Online banking and financing solutions are transforming the world into a new digital era where E-wallet transactions are becoming common and necessary. Every business presently is shifting toward online billing and money-transferring systems. So, they need to develop an app like eFAWATEERcom to get recognized digitally and earn revenue through success.

It is most important for them to grab this opportunity and start developing eFAWATEERcom alternatives for their venture’s success. Additionally, knowing different things related to the development process is crucial for smooth and efficient conduction.

Several factors like application working features, development stages, and cost are discussed in detail. Additionally, we have also explained different alternatives to eFAWATEERcom app with monetization strategies in this blog. So, let us jump into it.

Understand the eFAWATEERcom App Deeply

Other than several online payment and banking applications, eFAWATEERcom is the most extensively and widely used platform in Jordan. This E-wallet application allows users to send and withdraw money anywhere. Additionally, it is also used to make bill payments to over a thousand different services.

This application is highly secure and provides a two-way authentication process before performing any kind of transaction. First, users have to enter their mobile number and then they have to verify their identity through Face recognition or fingerprint verification. By using classified on-demand app development services you can make your own eFAWATEERcom mobile wallet app.

How Does an E-wallet App Work?

Whenever you think of developing a mobile application, it is quite important to contact banking application development services to know the working process. In this section, we are discussing major working steps of an E-wallet application:

1. User Login

An E-wallet application like eFAWATEERcom allows users to create a banking and E-wallet account with a few step registration process. After entering the required details, users can get into the app through their login credentials.

2. Link Bank Account

Once you have made an account, now it is easy to link the bank account with the mobile application. This step is very important and requires high security and privacy. So, you can implement supportive Android app development services to make the application secure from fraudulent attacks.

3. Set Authentication PIN

Users can now set an authentication PIN according to their preferences after linking the bank account. So, whenever they pay money to anyone, they have the assurance of their money. An international payment app like eFAWATEERcom allows multiple combinations of strong passwords.

4. Verify Receiver

Many clones of eFAWATEERcom allow users to add contacts and bank accounts of their friends and families. Additionally, these apps also verify the receiver to ensure transparency in money transfers. So, you need to hire dedicated developers to encrypt your platform from third parties.

5. Payment Initiation

Now, customers can initiate the payment process after verifying the receiver at the other end. There are different all-in-one payment applications like eFAWATEERcom that provide multiple payment services. These are UPIs, Net Banking, and credit cards.

6. Earn Rewards

These applications offer different other services like shopping in which users can get various discounts and deals. So, businesses have a great opportunity to invest in wallet app development services to integrate multiple services with numerous loyalty programs.

Market Stats for the Finance and Banking Industry

• Total transaction value in the Digital Payments market is projected to reach $29.75 Billion in 2024.
• Total transaction value is expected to show an annual growth rate of 92% CAGR between 2024 and 2028 resulting in a projected total amount of $37.45 Billion by 2028.
• The market’s largest market is Digital Commerce with a projected total transaction value of $18.44 Billion in 2024.

• In comparing countries in the Middle East and Gulf region, it is shown that the highest cumulated transaction value is reached in the UAE with $1,562 Billion in 2024.
• Transaction value in the Digital Remittances market is projected to reach $19.17 Billion in 2024.
• Transaction value is expected to show an annual growth rate of 74% CAGR between 2024 and 2029 resulting in a projected total amount of $21.94 Billion by 2029.

Fascinating Features of an E-wallet Application like eFAWATEERcom

Features play a very important role in attracting people in large numbers. So, you can develop an app like eFAWATEERcom with similar functionalities that are listed below:

1. User Profile Management

An alternative of eFAWATEERcom allows users to create a profile of themselves. Additionally, they also manage the settings provided in their profile to generate an online wallet system.

2. Multiple Payment Methods

These mobile applications allow users to pay different people through multiple payment gateways like UPIs and Net Banking. So, you can build an app like Remitly that provides similar services to users.

3. Bill Payments

Different bills like electricity, water, gas, and house rents can be easily paid through these mobile apps. E-wallet applications keep a sufficient amount of money whenever required for bill payments.

4. Fast Money Transfers

Money can be quickly transferred to different bank accounts without any difficulty with less authentication process. So, you must know the right eFAWATEERcom app development cost for making E-wallet apps.

