The two very unbelievable events are actually happening: Africa becomes the hub of FinTech and investors have finally caught E-Wallet providing companies into their funding radar.

At least, looking at the news which says a Nigeria-based yet another eWallet OPay has raised $50 M, it is worth to praise Africa and business opportunity of eWallets. But like all other industries E-Wallet is a lack of hope and gloomy outlook in the eWallet app industry too.

For an entrepreneur, kicking off an eWallet providing company isn’t as easy as it sounds. He needs to take care of the market, users, eWallet app features and eWallet app development cost. Recently, many data revealed that data security and privacy are still the major concerns of eWallet app users. And as a result, almost 77% of users don’t prefer to use eWallet after installing it.

Thus, considering the urgency, we will discuss the post and pre-app launch strategies which make sure the constant flow of users. We will also discuss the business model and cost of FinTech app development or eWallet app development. But first, let’s talk about OPay.

Insight into OPay – An Opera founded eWallet only for Africa!

 
Africa is one of the poorest continents with the lack of employment opportunities and less literacy rate. Thus, the males of many African families migrate to other cities or even countries, leaving their families behind. These families rely only on the money they receive from the males who work hard in some other part of the world. But more than 60% of people in Africa are unbanked and don’t have access to basic banking services which can enable them to send and receive money.

This whole situation fuels the eWallet ecosystem in African countries. And as a result, many robust eWallet apps have emerged in Africa, like M-Pesa, Dusupay, and Paga which raised $10M in 2018.

Talking about OPay, it was founded by Norway-based browser company Opera in 2018. But rather than launching it globally, they decided to make it accessible in African countries only as, at that time, the business opportunities of such eWallet were high in Africa than any other parts of the world.

OPay is very successful in Africa. In just one year of its operation, OPay has acquired more than 120 million users and 40,000 active agents. On top of this, OPay has recently seized a whopping $50 million of funding from the investors like Sequoia China, IDG Capital, and Source Code Capital.

OPay supports the Opera’s growing businesses, a motorcycle taxi service app ORide and a food delivery app OFood. Users who are using ORide or OFood can pay for the order and fare straight from the OPay.

The way OPay app works, tells a lot about eWallet app development and design-related understanding of the OPay team. They have integrated all important features in the app in such a way that to use those features, users don’t need to scratch their heads. They also have put more emphasis on security and privacy of the eWallet app where every data of users is sensitive.

Latest news on OPay and Flutterwave’s integration of Alipay as an e-wallet that shows the growing scope of e-wallets – Updated on 5th Aug 2019

 
The fintech startup Flutterwave partnered with the Chinese e-commerce company Alibaba’s Alipay to make the digital payments available between Africa and China. The company is a B2B payment service company founded in Nigeria. It was founded with a motive of offering the African companies ease of payments to other companies on the continent and worldwide.

Alipay is a digital wallet platform that surpasses PayPal payments in the year 2013. It claims to have a global network of more than 1 billion active users. A large part of Alipay’s network is in China. It is noteworthy why Flutterwave integrated it for the payment activities of around $200 billion in China-Africa trade. 

Flutterwave’s Alipay collaboration also traces a course of the risen appearance of Chinese companies in African tech. In July, the Chinese owned company Opera raised $50 million to boost its growing West African digital commercial network. This network comprises browser, payments, and ride-hail services. The funds are mostly for OPay which is an Opera-owned and Africa-focused mobile payments startup.

OPay is going to use the capital to increase its digital finance business in Nigeria which is said to be the most crowded nation and largest African economy. OPay is also going to assist Opera’s thriving business network in Nigeria. This covers motorcycle ride-hail app ORide and OFood delivery service.

However, the major question is still unanswered; how OPay acquired 120 million users in just one year? To answer this question, we will discuss the pre and post app launch strategies which you need to follow, like OPay.

Pre and Post eWallet app launch strategies, inspired by OPay

 
If you are an entrepreneur or any financial institute, wanting to develop an eWallet app like OPay, it is advisable to identify the fact that the eWallet app isn’t like any other regular app. Many modules and features of the eWallet app demand an exceptional amount of mobile app development knowledge with the ability to satisfy all legal norms. In addition to a code-heavy mobile app, business planning including app marketing and deciding business model are also very crucial.

