reach global appeared first on Coruscate Solutions.

We have recognized five revenue-growth models that can help you with the innovative experiments and at the same time encourage customer engagement. Also, using our white-label solution for the mobile wallet will save you a heavy financial investment.

Let’s check out these five new FinTech business models:

⇒ Micro-payments

This is nothing but a financial transaction concerning a small amount of money. It ordinarily happens online or via a digital application. An example of this micro-payment is the “in-app purchase”. This is where the user spends for virtual objects or purchases the next level of service in the app. 

⇒ Pay-Per-Use

In this business model usage of a product or service is metered. The customers are charged only when they use the service. An example can be the television channels where the subscribers pay only for the channels that they want to view. Another example is when industry research firms selling access to high-value content on a per-use or per-download basis.

The pay-per-use model enables your customers to pay only when they wish to use and whatever they use.

⇒ Memberships

The membership business model includes users paying a subscription fee to obtain unrestricted access to a product or service. Many apps are using this subscription model these days to make their customers keep coming back to them. 

⇒ Freemium

This business model is a basic product or service which is presented at no cost. You can charge a fee for access to premium features, exclusive information or help.

An example of such a business model is how gaming apps provide certain services for a fee.

⇒ Crowdfunding

This business model is a social media variant of fundraising. Individuals or organizations influence others to give small contributions or investments – maybe $10, $50, $100 or more. The accumulation of dozens, hundreds or thousands of contributors is likely because of the propagation of websites that allow people and businesses to raise money.

How to develop an eWallet that would be loved by millions?

Mobile transactions evermore provide you the next level of competition for supremacy. Customers are becoming more and more dependent on smart devices.

Leading the competition of smart devices, smartphones have made a flawless space in the lives of individuals.

To develop an e-wallet that becomes popular among your users, you need to understand the user requirements. 

There are various types of mobile wallets, you need to know which will suit your goal.

All you need to consider are as follows:

⇒ Online payment

Your user needs a substitute for the debit and credit cards to do the online payments. You need to provide them with a digital payment method to pay the merchants for their purchased goods with the help of a payment gateway.

⇒ Point of sale (PoS) payments

The POS system is described as a system that includes many components like hardware, software, analytics, inventory management, employee management, and reporting.

It comprises of a computer that runs on a POS software, barcode scanner, credit card reader, receipt printer, and an on-site server.

⇒ NFC tags

These tags are passive devices. This means they do not need any power supply to function. To top it, it gets activated only when it comes in contact with an active device. The best part about these tags is that they cannot carry out any processing of their own. They are only used to transfer data to an active device.

 Let’s check out at its functions in detail:

• Scan & Read

The NFC tags can be used to convey information. All you need to do is put the NFC card or tag on the backside of your smartphone and all the data will get retrieved and displayed on your device.

• Write and Edit

Not just scanning and reading, the information can be written and edited too. To do that, you need to scan the NFC tag by placing it on the back of your device. When that is done, all the information will get displayed and you can make the edits if you wish to.

• Scan & Pay

The NFC system is much more than viewing and editing information. The payments can be done with this technology too. To do that the credit cards need to be placed on the back of your smartphone. Once the card is placed, the card details are fetched and payments are done. 

Our white-label solution uses NFC technology to transfer and receive funds. Furthermore, it’s also used to recover extra information.

⇒ Peer-to-peer money transfer

In P2P payments the digital money is transferred from one person to another. This is done through a mediator, which is known as the P2P payment application. This type of payment requires devices with an internet connection. It is also an easy alternative to traditional payment methods.

⇒ QR codes

The QR code is a two-dimensional square-shaped barcode which has data encoded and stored in it. This data is basically linked to a website. The QR codes are used to make the payments easier and safer by connecting brick and mortar. 

Our white-label solution for e-wallet development has a secure QR code embedded in it. 

The payment gateway for your digital wallet app

There are several payment gateways open to be integrated into a mobile wallet to assist a user to add and send money to and from his wallet. This can be done by using their credit or debit card.

We use an absolutely reliable and secure payment gateway to integrate into our white label solution for FinTech app development. 

Here are some important factors that you need to keep in mind while developing a mobile wallet solution. 

1. Prioritizing Function

2. Security

3. A digital receipt

4. Reward points

5. Keep the users engaged

Why should you select Coruscate as a development partner?

We are experts in FinTech app development. Our white label solutions for your Mobile wallets are powered with the latest technologies and are fully functional. They are absolutely customizable according to your business requirements. Our expert team of developers helps you from the start to finish assisting you with every need in your business.  We provide you the wallets that not only benefit your users but also allow you to reap the benefits of the fast-evolving market. 

If you are interested to know the functionality and cost of FinTech app development in detail,  feel free to connect with us and ask for a free demo. 

The post 5 business models for mobile wallets- make more money with our FinTech white label solution appeared first on Coruscate Solutions.

