A Guide to the Best eWallet App Features

In today's fast-paced digital landscape, an eWallet app has become a necessity for both the consumer as well as the businesses.

The number of digital wallet users is expected to surge to 5.2 billion worldwide by 2026.

With that, the demand for efficient, secure, and user-friendly eWallet apps is at an all-time high.

If you are an owner who wants to create an e-wallet application or upgrade an existing product, knowing these must-have features will distinguish you from your competitors.

Let's get to know the list of eWallet app features that can make your app a winner.

Understanding the eWallet Landscape

Before dipping into the features of an eWallet application, let's summarize what an eWallet application refers to.

An eWallet is a type of solution or digital wallet that stores a user's payment information, lets the user make payments and even transfer money.

Usually downloaded directly to a user's smartphone, the application would fulfill these functions.

This market for eWallets worldwide is said to grow to over $10 trillion by 2026, according to Statista, which means this market has tremendous potential in this space.

So, if you plan to create an eWallet app ,then given the market, this is the right time to enter with an app that has all essential digital wallet app features.

To know about those features, the below section will be of help:

Must-Have Features for Your eWallet App

Want to turn your eWallet App Idea into a successful solution? Prioritize features that delight and engage users.

In fact, the must-have features of the digital wallet app are intended to attract customers and keep them engaged.

Some of the highlighted features in this section allow you to ramp up your eWallet app amidst such heavy competition.

Basic Features

Let’s start with the basic features required to build an eWallet app:

1. Intuitive user Interface

This is really very important for user retention.

Once a user downloads your app, they should be able to navigate it without issues.

Besides, research claims that the user interface significantly impacts user satisfaction by up to 50%.

Simply referring, the app is more likely to be used by the users if its UI/UX design is attractive and easy to navigate.

Key Aspects:

• Clean Design: It really enhances user experience with a minimalistic layout having clear icons and labels. Do not present too much information at one glance.

• Clear Navigation: Goal-oriented flow of action completion, such as sending money or viewing balances, facilitates smooth success of actions.

• Personalized Dashboards: Users can personalize their home screens to have the features they use most right on their screens, making their experience even more enjoyable.

An intuitive user interface retains the users and they become habitual for using your app. Therefore, retention rates are pushed up with overall satisfaction.

2. Secure Authentication

Whether you go for Android or iOS app development services , security cannot be given up in the fintech playground.

Use solid, dependable authentications to keep people's finance data from falling into the wrong hands.

68% of users are concerned about security while using a mobile payment app, states the Fintech Security Report.

The usage of strong authentication methods as an eWallet app feature may give confidence to consumers in using your app and help you earn their trust.

Key Aspects:

• 2FA: A layer of secondary verification is important; that could be a text message or a notification through an application.

• Face Authentication: Facial recognition makes it easier for the user to enter the app and maintains high-security standards as well.

• Session Timeout: This automatically logs the person out if there has been no activity after a certain period.

In that regard, security will always come first in order to create trust and will certainly assure the users that their data is secure in the long run.

3. Multi-Currency Support

In the current global economy, users usually have to transact in multiple currencies.

At such a time, having this as a digital wallet app feature can make your app useful.

It permits international users and travelers with the need to make transactions in different currencies.

This feature enables dynamic currency conversion at the time of the transaction, thus providing transparency and convenience.

Key Aspects:

• Choosing the Currency: Let your users easily choose a currency of their preference.

• Exchange Rate: Update your application with real-time exchange rates, possibly acquired through APIs from established financial data providers.

• Disclose Fees Charged: Discuss any fees charged during conversion to avoid losing trust.

Multi-currency functionality increases the flexibility and market attractiveness of your application in a global marketplace, and it is a valuable feature, not just for app users but for everyone.

4. Integration with Banking Services

According to a study by Deloitte, 60% of users prefer apps that integrate with their bank accounts.

Integrating your eWallet with various banking services offers several development challenges but can simplify user transactions and enhance functionality.

So, this feature of the eWallet app is a must to incorporate.