On top of all these, an eWallet mobile app requires constant modification and evolution as the basic structure of any FinTech app, including eWallet app is developed while satisfying the legal norms which are, of course, not idle in nature.

► Building a feature set

The feature set is nothing but the description of functionalities that you desire to have in your eWallet app. A feature set exhibits how many features you have to ask the eWallet app development company to integrate into your app to justify the core purpose of the eWallet app.

Considering the fact that the cost of eWallet app development highly depends on the number of features you want to add to your app, building a feature set is very important. Not only it helps you to not miss out any important feature, but it also gives you an idea about FinTech app development cost.

Following are the few features of the OPay app which you can consider.

• User can log in with a mobile number only.
• The user profile is well documented. User can edit all personal details and bank details.
• The user profile also contains the history of transactions.
• With just a single click, the user can know how much he owns in the eWallet.
• Paying for goods is again very easy. User can pay by either scanning the code or by typing the merchant mobile number.
• User can send money to his friends and relatives from the app itself.
• The user gets rewards and cashback frequently.
• All important activities pop up in notification bar to keep the user updated.
• In OPay app, they have integrated ORide and OFood service.
• User can talk with customer executive from the app itself.

 
► Integration to banks

It will take some more years to have eWallet which is as capable as a bank. For now, eWallet apps depend on the brick mortar banks. Any transaction which users make through eWallet cannot reach to successful state without the API service of the bank. Thus, an eWallet app development company has to integrate APIs of all potential banks in order to allow users to pay from any bank to any bank.

Coruscate Solutions is among a few eWallet app development companies which have successfully achieved API integration with Nordic banks.

 
► Business model

Crafting a profitable business model is perhaps the most fundamental need. But when it comes to the eWallet industry, there is a lack of business model innovation seen everywhere.

Most of all eWallets are making money from the commission they get when a user pays for goods and services to a merchant. This is why they are not only seeking more users but more merchants too.

However, a few companies like OPay allows users to send and receive money internationally and charges a healthy percentage of transaction fee which is another revenue stream of them.

Some e-Wallets like M-Pesa, letting users pay via SMS and charges different fees even for this historic method of payment!

OPay, on the other hand, has added its two very purposive services, ORide, and OFood into its eWallet just for the sake of more revenue streams.

Overall, the scope of business model innovation in eWallet business is very limited. However, by adding more features into your app, you can generate more revenue.

Connect with our business expert and app scientist to know the legal ways to double your revenue from eWallet.

► User engagement

An eWallet app stores very sensitive data of the users in an online environment and so, people generally don’t prefer it over banks.

To address this issue, all eWallets app providers pay more heed to the security and privacy of the eWallet app and burn the candle from both sides to win the trust of users. They even regularly offer them cashback and other rewards.

Talking about the OPay app, it is equipped with encrypted data storing method and compliant with PCI DSS.

So, if you don’t want to suffer from less user engagement, hire an eWallet app development company that is clever enough to develop a user interactive and secure eWallet app with reward and cashback features.

► Satisfying Legal Norms

As stated earlier, when a government changes rules regarding the online transaction, some business logic of the eWallet app is needed to rewrite because your eWallet is dealing with money and the government of every country seems lethal about it!

So, app rewriting is the only choice. But app rewriting is a challenge if your hired eWallet app development company didn’t bother to share the source code ownership with you. In such a situation, your business effects to a great extent as you may require to stop all business operations.

We, at Coruscate, share the 100% source code ownership with the owners. We even remain the business partner of our FinTech app development’s clients for a very long-time period and if needed, we rewrite the app while making sure that their business keeps running smoothly.

So, after reading so far, if you count yourself in and want to develop an eWallet app like OPay, here is the least possible cost of eWallet app development.

How much does it cost to develop an eWallet app like OPay or OPay clone app?

 
Coruscate Solutions is the top FinTech app development company, having noteworthy knowledge in eWallet app development too. Daily, we are entertaining numerous FinTech and eWallet app development related queries. We accommodate 200+ highly skilled developers and designers who know all possible ways to develop a secure eWallet app. Since we have already achieved successful API integration with Nordic banks, the time and cost to develop the eWallet app are reduced significantly.