5. Merchant Payments

Users can easily pay money to different vendors and merchants through online payment and banking services. Additionally, they also have the facility to pay by scanning QR codes and contact numbers.

6. Mobile Recharges

E-wallet and banking mobile applications help users recharge their devices like mobile, WiFi, and digital TV channels. Additionally, they also have the facility to have concessions on recharges and payments.

7. Transaction History

Several applications like eFAWATEERcom provide transaction history to users. So, they can verify their deductions with the corresponding payments. Investors must develop an E-wallet app like Payit with efficient payment history viewing services.

8. Offers and Discounts

Customers can get different discounts and offers through payments and transactions. So, they can use them while buying different products. Businesses can build a similar eFAWATEERcom application for online payment for users.

9. Customer Support

Finance and banking applications provide complete customer support through online email and chatbot services. So, different queries of users can easily be resolved without any interruption.

10. Secure & Privacy Settings

It is necessary to safeguard the money and assets of users. So, they get secure and privacy services to keep their money safe from breaches. Additionally, they can turn on the security feature.

Trending Alternatives of eFAWATEERcom App

If you look at the current industrial market, there are several applications available that provide services similar to eFAWATEERcom. Many E-wallet app development companies in Dubai can help businesses build these apps. Let us see them and understand their popularity with the help of a table:

What are the Steps to Develop an app like eFAWATEERcom?

Business investors must find out the right steps to develop an app like eFAWATEERcom to make the development process smooth. Here, the generalized development stages are explained in detail:

1. Do Market Analysis

Business investors should start the development process by first analyzing the previous and current market statistics. Additionally, they must observe and study different business models along with use cases to identify the right features and development tools. So, it is quite beneficial to consult a mobile app development company to gather suitable resources and information.

2. List Business Proposal

Once you have attained all the necessary elements for starting the banking app development process, you can list your business requirements in the form of an authorized document. This must include budget specifications and primary features of an E-wallet app. Only then you can hire a suitable development company to develop an E-wallet app like eFAWATEERcom.

3. Contact Development Partners

Now, businesses can start the process of hiring an E-wallet app development company in the UAE for application development. Additionally, it is mandatory to ensure the operationality of the services they are offering. So, you must first check previous performances and outcomes. Then, you can conduct technical interviews to judge their capability to handle pressure situations.

4. Start With Application Designing

After choosing the right mobile app development partner, you can start the process by designing the application interface. There are two ways to design the front end of a mobile app. The first is by using preferred tools and the other is by applying automated themes. So, businesses must choose the best method before investing money in the eFAWATEERcom app development process.

5. Integrate Dynamic APIs

An E-wallet mobile application cannot function properly without the implementation of supportive backend services. Additionally, adding APIs can make your banking and E-wallet app dynamic and fast. So, you can consult your banking app development company on these services and proper data functioning by using databases at a large scale.

6. App Testing & Security

Mobile application testing is a process in which bugs and errors are found in the course code of the mobile application. Additionally, app security involves the resolving process of these errors. But, their price is added to the cost to develop an E-wallet app like eFAWATEERcom. So, you need to search for specialized tools that are affordable and provide quality testing and security services.

7. Launch & Maintenance

Finally, now your E-wallet mobile app is ready to launch. Additionally, it is also mandatory to provide regular maintenance and updates to improve users’ experience. So, business investors can hire dedicated mobile app developers who can deliver continuous application maintenance services. But, you should know that the maintenance cost is always added to the development cost.

5 Significant Methods to Earn From an E-wallet Application

Money can easily balance the invested cost and provide extra revenue to business investors. There are different methods to earn money from an E-wallet application. They are as follows:

1. Monetize User Data

Business investors can use customers’ data and information to generate a high revenue out of it. Additionally, you can increase user engagement through personalization. So, you can invest in mobile app development solutions to create banking applications to gain profit.

2. Interest on Payments

Implementing interest rates on payments and transactions may help you to compensate for the cost to build an E-wallet application like eFAWATEERcom. Additionally, you can allow interest in various insurance services to gain profit.