Key Aspects:

• Bank Account Linking: Users can easily transfer funds between their bank accounts and the eWallet, offering flexibility.

• Payment Gateway Integration: Seamlessly process transactions through popular payment gateways like PayPal, Stripe, or local banking systems to broaden your payment options.

• Transaction History: Users can view their banking transactions alongside eWallet transactions for comprehensive financial tracking, enhancing usability.

• Banking integration adds significant value to your eWallet app, making financial management easier for users.

5. In-App Payment Capabilities

Enable your eWallet app to make in-app payments; this is a feature of a mobile wallet app people look for. But, to do so, you will need to integrate a robus t tech stack in your eWallet app .

Research has indicated that users will engage more when payment capabilities are present because they can make payments using the app. Normally, it is documented that there is a 30% high engagement with users who use apps with payment features.

It is possible to allow them to complete the transactions right from within your app because this further enhances convenience while reducing friction in making payments.

Key Aspects:

• Peer-to-Peer Payments: Your application allows effortless sending and receiving of money hence becoming much versatile.

• Bill payments: You can allow in-app payments on utility bills, subscriptions, or other recurring payments directly from the app, thereby making the one application even more useful.

• Shopping payments: Integrating with e-commerce sites to make payments via an app quickly and easily makes your app best for their needs.

The app-payment feature allows your e-wallet to be a one-stop shop for all financial transactions, thereby increasing satisfaction levels as well as engagement.

6. Loyalty and Rewards Programs

Loyalty programs can be included to encourage user engagement and create brand loyalty.

This is one of the top features of a mobile wallet app that not only adds value but also motivates users to continue using the application.

A report by Accenture revealed that 66% of customers will have more engagement if rewards are offered by a brand.

Loyalty programs can thus generate great influence in keeping users engaged and retaining them better.

Key Aspects:

• Points Program: Use the app to build points every time a transaction occurs, and these points can be redeemed for discount rewards. This is one way of encouraging frequent use of the app.

• Affiliate Programs: Partner with local businesses and accord them some exclusive discount offers to your users. This will add more value to the use of your app.

• Referral Incentive: Incentivize users to invite their friends to download and start using your app, thus building an organic user base.

Loyalty programs are going to make users happy while using the eWallet app and are, ultimately a must-have feature in an eWallet app that encourages your user to use your service continuously.

7. Transaction Notifications and Alerts

Keep the user updated about their transaction as it is the main backbone of transparency and trust.

According to research done by Localytics, personalized push notifications can increase app engagement by as much as 88%.

The user will also feel that they are in better control of their finances because of being updated timely by your application.

Key Aspects:

• Real-Time Alerts: Notify the user about successful transactions, failed payments, or suspicious activities keeping the users updated on every small occurrence.

• Spending limit: Real-time spending limits/alerts or thresholds will let you know the moment they reach set spending limits; thus, the user will be managing his finances better.

• Promotional notifications: Offers, discounts, and new features can be good ways to get users interested in your app.

Transaction notification improves user engagement and promotes security. It makes a place more trustworthy in people's eyes.

8. Analytics and Budgeting Tools

Knowledge of their spending allows users to make smart financial decisions with analytics and budgeting.

Users who engage with financial management tools are 40 percent more likely to achieve their saving goals. That is how you empower users to have control over their finances.

Key Aspects:

• Spending Intelligence: Graphics that describe the spending tendency of users assist in understanding what trend is taking place and how much is being spent.

• Budgeting Tools: Helps in planning a budget for every department; therefore, they will always be well within the budgetary limits.

• Savings Goals: The app can allow users to track their savings goals by entering specific objectives, thus motivating and giving them a sense of direction.

Analytics allow users to better manage their finances, and thus the price value of the app gets increased with enhanced user satisfaction.

9. Social Features

Add social features to your eWallet.

This feature of the digital wallet app will drive up the engagement of users and help you build a community.

As highlighted by Pew Research, 72% of users love applications that facilitate social interaction. With the introduction of social features, you will be in a position to interact with a more engaged and loyal user base.