We can now develop an eWallet app within 45-55 business days and under $10k. To know the detailed pricing structure, refer the following image.

The post E Wallet App Development: 5 Growth Strategies of OPay E Wallet Which Has Raised $50M appeared first on Coruscate Solutions.

InsureTech which is one of the categories of FinTech industry is a global trend. Though US-based companies seize half of the deals, UK, China, Germany, and India are significant markets. Following image clearly depicts that how quickly other markets than the USA are creating possibilities for new InsureTech companies.

InsureTech companies have always been earning good money. However, they are still constantly changing their business models and creating more revenue streams. According to CB insight data, in 2017, around 14 InsureTech companies have tied up with other million and billion dollar companies which is considered as a very smart strategic move of the InsureTech companies.

In this blog, we will study the services and app features of one of the top InsureTech companies, Sure which has recently raised $12.5 million in its series B funding round. We will also discuss the industry-defined way to craft the business model and how much does it cost to develop a FinTech app like Sure?
 

How Sure is providing on-demand insurance with a tiny mobile app?

 
Sure is the InsureTech company which was founded in 2014 by Wayne Slavin and it is headquartered in New-York.

Sure is using mobile tech, AI and advanced data analysis techniques which help them to manage the distribution, administration and claiming process like a boss. In one of his interviews, CEO and founder of Sure has stated that they don’t want to run a race with the pre-established insurance industry, but they want to enhance it by using the fusion of advanced FinTech app development techniques and the entrepreneur mindset.

Unlike another top InsureTech company Lemonade, Sure follows the ‘contrarian’ approach and ties up with different insurance firms like Chubb and Nationwide to underwrite the policies. By doing so, they can remain more focused on building technology.

In 2017, Sure has raised $8 million in its series A funding round which was led by IA Capital, Menlo Ventures, FF Ventures Capital, Nationwide Ventures, Assurant and AmTrust. Recently, Sure has closed a yet another funding round with $12.5 million from WR Berkley. 

How Sure works and what are the services they are offering?

 
Sure is providing a robust app which allows users to request the insurance quote, claim the insurance and track the request. The mobile app of the Sure works on the AI and machine learning platform, which means, it is able to enable personalized insurance policy.

According to the need of users, Sure allows them to pick any kind of short term or long term on-demand insurance. Following are the types of insurance and categories of each type Sure is offering.

► Personal Insurance

Under the ‘personal’ insurance type, they are providing insurance for,

► Collectibles

Collectibles insurance type of personal insurance covers items like laptop and camera. This insurance policy provides the protection against theft, damage, and international loss of an item.

► Fine Art

This category of personal insurance covers the masterpieces like painting and any valuable hand-crafted object.

► Pets

Sure provides the medical insurance for the pets!

► Smart-phones

In 2017, Sure has launched smartphone insurance service. For that, they have developed an AI-enabled module which remotely checks the health of the user’s mobile and then presents the personalized insurance policy.

► Renter’s Insurance

By submitting a few details of their rental properties, the users can be rewarded with rental insurance.

► Business Insurance

The all-in-one policy of Sure covers the critical items of the small, medium or even large scale of business.

► Travel Insurance

Under the travel insurance type, they are providing insurance for,

► Baggage Insurance

Baggage insurance covers users against possible baggage lost while traveling locally.

► Rental car

Users can even bring a rental car under the boundaries of theft and damage protection.

► RideSafe

Ride safe is the newly launched service of the Sure. It provides protection for passengers and their families while they use Uber’s and Lyft’s services.

Top features of the Sure app which you can ask FinTech app development company to accommodate into your app.

One of the reasons why people of USA has espoused services of the Sure so widely is because of its robust mobile app. Sure has developed its mobile app by keeping the need of every user in the mind.
 

Following are the major features they have added in the Sure app.

• People can select their preferred insurance manually or AI feature of the Sure app help them to personalize the insurance. It also suggests the insurance by analyzing the details and needs of the users.
• User can easily add the details of the beneficiary.
• As soon as, insurance request is approved, both user and beneficiary receive a confirmation email, having all details of the insurance.
• User can also see the details of his insurance in the app.
• A history of user’s insurance is well documented in the app.
• User can even claim his insurance from the app by adding a few details.

