Online payments are quite established in the West but not much in other parts of the world. This is particularly true in countries such as Russia, China, and India where transactions are still done in cash. However, non-cash transactions are growing in these countries, which is why this financial services segment is viewed as huge, growing and profitable. As a result, new e-wallets or fresh payment system providers are showing up on the market each year.
What is the E-Wallet Setup?
An e-wallet is a digital wallet system that makes using funds in your personal bank account extremely easy and convenient. As the facility is pre-loaded, consumers could purchase an array of items without having to swipe a credit or debit card. An e-wallet account can be topped up in multiple ways, which includes credit cards, terminals, POSs, money transfers, and P2Ps.
The e-wallet provider is not offering the service for free. The service provider makes money as commissions, which could easily accumulate into massive revenues if the e-wallet has a huge user base.
Building Your Own E-Wallet
If you are contemplating coming up with an e-wallet of your own or getting an ewallet license, there are a few steps you must take.
• Research the market
Before launching your own e-wallet license, it makes sense to find out the already existing e-wallets, their business models, advantages, disadvantages, etc.
• Build a team
You cannot make your own e-wallet all by yourself. Hiring a team of experts and professionals is a must. The team must have a CTO, system administrator, engineers, designers and a product manager. As a founder, you must rent office space, pay monthly salaries and make sure the team does its job.
• Capital
Capital/investment is a must for any business. As an individual, you may not necessarily have all the funds needed to start and run a business. You must, therefore, find out where to source the money from. Thankfully, there are several start-up accelerators who may come forward to invest in your interesting idea.
• Make a prototype
Prototype is the preliminary or first version of your product. Developing a prototype could take several months or even a few years. The prototype you come up with could be used to beta-test your e-wallet. Based on such testing, knowing what changes to make and how to make them in the final product would become clearer and easier.
• First public release
You would need another round of investment to release the product for the first time to the public. Getting to the release stage should be the point where you must plan things backwards, so that you could get quickly to that stage.
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