Crafting a Digital Wallet App for Android and iOS Platforms

Apr 4




  • Share this article on Facebook
  • Share this article on Twitter
  • Share this article on Linkedin

In an era where digital transactions are becoming the norm, creating a wallet app for Android and iOS is a lucrative venture. This comprehensive guide will walk you through the process of developing a digital wallet that aligns with the evolving customer expectations and adheres to the latest industry standards.

The Rise of Mobile Payment Solutions

The mobile payment market has seen exponential growth,Crafting a Digital Wallet App for Android and iOS Platforms Articles with a report by Mordor Intelligence indicating a value of $1449.56 billion in 2020 and an expected surge to $5399.6 billion by 2026, growing at a CAGR of 24.5%. This growth is fueled by the adoption of mobile payment solutions by retailers worldwide, including popular platforms like Samsung Pay, AliPay, PayPal, and WeChat Pay. The COVID-19 pandemic has further accelerated this trend, with a shift towards contactless payments and digital transactions that is likely to persist for years to come.

Navigating Industry Regulations

Before diving into app development, it's crucial to understand the financial technology (FinTech) regulations that vary by country. Compliance with these regulations is mandatory, and staying informed about the latest requirements in your target market is essential. Additionally, adherence to the Payment Card Industry (PCI) security standards is non-negotiable for operating in the mobile payment space.

Selecting the Right Software Development Kit (SDK)

Choosing an SDK is a critical step in building your e-wallet app. While SDKs simplify the development process, they are not a substitute for full-scale development. Here are some SDKs to consider:

  • Mastercard Mobile Payment SDK: This SDK from Mastercard includes tools for app development and a testing simulator, supporting both in-store and online transactions. Mastercard SDK is tailored for Mastercard Cloud-Based Payment specifications.

  • PayPal Mobile SDKs: PayPal offers Braintree direct SDKs for both iOS and Android, facilitating the creation of mobile payment wallets. The SDK documentation is available on GitHub for Android and for iOS. PayPal also provides the PayPal Native Checkout SDK for countries where Braintree is not available.

  • Other SDKs: Consider other options like Simplify Commerce Mobile SDKs, QuickPay Mobile SDKs, and Razorpay Mobile SDKs for additional flexibility.

Hosting Your Mobile Wallet Backend

For backend hosting, Mobile Backend as a Service (MBaaS) solutions can save time and money. Popular MBaaS platforms include AWS Mobile, Google Firebase, SashiDo, Kinvey, and Kumulos.

Cloud Considerations

FinTech regulations may require data to remain within national borders, limiting the use of public cloud services. In such cases, a hybrid or private cloud solution is advisable. Providers like Google Compute Engine, Digital Ocean, IBM Cloud, and Rackspace offer suitable alternatives.

Estimating Development Costs

The cost of developing a mobile wallet app varies based on complexity, features, and the geographical location of your development partner. A basic app may cost between $25,000 to $50,000, while more advanced apps with features like bill payment integration could range from $75,000 to $100,000.

Essential Features for Your Mobile Wallet App

To stand out in the competitive mobile wallet industry, your app should include:

  • Instant intra-wallet payments
  • Transfers between bank accounts
  • Bill payment capabilities
  • Card management for seamless transactions
  • Integration of contactless payment technologies like QR codes and NFC
  • Robust security measures, including encryption and two-factor authentication
  • User-friendly onboarding process
  • Rewards, coupons, and discounts management
  • Bill splitting feature for shared expenses

The Mobile Wallet App Development Process

  1. Define Your Wallet App Concept: Identify your app's unique selling points and how it will address customer pain points.
  2. Analyze the Market: Conduct a SWOT analysis to compare your app concept with competitors.
  3. Design UI/UX: Create mockups to outline user flows and journeys.
  4. Design Technical Architecture and Develop the App: Establish a secure and reliable technical architecture before proceeding with backend and frontend development.
  5. Testing: Ensure the app is thoroughly tested and free of bugs before launch.


Deciding whether to develop your wallet app in-house or to partner with a specialist e-wallet company is a critical decision. If you opt for external expertise, consider reaching out to a globally recognized e-wallet app development company to ensure your app meets industry standards and user expectations.

Also, explore how to find the right mobile app development company to ensure your project's success.

Also From This Author

The Comprehensive Guide to Mobile Banking App Development

The Comprehensive Guide to Mobile Banking App Development

In the digital age, mobile banking apps have become a necessity for financial institutions aiming to provide convenient and accessible services to their customers. With the rise of mobile technology and the impact of the COVID-19 pandemic accelerating the shift towards digital banking, financial organizations are increasingly investing in mobile app development. This guide outlines a detailed seven-step process for creating a successful mobile banking application, incorporating the latest industry insights and security measures to meet customer expectations and regulatory requirements.
Crafting a Premier Stock Market Website: A Guide Inspired by TradingView

Crafting a Premier Stock Market Website: A Guide Inspired by TradingView

In the digital age, the finance industry has embraced technology to meet evolving market demands. Stock market websites have become essential tools for investors and brokers, offering a range of services from investment tracking to real-time trading. With platforms like TradingView setting the standard, creating a competitive stock market website requires a blend of innovative technology, user-friendly design, and comprehensive market data. This guide will walk you through the process of developing a stock market website that stands out in the crowded digital landscape.
What is the Cost for Custom Logistics Software Development?

What is the Cost for Custom Logistics Software Development?

Transport is the backbone of the global economy, And it is also necessary for the continuous progress of all industries. The transportation and logistics industry is always keen to adopt technologies to streamline their operations. Many transporters prefer to use fleet management solutions. However, some fleet operators often think what is a logistics management software, and how can we develop a good logistics software. This article covers all the essential topics related to logistics management software like types of logistic mobile apps, cost of developing logistics software, etc.