How much you can earn with the FinTech app like Sure and how?

 
Earning from FinTech app is highly depends on the business model you follow. So, let’s study the four dimensions of the business model which you need to know before crafting a business model.

The business model is the most overlooked term in startup culture. Even if they craft a profitable business model successfully, their way of crafting a business model has always been wrong. This often results in long-term failure. We, at Coruscate, never let it happen. We recommend you to craft the business model based on our four dimensions business model technique, which contains dimensions such as Who, What, How and Why. Together, these 4 dimensions of the business model are called ‘magic triangle of a business model.’

The first dimension which is Who, answers the question: who will be the target audience for your InsureTech app? This is the most important dimension and because of it, it can be found in the core of the triangle of business model. Without knowing the potential users, you can never able to answer the second dimension which represents the value proposition or What you will offer to the users?
 

Talking about Sure, their value proposition model contains the following values which they serve to the users.

• Paperless experience
• Policy management
• Mobile access everywhere
• Report a claim
• Bank-grade security
• Available around the world

 
Once you determine the values you have to serve, the next thing you need to figure out how you can offer that values to users. One way to offer the values in the most possible way is to build a proper IT infrastructure.

Beyond the shadow of doubts, the last dimension is represented by the profit mechanism. It answers the most fundamental question why business model allows you to earn well? It encompasses the cost structure and revenue stream. Here it is worth to mention that Who and What business model dimensions deal with external factors while two remaining dimensions which are How and Why deal with internal factors. Moreover, if you want to achieve ‘business model innovation’, you need to change at least two dimensions.
 

How much does it cost to develop a FinTech app like Sure?

 
Coruscate is the top FinTech app development company. Thanks to our skilled designers and developers, we are clever enough to develop any kind of FinTech app. In fact, we have successfully developed a few FinTech apps which are currently helping app owners to satisfy their financial goals. We have even completed API integration for Nordic banks. With our hybrid app development platform, we can develop a FinTech app within 45 to 55 business days and under $10K. To know more about FinTech app features and cost of development, visit our FinTech app development page. We also provide a free consultation. So feel free to ask for it.

The post InsureTech companies are rewriting the future of FinTech. Know how to develop FinTech app like Sure which has recently raised $12.5 for its on-demand insurance service appeared first on Coruscate Solutions.

In this blog, we will get to know,

• The market size of e-wallet apps
• What extra features Hello-Paisa is offering than its competitors?
• How much you can earn with an e-wallet app?
• Things you need to consider while outsourcing your e-wallet app development project.
• What is the cost to develop an e-wallet app like Hello-Paisa?

The current market size of e-wallet apps

Smart-phones are used for communication, entertainment, internet and now even for payment. E-wallet allows users to carry out many financial transactions through the mobile. Thanks to advanced e-wallet app development techniques, e-wallet app development companies are now capable to develop a very secure app which can even perform an international transaction. The e-wallet is currently used in various areas of business like banks, customers and companies. Brand loyalty and convenient method to pay bills are the two major reasons why people are adopting it too quickly. Looking at its highest ever adoption rate, e-wallet provider companies are bringing innovative features in their e-wallet apps which make the use of e-wallet more efficient and easy. Following graph from the source of Statista clearly depicts the expected magnification e-wallet market will witness in the coming years.

However, it is worth to mention the hidden reality of the e-wallet market. There are a lot of e-wallet apps available in the market and almost all apps avail app owners to earn well. But still, there are certain security and operational breaches which need to be solved. Following graph gives us a glimpse of what are the obstacles people face while using e-wallets.

Insight into Hello- Paisa : Things to learn from Hello Paisa to develop your own E-wallet app

African countries are believed to have more opportunities for FinTech startups than any other countries. A few globally acclaimed FinTech startups have started their initial business in African countries and then expanded their business boundaries to other European and Asian countries. Hello-Paisa is one of those FinTech solutions which was launched with an ambition to solve problems immigrants were facing to send money back to their families from different African countries.

Hello- Paisa was started by Hello Group of South Africa which is also actively doing business in the telecommuting industry of South Africa as Hello-Mobile.

