While using any app, there must be a time when you have to make payment for any purchase. These payments are facilitated by digital wallet apps like Novi that have captured a huge share of the market in the present times. Various enterprises have invested in digital wallet app development as the opportunities in this field are immense.
Financial technology has evolved so much lately, and the majority of apps present in the market today have a built-in digital wallet. Various studies dictate that the number of users using online payments will cross the mark of 1.31 billion.
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If you are thinking of developing the best digital wallet app, this is the right time. If you are confused about the flow of the development process, we will guide you to get the best outcome.
Key Takeaways:
Table of Contents
Why Should You Invest in Digital Wallet App Development?
The global market of digital payment mobile app development is all set to cross the valuation of 3 trillion US Dollars by the year 2024. Considering the massive growth in the revenue of the said market, there has been a massive growth in digital wallet app development. These things only concern the enterprise parties, but from the user point of view, there are various advantages of a digital wallet app like Novi. Here are some of the benefits:
| Enhanced Security | All data in your application is encrypted and will never be sent to third-party organizations. So the online marketplace where you shop never knows the details of your payment. |
| Lower Costs | This benefit mainly applies to companies such as shops that hire people to stop selling and take away customers’ money. |
| Better Cost Tracking | Information about all transactions is stored in the app, which allows it to be analyzed every week or month to better control costs. |
| Time-Saving | This app allows store queues to move faster, as payment takes less than a minute and provides a smooth experience. |
| Smooth Experience | With any digital wallet app, you don’t have to carry any cards and other important data in your wallet. You can just use the app for any kind of online transaction. |
Development Process of Digital Wallet App like Novi
An app like Novi delivers extreme efficiency when it comes to digital payments; However, there are many applications that work in the same field, but they lack some features and functions. The market is full of applications, but only a few of them can make it big; the reason is simple; they easily serve the needs of their audience. To develop an application like Novi, you need to be aware of market trends and the various challenges that can affect the success of your project. Therefore, the first step in the development schedule is market research.
1. Market Research and Analysis
The digital wallet app market is buzzing with many new apps trying to make their way. However, there is still a lot of room for another project that meets the expectations of customers. The first thing you can do on a development timeline is conduct thorough market research that reveals excellent knowledge of the entire project. These data sets will help you create the perfect action plan to guide the overall process of creating a flawless digital wallet app.
The market study should cover areas that should reveal the reality of the market. The first step is to get to know the competitors in the market; since you are developing an application like Novi, you should start with the same as your main competitor. Learn about them, from strategies to the business plan, the number of features they provide to users, and try to find any flaws or gaps your project can fill. The next thing is to know the audience. The only factor that can make your application successful is users. Try to know their expectations from a new digital wallet app. In order to get accurate results, conduct a survey with the most relevant questions.
2. Lay Out the Plan
A detailed market research report would give you facts about the market that are unknown to users. Use this knowledge to create a detailed action plan that highlights important steps in the process. Developing a digital wallet app requires effective planning to make the whole process easier, using the intelligent knowledge and problem statement gathered from the report that users want the new app to solve. List their expectations and make a plan to meet them. The planning process should include deciding on the number of features, the technical stack, and the design of the application. Let’s go to these elements of the project.
Features to be Considered
Each application is known for its extensive features; they are used for marketing the application after development is complete. Most importantly, these features are the answer to the problems faced by users of this genre. Please note that there are a number of features that are common in most of these applications, such as registration, power on, notifications, and more. Here are some of the most commonly used features of the app that should be considered when developing a digital wallet app.
Login & Registration
Allows users to sign in to the app with their basic personal data and also sign in with their social media accounts.
Wearable Device Integration
Allow users to receive payment updates for the wearable device and get the information they need right from the app. It also allows the user to pay directly through the app.
Cost Analysis
Allows users to get a detailed account cost analysis to help users plan their spending.
Privacy and Security
The e-wallet requires users to save their card details and enter their passwords. Thus, one of the most important features of e-wallets is the secure storage of this data.
QR Code
This makes it easy for the person making the transfer, as they do not have to enter the data manually but simply scan the code and send the money.
Internet Bills and Fees
Allows users to pay their bills online directly through the app for various purposes such as gas, electricity, phone bills, and more.
Tech Stack to be Considered
The features or general operation of any application depend on the technical configuration of the application. For the Novi application, they have followed a minimalist approach to powering their features and functions. However, you can always compare the technical packages of different competitors and choose the one that suits your project interests.
Application and Data: JavaScript, jQuery, Python, React, PHP, NGINX, Java, TypeScript, C#, CSS 3, Ruby, Amazon CloudFront, Swift, Go, C++, Objective-C, Backbone.js
Utilities: Google Analytics, Google Tag Manager, Amplitude, Braintree
DevOps: Docker, CMake
Business Tools: Gmail
3. Development and Testing
The final stage of the development process is the planning and implementation of the general plan. Once you’ve finished planning, it will take several tests to test your product before it is finally released to users. The various digital wallet apps on the global market have a minimalist design; only some of them have a complex design; the question now remains; how to design a digital wallet app? The solution is simple; the system is for the convenience of users; the design should be simple and efficient.
It is recommended to follow a minimalist approach to design; it looks simple but has the best performance. People prefer to grab a product with a simple design. When you’re done with the design and development part, it’s time to test the product. Don’t forget to test the product from every angle. Testing should be iterative as it ensures the maximum elimination of errors and errors. Matello’s highly experienced test engineers know their job very well. They are highly qualified and have tested numerous software applications throughout their careers. The best way to test a project is to first build a prototype and perform all the required tests to identify errors.
4. Develop an MVP
MVP is the cheapest and fastest way to get initial user feedback so you can improve your product. A minimally viable product allows you to find a balance between what you have to offer and what your users want. This will allow you to prove the viability of your hypothesis before creating a full-fledged digital wallet application. When you create an MVP, you focus on a shortlist of features, a simple application design, and a solution to your audience.
Here are the simple steps to create an MVP:
- Research the market
- Keep an eye on Competitors
- Define the user flow
- Highlight your MVP features
- Design and develop your MVP
Ready to Develop Your Digital Wallet app like Novi with Matellio?
Matellio has earned a reputation as the market-leading application development company. We have extensive experience in developing mobile applications for different market types. Our team of highly qualified engineers and experts is highly qualified and familiar with all types of digital wallet app development. Our high customer retention rate explains the flawless quality of our applications.
Our engineers are trained to develop the mobile application according to your exact instructions and deliver the product that meets your expectations. We follow an agile development process in the market, which allows us to develop efficient digital solutions. If you have an idea of a unique digital wallet app, get in touch with our experts over a 30-min free consultation call to know more!
