Mobile payment apps and E-wallets have taken the place of cash and cards in the last few years. People are giving preference to payment wallets over credit/debit cards or cash, as they find it more convenient in usage. There is no such risk involved unlike in carrying cash or cards. Hence, for all of your payment needs, an e-wallet app development is a one-stop solution.
According to some reports and surveys, with the increase in the use of online payment wallets, the worldwide mobile wallet market’s revenue has risen from $450 billion to $750 billion. This is a clear sign of the success of mobile wallet apps like Phonepe and Google Pay.
Initially, Phonepe was a payment sending portal that allows people to transfer money online. Currently, it is one of the biggest mobile applications used to transfer money along with other services like ticket booking, mobile/dish recharge, online shopping, offers, deals, etc.
The intention behind the development of the mobile wallet app Phonepe was to make things easy for the users in terms of making an online payment. The process of registration is very simple. You just need to have a mobile number linked with a bank account and create an account with a UPI ID and a PIN of 4 or 6 digits.
UPI transactions with online payment app like Phonepe, Google Pay and PayTm, etc. have increased tremendously over the years. According to the reports, the Phonepe app saw a whopping 857.22% growth in the year 2019, followed by PayTm with 827.68% and followed by Google Pay with 337.73%.
Phonepe is capturing the whole market with its strong presence and due to this fact, a lot of IT companies in various parts of the world including India are planning to create more personalized mobile wallet app like Phonepe. Let’s deep dive into the topic by first understanding the essential features of the eWallet mobile app like Phonepe.
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