A Comprehensive Overview of Key Services for Integration With Digital Wallet
Digital wallets are becoming the new normal for p2p transactions among users. Thus, the market is doomed to quick and stable growth in the coming years. Statistics also prove these bright market prospects and growth estimates:
- The e-wallet industry was evaluated at $5.8 billion in 2021.
- The 2025 estimate for this sector is $9.4 billion.
- The number of e-wallet users will be 5.2+ billion in 2026, a 53% increase compared to 2022.
So, it’s clear that this sector is on a firm upward trend, and the users and volumes of transactions are expected to grow steadily. That’s why making a digital wallet of your own is a good investment that will surely pay off in the near future.
e-Wallets and KYC
What considerations are essential at the stage of e-wallet software planning? First of all, you should keep the KYC requirements in mind:
- KYC is a vital compliance parameter without which your app will never get a license.
- Yet, the process shouldn’t be too cumbersome or long; otherwise, users will abandon it at the registration stage.
Thus, we recommend sticking to the minimal KYC package of documents and data to keep your users safe and, at the same time, guarantee a frictionless user experience with your digital wallet.
eWallet Software Provider
Next, you should choose the agency to build your e-wallet from scratch. It’s vital to do your due diligence and work only with proven companies with a good reputation and portfolio. Otherwise, you can end up with a flawed and senseless piece of software that doesn’t serve people well.
Wishing to learn the parameters of e-wallet developer selection? Visit our blog at https://rndpoint.com/blog/integration-with-digital-wallet/ and find all the key criteria out. We also cover the e-wallet development process step by step, consulting you on the bank partnership setup, card issuer choice, open banking and cross-border transfer opportunities, payment gateway linking, and many other nuances of safe, functional e-wallet design.