The digital technologies like as e-wallets and Peer-to-Peer (P2P) lendings are having a tremendous influence on the way we buy and sell, with a predicted USD 1 Trillion anticipated to go through mobile payments by 2020. This shows an increasing influence of FinTech on our lives,

Digital wallets have revolutionized the means of how people use to keep their money. Digital wallets are the same as your physical wallets where you store your money. But in the digital wallet, you keep your money in digital form and get all your payments and transactions done with the help of your smartphone. The transactions are absolutely secure and safe. 

The payments done with digital wallets are more trusted and are done with a blink of an eye. If you employ an electronic wallet service in your digital platform, you can provide accessibility for frequent customers to deposit their money in your wallet and use it to make their purchases without having to go repeatedly through the payment gateway. 

A WNS DecisionPointTM report evaluates the influence and increase of e-wallets and P2P along with other game-changers in the FinTech industry

PayPal, Alipay, ApplePay, Oppo, Paytm, QFPay, etc. are some of the chief players in the e-wallets section. The e-wallets have become a global marvel as there are 80% of millennials shopping and paying bills online using their mobiles.

Let’s check out the data in various countries which indicate a positive outlook for e-wallets.

Growth of E-wallets across the world

• Europe: Europeans are heading in choosing the mobile payment, with 74 percent of that population using a mobile device to make payments and control their finances.
• United States: The popularity of e-wallets is anticipated to grow somewhat from their 2017 figure of 21.8% to 22.7% over the next five years. However, the credit and debit cards are assumed to fall from 16% and 15% each to 10% each.
• China: The mobile payment action in China was nearly 50 times greater than in the U.S. in the year 2016. Also, the number of Chinese mobile payments was foreseen to increase by 7.4 times between 2015 and 2019.
• Sweden: It is expected that by the year 2020 cash will be used for merely 0.5 percent of all payments and all the other transactions will be done digitally. 
• France: The French customers used to prefer card payments before e-wallets came into the picture. However, with the launch of  Paylib by the significant French banks, it became the most popular wallet in France. It has about 40 million users as compared to the 7 million PayPal users. 
• Germany: It is not an exaggeration to say that internet banking solutions like ELV, SOFORT, and Giropay rule the German market. However, the e-wallets are projected to surpass them and become the most used payment method by the year 2021. The bank transfers and e-wallets are expected to own 23% and 23.9% of the German market respectively.
• The Netherlands: In the Netherlands, an online banking solution iDEAL is leading by a whopping 57% share. In Belgium and Luxembourg, people preferred using cards. However, a local e-wallet, Payconiq is now being used frequently. 
• E-wallets picture in Asia: Asia is the world leader when it comes to digital wallets. 83% of Asian conversations fastened against 75% of overall global conversations. This is just the start! WorldPay’s recent report says that the credit card payments are expected to drop from 30% to 10% and e-wallet usage is expected to grow over 51% by the year 2021. 

We have a similar scenario of e-wallet usage in Japan, Singapore, Russia, Australia and almost every corner of the world. 

E-wallets – the road ahead:

The launch of Google’s e-wallet in 2011 provided only a few users access to its services as the system worked only if the users had a compatible device with NFC chips. Later, native mobile experiences hit the market with Apple Pay, Android Pay, and Samsung Pay jumping in the competition. QR code scanning remained in the picture as people trusted it and over the period of time, it became stronger and stronger with fewer security threats. 

In short, the success of mobile wallets has been dependent on three factors: 

• Access
• Interoperability
• Sustainability

Our white label solution provides you all of these qualities in a package to make you an instant star in the market.

Coruscate’s FinTech White-label solution:

Our white label global e-wallet solutions are designed specifically for payment service providers, ISOs, acquirers, online businesses, enterprise corporates, government and more. The e-wallet solutions are architected by a team of extremely talented digital payment market analysts and engineers. Our research team has put their insight and payment industry experience in designing an effective e-wallet white label solution.

Our adaptive payment technology is the best in the market and can help your business in reaching its true potential. Our focus has been on removing the pain points in the transaction process and we have been emphasizing on boosting the adoption of NFC and QR code technologies. With our state-of-art solution, we are pushing the digital wallets towards productivity. 

You can refer to our previous blogs to know the features and technical details of our white label solutions. 

Develop GoPay clone app. 

Develop AlexPay clone app.

Summing up :

Looking at the current global scenario, we believe the e-wallets are going to conquer the world soon and will be visible in every landscape. The latest technological developments have made the payment transactions very much safe and secure. The white-label solution price starts from $10,000. 

We can assist you with an end-to-end solution for establishing your mobile wallet business and making it climb the stairs of success. Connect with us to discuss your personalized requirements and ask for a free demo of the MVP model. 

The post Get going with our e-wallet white-label solution for your FinTech business appeared first on Coruscate Solutions.