Make a Mobile Wallet App | Startup Development Guide

All thanks to the development of technology, which makes people’s life easiest. From the shopping payment to grocery delivery everything being online.

With some click of the mobile, they can order food, book a taxi for a ride, and make a cashless payment.

But, the hottest topic days is a mobile wallet app or eWallet app development. Mobile wallet app development always gives you the next level competition.

Today, people use eWallet applications such as Google Wallet, Apple Pay, Android Pay, PhonePay, Paytm and more.

People love these ideas of digital payment through e-wallet or m-wallet for their day-to-day transactions.

In this way, they can not carry the big amount of cash with them, which is not secure and also not a good idea.

Let’s look for the rise of the mobile wallet application.

Basic Features Include in Mobile Wallet App

For the User App:

A user can log in or sign up through their social site like Facebook, or simply login via their basic information.

Add Bank Account

A user can select their bank and add their account details to make transactions. User has saved their bank details.

Check Balance

After making a transaction, the user can simply view or check bank balance. They can also view the incoming and outgoing cash flow.

Invite Friends

A user can send an invitation to their friends to send or receive the money when they want. Also, they get a reward from it.

Transaction History

A user has an option to view the transaction history with all details such as transaction ID, date and more.

Review & Rating

After completed the transactions, the user gave review and rating to the application based on their experience.

For Admin:

Dashboard

With the super web panel, admin can track and monitor all the register user information, view earning report and more.

Manage User

An admin can manage all the user information. they have the option to block the user information.

Creating QR Code

An admin can create the QR code which is used by the user to make an online transaction simply.

Add offers

An admin can add promo code for the user for the special occasion. So, the user gets a reward from the transaction.

Mass Notification

Admin can send the mass notification to the user regarding the sales, new stock, offer and other information.

How Much Cost to Develop Mobile Wallet App?

Several factors affect mobile wallet app development such as features, development platform and in which location you want to develop your application.

If you want both Android and iOS the cost increases. With the basic features, the development cost is around $15,000 to $20,000. But, if you want to add some advance features in your wallet app then the cost is rise.

Final Words:

If you have an idea to build your wallet apps such as Paytm or PayPal; WhiteLabelFox will help you. Our Wallet app clone script is ready and we deliver your application in a few days.

We deliver your wallet app as per your customized requirement for both Android and iOS platforms. If you have any queries regarding the wallet app develop; feel free to contact us and our sells executive will happy to help you!

Frequently Ask Questions

A mobile wallet app is a digital application that allows users to store, manage, and transfer money using their smartphones. It functions as a virtual wallet for payments, allowing users to store debit/credit card details, loyalty cards, tickets, and even cryptocurrencies for convenient transactions.

Mobile wallet apps work by securely storing payment information in an encrypted format on the user's phone. When making a purchase, users can select their preferred payment method from the wallet app, either through NFC (Near Field Communication), QR codes, or direct bank integration. The app facilitates secure transactions by using encryption and authentication methods like PINs or biometric recognition.

Key features include:

Secure payment options: Debit/credit card integration, bank account linkage, and mobile money services.
Biometric authentication: Fingerprint or facial recognition for secure access.
Peer-to-peer transfers: Send money to friends or family.
Transaction history: Keep track of past transactions for easy reference.
Bill payments and recharges: Pay utility bills, mobile top-ups, and more.
Virtual cards: Generate virtual cards for online purchases.
QR code scanning: Easily make payments using QR codes.

The development cost of a mobile wallet app depends on factors like platform (iOS, Android, or both), features, and design complexity. Generally, developing a basic app may cost anywhere between $15,000 to $40,000, while advanced apps with integrated payment gateways, multiple currencies, and additional features can cost $50,000 or more.

Technologies required include:

Mobile development frameworks: React Native, Swift (iOS), Kotlin (Android).
Backend technologies: Node.js, Ruby on Rails, or Python.
Payment gateway integration: Stripe, PayPal, Razorpay, Google Pay, or Apple Pay.
Data encryption: SSL, AES, and RSA encryption methods.
Cloud services: AWS, Firebase, or Google Cloud for hosting and data storage.
Database management: MySQL, PostgreSQL, or MongoDB.

To ensure security, mobile wallet apps should:

Use end-to-end encryption to protect user data and payment information.
Enable multi-factor authentication (MFA) for secure login.
Implement tokenization for card details to avoid storing sensitive data.
Biometric authentication like fingerprint or facial recognition for access.
Real-time fraud detection systems to identify suspicious activities.
Secure storage of personal data with encryption and safe APIs.

Revenue models for a mobile wallet app can include:

Transaction fees: Charging a small fee on every transaction made through the app.
In-app purchases: Offering additional premium features like loyalty programs or instant money transfers for a fee.
Affiliate marketing: Earning commissions by recommending specific merchants or services.
Subscription plans: Offering subscription-based services like financial management tools or premium customer support.
Advertisement: Displaying ads within the app to generate revenue.

To ensure a seamless user experience:

User-friendly interface: Design a simple and intuitive interface to make navigation easy.
Fast transaction processing: Ensure that payments and transfers are processed in real-time with minimal delays.
Multiple payment options: Provide various payment methods such as bank accounts, cards, and mobile money for flexibility.
Clear notifications: Send users timely updates on transactions, balances, and security alerts.
Personalization: Offer customizations, like spending reports or saved payment methods, to enhance usability.

Integration of third-party services typically involves:

Choosing a payment gateway provider like Stripe, PayPal, or Razorpay, which offer APIs for seamless integration.
Connecting the app to the provider's API to enable payment processing.
Ensuring compliance with PCI-DSS standards for handling card information securely.
Testing integration thoroughly for smooth and error-free transaction processing before launch.
Implementing user authentication protocols like 2FA (two-factor authentication) to ensure secure transactions.

Promote your mobile wallet app through:

App Store Optimization (ASO): Optimize your app's title, description, and keywords to improve its ranking in app stores.
Social media campaigns: Use platforms like Instagram, Facebook, and Twitter to showcase features and promotions.
Referral programs: Encourage users to invite friends in exchange for incentives like cashback or discounts.
Collaborations with merchants: Partner with businesses to offer exclusive discounts to users who pay via your app.
Targeted advertising: Use Google Ads or social media ads to target users interested in digital wallets and online payments.

Deep Faldu – CTO
Author

As the Chief Technology Officer, Deep Faldu spearheads innovation at White Label Fox, ensuring seamless, scalable, and high-performance app solutions. His technical expertise, problem-solving skills, and commitment to excellence help businesses thrive in the competitive digital landscape. He continuously explores new technologies to enhance product efficiency and user experience.