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The demand for digital wallet apps is increasing worldwide as it is benefiting users in multiple ways. Through a digital wallet app, users can make digital payments, get rewards for purchases, seamless transactions, etc.
As per Statista, it is predicted that by 2023 there will be approximately 1.31 billion mobile payment transactions, and as a result, digital wallets will take over the digital world.
If you are thinking of developing a digital wallet for better business growth but are worried about the cost, this blog post will help you out. In this post, I will be sharing the estimated cost to develop an e-wallet app for your business.
What are the Different Types of e-Wallet Apps?
There are three different types of wallets, as mentioned below:
1. Closed Wallet
These types of wallets are developed by businesses for targeted audiences to sell their products. Customers use the wallet only with the wallet issuer for making any transactions.
For example, one of the popular coffee brand, Starbucks, make use of closed wallet for making transaction in their shops.
Some key features of Closed Wallets are:
Cater limited customers.
If any of the transactions cancel, the amount automatically updates in the wallet.
Semi-Closed Wallet
Semi-closed wallet is another wallet that lets users make payments to listed stores or merchants. These apps keep their user’s data safe and secure. For example, Apple Pay and Venmo use semi-closed wallets.
Here are some features of a semi-closed wallet:
Experience smooth transactions and seamless refunds.
There is a feature for sending money to another recipient using the same wallet network.
Open Wallet
With the help of an open wallet, users can manage their transactions online. This app collaborates with different bank partners which helps the user to track their entire transaction history.
These wallets offer flexibility to the users to … Read More
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