Key Aspects:

• Social Sharing: You are allowed to share transactions or achievements on social media platforms, just like you do for friends.

• Group Payments: Enable the user to simply create a group wallet for easy sharing of bills among friends.

• Community Forums: Offers users the space they require to share and receive tips, tricks, and features associated with your eWallet app.

Social add-ons increase user interactions and create community, hence adding value to your eWallet application.

10. Offline Operation

The internet connection is very poor in many places.

Adding the offline feature will be extremely useful to increase the usability of your app.

According to research, about 1.7 billion people are unbanked worldwide, and many of those cannot afford internet access. So, this feature of an eWallet app will make your platform more user-friendly and will reach a larger target audience.

Key Aspects:

• Saved Transactions: Save transactions and upload them when the internet is available.

• Balance Checking: Enable customers to check their balance even if the internet is inactive.

• QR Code Scanning: Allow users to capture the QR code for payment even when there is no active internet connection. The application will upload the captured data later.

All these functionalities will provide your app to a much larger and diverse target audience.

Advanced Features to Incorporate into the eWallet App

In this current dynamic landscape, advanced features can help you be at the forefront of the competition.

It might influence the overall cost of developing your eWallet app , but the benefits make it a smart investment.

Now, here are some advanced features required to build an eWallet app:

1. Biometric Authentication

Every user wants their funds safe. Don’t they?

So, eWallet app should integrate biometric authentication. This means you will only need to authorize entry via fingerprint or facial recognition to log in and confirm transactions.

No more creepy passwords are needed! Meaning, that user financial information remains sound and safe.

It's also really convenient - after all, you will be in and out in a few seconds. It feels safe knowing your information is protected while enjoying an effortless experience.

2. Artificial Intelligence-Powered Expense Tracking

Keeping track of what you are spending can be a pain in the neck, right? Don't worry! AI-powered expense tracking makes it a breeze!

The app automatically categorizes all transactions so that users won't have to! Want to see where your money is going? Get easy-to-read reports highlighting your spending habits.

One can even set budget limits. And, it will remind them when they get close to the limit. It's like having your personal finance coach right in your pocket!

Empower your users to make smarter financial decisions every day.

3. Instant P2P Payments

Send money right away, The Instant peer-to-peer (P2P) payments feature has got you covered.

Transfer money with just a few taps, all in seconds. One can use QR codes or usernames—whatever suits them.

No waiting, no fuss. Just super-speedy, hassle-free transactions. Whether dinner with friends needs to be split or a rush gift sent, it's effortless to do.

If you incorporate such features of a mobile wallet app, your user will thank you for every payment.

4. Budgeting Tools

Staying on budget is just so hard, right? But, the eWallet app makes budgeting easy and even fun.

Set limits on categories such as groceries, dining, or entertainment. Let users track all the expenses in real time.

Alert them when they get near their limits. The graphical views help users look at their progress very easily.

Such a digital wallet app feature makes it easy to take control of money and achieving financial objectives is easy.

5. Loyalty Program Integration

Everyone, for sure, loves earning rewards from shopping. With a loyalty program integration, users can earn points and cashback automatically.

By linking in existing loyalty cards, or adding new ones from within the app, as one shop, they earn rewards without having to do a thing.

Users can see their points alongside purchases. So, one gets more value from everyday buying.

It is always going to be a win-win situation for the app owner and user as they will be coming back for more.

6. Cryptocurrency Support

Cryptocurrencies have become famous and people are looking for ways to use them.

eWallet app can make it easier than ever to get started.

Allow your user to buy, sell, and even store many digital currencies. Monitor real-time price fluctuations and alert them for significant changes.

Unlock a new world of contemporary investment for them through the features of the digital wallet app.

7. Bill Splitting

Splitting bills is awkward, let's be honest. That's why the bill-splitting feature in the eWallet app can be a game-changer.

This way, one can share the expenses and the other one can calculate the share without worrying.

Going further, allow them to send money from the app right away. No more chasing friends for cash!

This will allow them to keep their finances in check without requiring to manage them at all times.

