Android · Android App Development

About operation of Wallet app

Anonymous

Last updated on June 6th, 2017

Hi there,


I want to start a wallet app company.As everyone knows that starting a new company in this highly competitive and saturated market in today's world.


I have some questions to ask about the operating of how the wallet app works:


1) If i make a wallet app,should i be collaborating with the restaurant/shopping malls or business


a) if yes how can this be achieved ?


2) When the users deposit the money, where will the money the deposit will be saved at ?


I humbly request you guys to give the best answers you can,as i really want to start up.


Also i don't want to entertain any discouraging answers.


Thank you.

shyam pareek Cofounder & CEO @ Startup Cocoon, MVP expert

June 6th, 2017

​​ Please find my answers inline with your questions. T hanks! Shyam On Tue, Jun 6, 2017 at 5:20 PM, CoFoundersLab wrote: > > New discussion on About operation of Wallet app > > *Anonymous * > Jun 6 > > Hi there, > > > I want to start a wallet app company.As everyone knows that starting a new > company in this highly competitive and saturated market in today's world. > > > I have some questions to ask about the operating of how the wallet app > works: > > > 1) If i make a wallet app,should i be collaborating with the > restaurant/shopping malls or business > > ​*Yes, It depends upon the kind of wallet app you are building. There are > 2 types of wallet apps, * > > > *1. An aggregated app where user can ad money to a particular store and > can be used at the same store only. Your app is used to manage and maintain > the transactions between the store wallet and their customer. In this case, > your role is limited to acquire the stores, not the customers.* > > ​​ ​​ ​​ ​​ > ​ > *2. A multi store wallet app where your cu​stomers​ will be holding money > with you and the same can be used at all the stores you have tie-up with. > In this case you need to acquire both the stores and customers. My personal > opinion on this is to focus on one category and offer best possible offers > in this category. Like food, wellness, gym or any other industry with high > margin and high repetetion.​*​ > ​​ > ​ > > ​​ > > a) if yes how can this be achieved ? > > ​ > ​ > *For 1, you have to have a team of merchandising who can visit / talk to > the stores and convince them to accept your wallet and provide a good offer > / cashback to attract the customer.* > > ​ > ​ > ​ > *For 2, you have to have a team of merchandising who can visit / talk to > the stores and convince them to accept your wallet and provide a good offer > / cashback to attract the customer as well as a digital marketing team to > get the app installed to your target customers.* > > 2) When the users deposit the money, where will the money the deposit will > be saved at ? > > ​​ > *tThere are different rules for different countries. In India, RBI gives > license to companies who can park money. You can use their SDK/API to park > the customers money. Although, in case of 1, you do not need to park as the > money can intantly be transferred to the store. QuikSilver is one such > company in India.* > ​​ > > *PS: I have fair idea of both the models and can help you further on this. > Let me know. I can be reached at +91 9660038338 on phone and shyam.pareek > at skype.* > > I humbly request you guys to give the best answers you can,as i really > want to start up. > > > Also i don't want to entertain any discouraging answers. > > > Thank you. > > Follow 1 > > Downvote > View > on CoFoundersLab > > or reply directly to this email > > Your biggest fans, > The CoFoundersLab team > Help > > | Contact > > 175 Varick St, Suite 374, New York, NY 10014 > © 2016 CoFoundersLab > > > > > You are receiving this email because you are subscribed to New Discuss > Notifications. > Update your email preferences > > to choose the types of notifications you want to receive > Unsubscribe from all notifications > >

Ugochukwu Anyakora Tourism investor

June 6th, 2017

I can assist u bro. Mail me

Utsav Chawla

Last updated on June 7th, 2017

Hi, Here are my thoughts-
1) If i make a wallet app,should i be collaborating with the restaurant/shopping malls or business

--Yes you need to collaborate with restaurants or businesses depending on the requirement of the app. We can connect to discuss about the functionalities in details.
a) if yes how can this be achieved ?

-- You can collaborate businesses or restaurants by hiring a marketing guy or by publishing Ads in newspapers, social media etc. or by making promotional discounts to join the app.
2) When the users deposit the money, where will the money the deposit will be saved at ?

--Since its a wallet app, the money will be saved in the individual customer wallet which will be connected to the bank accounts. For eg. Paytm allows you to transfer your Paytm balance to bank account and vice versa.
All the wallets have different functionalities.

Would like to know what are your thoughts on business rules?