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How to develop a mobile wallet app cost-effectively and quickly?

People worldwide are moving from “physical” payments to digital tools, and most transactions are done digitally or through an application called mobile wallets (m-wallets, e-wallets).

Recent reports show that more than 25 percent of consumers shop through mobile devices every week. Therefore, e-wallet app development is of special interest. Let us consider how such systems work and how to develop a mobile wallet app.

What is a mobile wallet app?

A digital wallet app solution is a financial app that enables users to manage money through a smartphone or similar gadget. Users can link their card or banking account to perform financial operations.

E-wallets keep track of money transactions, not physical currencies. Part of the software ensures the security of transfer and data encryption. User information, such as name or phone number, is stored in the database.

There are several types of e-wallets:

  • The closed M-Wallet is designed for personal purposes and can only be accessed by customers of a particular company;
  • The semi-closed wallet is accessible online and offline, but the coverage area is relatively limited; And
  • Open M-Wallet works in partnership with banks and can be used independently for purchases, withdrawals and ATM transactions.

Advantages of e-wallet

Today, an e-wallet is an excellent environment for everyone who uses money online. The merchant payment solutions enable easy access to payments and convenient m-money storage. For individuals, they bring many benefits:

  • Access is as easy as logging in to a social media account
  • Easy payment process
  • Users can perform various operations easily
  • Quick transactions: This process takes seconds, and customers can access the wallet anywhere and anytime.

B2B or B2C businesses also have many advantages. Digital wallets make it possible to pay with coupons or bonuses, attract new buyers and increase customer loyalty to retail and e-commerce merchants.

With financial, transportation, logistics and healthcare, companies can take advantage of various stores, cardless bill payments and other services.

Innovative features of the digital wallet app

If you review the most popular digital payment solution like Google Pay or Apple Pay, you will find similar functionality. Therefore, for your application to be successful and convenient for users, you must provide the necessary functions, including the following:

  • Unique user IDs across all payment channels;
  • Bank account linking;
  • Performance and tracking of financial transactions;
  • POS and gateway integration to pay for goods and services;
  • Additional features like loyalty reards, digital receipts, ratings, cloud integration, etc.

How to develop a mobile wallet app cost-effectively?

When it comes to financial applications and sensitive user data, security should be multi-level. Therefore, you must protect complex passwords, P2PE (point-to-point encryption), tokenization, biometric access, and key files. One of the primary functions of an e-wallet is point-of-sale (POS) payment.

To build a mobile wallet app, you’ll need to integrate Near-Field Communication (NFC), Bluetooth, iBeacons or QR code tools into the application. Typical e-wallet technology stacks also include:

  • Third-party APIs (application programming interfaces)
  • SDK (Software Development Kit) such as PayPal Mobile, QuickPay,
  • Cloud Infrastructure like AWS, Azure, Salesforce, Google Cloud, etc.

These ready-made tools and third-party integration simplify project work and allows you to get a high-quality application in a short time.

Think about your idea and innovate

In other words, you should analyse the market demand and whether it is possible to realize your application. Answering the following questions will help you gain insight into designing your app development solution.

  • What goal do you want to achieve with your mobile app?
  • What is the demographic of your audience, and how will this mobile app help them?
  • How does the user’s journey from login to checkout look on your app?
  • Should the first version of your app include any features you should have?
  • What technology should you use to build a high-performance app?

Choose the right development partner

There are three ways you can build a development team for your app: freelancers, in-house development and app development agencies. The third is the most economical because you need to find an outsourcing application development company with a diverse portfolio and experienced developers. And the rest they handle. Our company also provides outsourcing services.

Application prototype

When you do something new, you may need to repeat the design several times. Also, to attract investors, you need good product design. In this case, wireframing and click-through prototype development is followed, which works as an application without code.

In addition, Prototype helps you nurture your user-friendly mobile app design and get important feedback from stakeholders in bonuses.

Create MVP first

Your first product should be a minimum practical product with the required functionality and features. MVP is a strategy that is very helpful for big to small brands in shaping their final product.

Final product development

You can enhance your app by making your wallet app more customer-friendly. When you launch MVP, you get feedback from your early adopters. You can use such feedback to identify areas for improvement in your product.

How much does it cost to develop a mobile wallet app?

Considering the above important components required to create a secure mobile wallet app, you can estimate the final cost. Developing a mobile wallet application with minimal features and technology would be around $ 25,000 to $50,000.

However, if your digital wallet app is equipped with the latest technology and features, the cost can range from $100,000 to $ 150,000. The app developer’s return is based on where the person is located and how much they charge per hour.

The overall cost depends on the development team, technology stack, application features, and the advanced application complexity, application size, design, application platform (iOS or Android or both), etc., that you incorporate into your application.

If you consider how long it takes to develop a mobile payment application, the actual cost of application development, such as Google Pay, may be more or less the same.

Final thoughts

The best way is possible. Be sure to build top digital payment trends like Google Pay and work towards a product that can help users make digital payments. People will use the app for their convenience, and most will not be tech-savvy. In addition, digital wallet users prefer a simple platform to complete their work and get easy access to services.


Nikunj Gundaniya, Product manager, one of the leading wallet app development, which provides mobile finance application development services. He is a visionary leader whose flamboyant management style has given profitable results for the company. He believes in the mantra of giving 100% to his work.

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