These are some top features of an eWallet app, let’s find out what will look good in a panel in the next section:

Panel-Wise Essential Digital Wallet App Features

Behind the scenes of our expertly crafted iOS & Android app development services lies a carefully composed system of panels.

Discover how you can provide a seamless experience for users, merchants, and administrators alike with this list of eWallet app features:

Simply saying, features for a mobile wallet should be user-friendly, this way you can win your user and make a good amount of money. With that, let’s move on to understand how to choose the features of the digital wallet app.

Tips to Choose the Right Features for your eWallet app

When you are building your eWallet app, you need to make the right choices regarding features.

You want an app that would not only serve your users' needs but also stand out in a competitive market.

Here's how you can navigate the process and choose the best eWallet app features.

1. Know Your Audience

First things first, know who you're building the app for.

Are your users the tech-savvy millennials, busy parents, or small business owners?

Knowing who your audience is will help you in selecting the top features of a mobile wallet app, the one they need.

Ask yourself what pain points your app solves for them. This data will shape the set of features you build and will retain users' interest.

2. Research the competitors

Take a good look at what's already out there. What are the features of the digital wallet app that competitors are offering?

Notice what works well and what doesn't.

You can get a list of eWallet app features that work and then think about how you can improve upon them.

It does not mean replication; it is innovating.

3. Focus on Core Features

Whenever you are developing an eWallet application; ensure you are not providing the user with too much functionality at the same time.

Address the basics first.

Consider features such as safe transactions, even immediate peer-to-peer payments, and expense tracking.

These are all staple features for a mobile wallet that users look for. Therefore, these functionalities have been known to create a good foundation for any mobile wallet when implemented correctly.

When you get a good basis, you then add more extensive functionalities.

4. Security First

eWallet Security is everything in the digital world of today.

Make sure that your app makes users feel comfortable about their financial management. You can add features such as biometric authentication, encryption, and transaction alerts.

These are the elements that will build up that trust and keep your app competitive. Users will want to feel that the money they put into your app is safe, enhancing the usage of your app.

5. Think About Integration Options

Think about how your app is going to work with other platforms. Are users easily able to link their bank accounts or loyalty programs?

Connect with popular services to elevate the user experience and add value.

Look at the top features of mobile wallet apps, and understand how they handle integrations.

This is an important check that will differentiate your app.

6. Flexible and adaptable

This world of tech is everchanging.

Just as user needs and expectations are in constant change, you should also build a product that can evolve too.

Always leave some room for new features based on user feedback.

Listening to your audience is the only way to understand which features of the digital wallet app are most valuable.

This would ensure that the app remains of interest and relevance to its users.

7. Testing and Iteration

Lastly, do not forget to test your app properly.

Seek real users' feedback on what they enjoy about your app and what areas need to be improved. That will refine your app and ensure that it meets expectations.

An app with friendly eWallet application features always brings people back as customers.

But to do this, you need the help of an expert, our next section will help you:

How Techanic Infotech Can Help You Build an eWallet App with The Right Features?

Ready to transform how people manage their money? Techanic Infotech, the best eWallet app development company can help you build an eWallet app that’s packed with the best feature.

Our thorough market research identifies successful features of digital wallet apps, allowing us to fill the gaps in the market and deliver a solution that people are looking for.

We can help your app evolve as per market trends, keeping it competitive and relevant.

Make sure to connect with our expert to turn your idea into a solution.

Conclusion

A good eWallet app isn’t just one that supports transactions, people want more than that.

You can build a very compelling solution by including some easy-to-use features, robust security measures, and valuable tools to suit your needs to target audiences.

Key Takeaways

For retention, an intuitive interface and easy navigation are very important.

Implement the use of strong authentication methods and advanced security features.

In addition, integrate it with banks and support multiple currencies.

Make the user empowered with analytics and budgeting.

Provide social features and offline facilities as well, to engage users and make your app more accessible.

If you believe in moving your eWallet application a notch higher, then Techanic Infotech has a rich experience to guide you to develop an advanced feature-rich solution that meets your business requirements. Let's create something fantastic together!