Hello-Paisa supports cross border transaction to around 30 countries. They have tied up with a leading South African bank Sasfin to provide an experience of real banking in a digital form. They offer credit and debit card to the people and let them withdraw money from the e-wallet using the credit or debit card at ATM. To create the genius user base, they keep the control of the user’s sign up process with them only. They visit the users who wish to open a Hello-Paisa account, verify the details of users and then only, sign them up.

What extra features Hello-Paisa is offering than its competitors?

One of the reasons behind the popularity of Hello-Paisa is its robust and feature-packed mobile app. Features of Hello-Paisa are so significant if you are planning to develop an e-wallet app like Hello-Paisa.

• The UI of the app is designed so precisely. The home screen of the Hello-Paisa app contains all major modules like send money, banking, and deposit money.
• From the home screen itself, a user can chat with the customer executive of the Hello-Paisa.
• User can know the balance of his account with the single click.
• User can add recipients for the quick transaction.
• Fetching details of credit and debit card is easy. User can activate and deactivate the card from the app itself.
• A well-documented transaction history lets the user know his previous transaction in a very painless way.
• User can choose the way to pay from the available options.

In the next section of this blog, let’s quickly understand how you make money with e-wallet app and what are the things you need to consider while outsourcing the e-wallet app development project.

The business model of top e-wallet app or e-wallet provider companies

It is known to everyone that e-wallet provider companies are earning the majority of their revenue from the commission on mobile recharge, bill payment, and payment for other apps. However, they have also unveiled other revenue streams too.

An e-wallet provider companies which enable the user to do cross border payment charges the certain percentage of the transaction fee. Hello-Paisa takes 5% as the transaction fee on every cross-border payment.

A few e-wallet provider companies recommend different products to their users and when someone buys that recommended product, owner of that product pays e-wallet provider company.

Things you should consider while outsourcing the e-wallet app development project.

wallet app development is not a cakewalk. Only a few mobile app development companies can build a resourceful e-wallet mobile app. What makes it, even more, worst is the fact that there are a lot of mobile app development companies which claim to have expertise in e-wallet app development by presenting wrong data. Thus, you have to research well before approaching a mobile app development company for e-wallet app development project.

» Security and privacy

The prior requirement of any FinTech app is security and privacy as it deals with money. Any small loophole in the app invites hacker to steal the sensitive data of users. According to a press release of Korean police, 158 cases of e-wallet hacking have been reported from 2015 and 2018. In fact, one of the top e-wallet apps, Google Pay was also hacked. To make the e-wallet secure, experts suggest integrating biometric security features, encryption, and a proper firewall. Looking at the urgency, we recommend you to approach only those e-wallet app development companies which know the ways to develop a secure app.

» Payment gateway and processor

The underlying purpose of any sort of FinTech app is to transfer money from one bank account to another bank account. If you end up choosing the wrong payment gateway which performs a key role in a payment transaction, your core purpose of FinTech app will never be satisfied. Out of hundred payment gateways and processors which are available in the market, you need to pick that one payment gateway and processor which run parallel with app requirements. Thus, we recommend you to approach only those e-wallet app development companies which help you to choose a reliable and scalable payment gateway and processor.

» Custom-built application rather than cloning

For the sake of quick development and cost-effectiveness, you may prefer to develop a clone app rather than building a custom app. Deciding approach to developing e-wallet app is the decision which affects you and your business in the long term. We as the top e-wallet app development company recommend you to build a custom app as custom-built app boosts the business with its data analytics and machine learning features which aren’t compatible in a clone app. However, an approach to build a custom app also holds some limitations like a long development phase and higher cost. Thus, it is the rational idea to go for an e-wallet app development company which provides the hybrid app development solution.

What is the cost to develop an e-wallet app like Hello-Paisa?

Coruscate Solutions is one of the top e-wallet app development companies which have entertained 200+ FinTech app development related queries. We even have developed a few FinTech apps. Our team of designers and developers are trained to develop an app in such a way that you will dominate the market with a tiny app. To know the exact pricing and features of e-wallet, visit our FinTech app development page. We even provide a free consultation. So feel free to ask for it.

The post Know how to develop e-wallet app like Hello-Paisa which has transmuted South African FinTech landscape appeared first on Coruscate Solutions.