3. Premium Services

You can offer advanced and premium facilities like shopping services, bill payments, recharge services, and loyalty programs to earn profitable revenue. So, it is compulsory to hire dedicated E-wallet app developers who are proficient in integrating these services into mobile apps.

4. Platform Fees

Charging platform fees on various payments and transactions is a common method for businesses to earn money. Additionally, regulating these charges is a good practice to build trust in users’ minds. So, you can make mobile wallet applications like eFAWATEERcom for your banking business.

5. In-App Advertising

Using advertising and campaign services can help businesses generate a high amount of income. So, they can easily develop an E-wallet app in a minimum budget. Additionally, it is highly favorable to use ad-based services to automate on-click events.

What is the Cost of Building an App Like eFAWATEERcom?

It is very important to know the cost to develop an app like eFAWATEERcom to manage it timely. There are multiple factors responsible for affecting the E-wallet app development cost. They are discussed in this section with a table showing the average market price:

1. Tools and Technologies

Using different tools and technologies can affect the E-wallet app development cost at a large scale. Tools used for application designing are cheaper than backend and security tools. So, business investors must know the precise cost of different tools to get combined for app development.

2. Developers’ Location

To build an E-wallet app like eFAWATEERcom, you need compatible mobile app developers. But, their location plays a very important role in affecting the development cost. If you are hiring developers from Western countries like the USA, then you may have to spend more than spending on developers in the Eastern region.

3. Development Platform

Various development platforms like Android and iOS are available at different rates. Using iOS application development services may be costlier than Android platforms. So, you can use hybrid services which are cost-effective.

4. Application Features

If you are using advanced features then the eFAWATEERcom application development cost will be high. Additionally, you also have to spend extra money on resources. So, it is necessary to build app clones that may help you to list features thus decreasing the cost.

The average market cost is between $8,000 and $14,000 for building a simple application. But, it may increase to more than $25,000 due to advanced complexities. Here, is a table showing the estimated market cost.

To know the exact development cost, you can contact an E-wallet app development company and use their services to reduce the price.

Let Us Sum Up the Blog!!

This is very much sure, that you have understood everything regarding the process to develop an app like eFAWATEERcom at this stage. Now, you must find the necessary resources to immediately start the mobile wallet application development process through business funding.

So, you can create an online payment app like eFAWATEERcom to make the payment and banking processes easy and fast. Additionally, it is also beneficial to make various banking websites and software to expand your business globally and sustain market competition by generating profitable revenue.

FAQs

1. What is an eFAWATEERcom Application?

• This application is an E-wallet platform popularly famous in Jordan.
• It is connected to the Central Bank of Jordan and provides several online banking services.
• Users can pay different bills through its secure infrastructure.

2. How to Build an App Like eFAWATEERcom?

• Use market stats to study various E-wallet business models and use cases.
• List development requirements and hire developers.
• Start application designing and use sophisticated backend services.
• Test and secure your E-wallet application through specialized tools.
• Deploy the E-wallet platform to deliver services.
• Provide regular maintenance and updates to enhance productivity.

3. What is the Cost to Develop an App Like eFAWATEERcom?

• Several factors affect the mobile application development cost at a large scale.
• To build a less-featured application, businesses need to spend money between $8,000 and $14,000.
• The price may exceed more than $25,000 if you are developing a complex E-wallet application.

4. How can we Reduce the Cost of Creating Applications Like eFAWATEERcom?

• Make necessary arrangements timely to prevent an increase in the cost.
• Develop a prototype model depicting the original product with actual features.
• Customized development tools should be used to reduce the development cost.

5. What are the Benefits of Developing E-wallet Applications?

• Business investors can target people in large numbers to increase platform engagement.
• User data is easily accessible to improve personalization services.
• Generate high revenue through marketing strategies.

6. How to Monetize an Application Like eFAWATEERcom?

• Apply charges on various transactions and payments.
• Provide coupons and rewards to users for redemption and revenue generation.
• Offer premium services like bill payments and mobile recharges.

7. Why is Dev Technosys Suitable for E-wallet Application Development?

• We are a leading E-wallet app development company that provides targeted financing and banking solutions.
• Our mobile application developers are highly skilled and capable of managing development tools.
• Businesses get constant technical and maintenance support after mobile app development.