eWallet Mobile App Development: Key Features and Cost Estimation

For as long as we remember, governments across the globe have tried to curb the use of physical currency notes due to the incidents of forgery and currency hoarding! Also, managing physical currency is an expensive task as most of the currencies are made from paper; they are more susceptible to tears and deterioration. And the worst part for governments and financial bodies is that keeping track of physical notes in the economy is almost impossible.

Because of constant efforts from economies and financial bodies, there has been an incessant evolution in the Digital currency methods. Right from debit and credit cards to net and mobile banking to POS and mPOS technologies to UPI, the world has witnessed many newer and safer methods of digital transactions and the next in the evolution process is the eWallet Mobile Application.

With giants like Google, Alibaba, Apple, Amazon and others already investing in this technology, the eWallet mobile apps have a bright future. Even the statistics suggest that the digital wallet users will double by the end of the year 2020 in comparison to the numbers in 2018. It is estimated that Apple Pay alone will have 227 million active users worldwide by the end of 2020! ( Source)