But this technology has fast evolved in some places. In fact, looking back at the history of mobile payments- we would say the world is just catching up. In Kenya, M-Pesa has revolutionized the way people spend, save and send money.

Problems :

In Kenya and other parts of Africa, the breadwinner of the family typically travels to urban areas for work. Their families, however, stayed behind. They needed a way to send money to their relatives. Sometimes, they had to travel for days to get home just to give the money or they had to trust some bus driver to take their money home. These people didn’t have any access to financial services like banking infrastructure. And even if they used banks they had to pay a huge chunk of money from their wages.

Concept of E-Wallet app M-Pesa

The concept of M-Pesa was to create a service in order to allow microfinance borrowers to conveniently receive and repay loans and payments. This was to enable microfinance institutions to offer more competitive rates to their customers. The user service would be benefited as they will be able to track their finances more easily.

The loan systems were re-engineered to focus on transmitting money from one phone to another. They tried to have a branch at every street and corner with an aim that their customers would visit those agents with cash and they would use a series of SMS’s to convert the money into electronic funds. These e-funds would then sit on their SIM cards and they could transfer money to anyone who would visit the local agents to withdraw the cash. They needed the transaction process to be fast and cost-efficient.

When M-Pesa was launched, the customers adopted it for a variety of alternative uses. There were a lot of complications arising with the Faulu. Once again, M-Pesa was refocused and relaunched. This time it offered to send remittances home across the country and making payments.

Launch of e wallet app M-Pesa in Kenya

M-Pesa was launched by the Kenyan mobile network operator Safaricom in 2007. It quickly captured a remarkable market share for cash transfers. It had almost 17 million subscribers in Kenya alone. It’s growth led the banking institutions to pay heed to it. The robustness of the service was found in an audit conducted at M-Pesa making it a successful product. M-Pesa transactions for 11 months of the year 2014 were valued at KES 2.1 trillion which was counted as a 28% increase from the year 2013. In the year 2014, an M-Ledger app was launched for its users.

There are many other companies whose business models rely on the M-Pesa systems in Kenya such as M-kopa and Sportspesa. It was even reported that Google Play started taking payments for apps via Kenya’s M-Pesa service.

The original platform of M-Pesa was hosted in a tiny box in the corner of an office in Cambridge. They faced many technical challenges as they weren’t prepared. The technology was scaling rapidly and they needed to keep up with the growth and development of the market. They also needed to ensure that the service was reliable every time. The little box slowly grew into two data centers. One of them was in Germany and the other one in the UK in order could provide the failsafe facility. However, later the M-Pesa data center was relocated to Kenya.

Challenges:

The biggest challenge that the M-Pesa team faced was achieving critical mass. They needed to reach a lot of people to use M-Pesa to sustain. There were huge investments and hard work in order to train and nurture the network of agents.

Results:

The end of the first year had them 1.2 million customers and M-Pesa grew rapidly after that. On its 10th anniversary, they are serving more than 30 million through 287,400 agents across 10 countries.

According to a study by Massachusetts Institute of Technology, M-Pesa has had a dramatic impact on the overall economy of Kenya and lifted many households out of poverty.

M-Pesa is a revolutionary step that has empowered millions of people even in the poorest communities in the world.
Sending money to Kenya via M-Pesa is a low-cost, quick and safe way to transfer and receive money. M-Pesa works in real time so that your family member living, working or traveling to Kenya will receive the money at a faster pace than any of the traditional bank transfer. The transactions of M-Pesa are protected and signed with a PIN that helps to keep the safety and security of the process. Also, as there are no service charges on M-Pesa account and a user can pay as they transact. There is no minimum amount that can be held in M-Pesa account to you can keep it active even if it is kept empty.

After reading the above information, you can imagine how many opportunities the P2P wallets have. If you are thinking to develop an app like M-Pesa, we can help you with the development of such an app. We have the expertise and have developed many such mobile apps with the latest technologies. Our talented developers have created hundreds of such apps and we can help you to take your business to the next level by providing you an app with out of the box features.

For any further queries, feel free to connect with us through the contact us form.

The post How mobile payments in Kenya are revolutionized by M-Pesa and what is the scope for developing e-wallets like M-Pesa? appeared first on Coruscate Solutions.