Know how to develop e-wallet app like Hello-Paisa which has transmuted South African FinTech landscape
It is finally here. Banking that you can hold in your palms and understands that your time is your money. A South Africa – based e-wallet provider company named Hello-Paisa has re-imagined the banking with its tiny e-wallet app which is one of the most popular finance apps in South Africa.
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.
P2P lending app development: A comprehensive guide to start P2P lending company and to develop P2P lending app like Possible Finance which has raised $10.5 million
Lending money has always been a vicious cycle. The people who don’t have enough money to cover their bills and want to borrow the money, feel like a victim of…