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How to Build a Mobile Wallet App for a Digital Solution?

13 Oct 2021 updated
11 min

Table of content

The mobile banking sector is on the rise, with the convenience and speed of this payment solution outperforming conventional bank cards. Besides, the massive trend toward digitization contributes to the massive adoption of mobile payment products, stimulating the mobile wallet app development sector.

The popularity of mobile apps is undoubtable today. SBWire specialists even predicted that this sector would continue growing by 33% annually, thus exceeding $457 million by 2026. These figures suggest that the digital wallet mobile app development business will be profitable for years to come, with more users and greater coverage of mobile solutions worldwide. Thus, you can use this trend and launch your own mobile banking app project to gain a decent share of the fast-growing market. Here, the 4IRE expert team explains why mobile apps are a good business idea, what benefits they bring, and how to create your own app hassle-free.

What Is a Mobile Wallet App?

Let’s start with the basics by clarifying what a mobile wallet app is and how it differs from other payment solutions. In a nutshell, it is a digital-analog of your conventional wallet in which you store the details of your financial instruments. These can be the digital versions of your banking cards, some e-coupons and membership cards, etc. Using such a wallet allows you to produce payments instantly, without any hassle with taking out your wallet and finding the necessary card or filling out the needed financial details for the transaction.

App Monetization

Besides being very handy for individual users, mobile e-wallets make it simpler for businesses to receive transactions from their clients. Thus, a mobile wallet may be equated to the storage of your mobile money, including regular funds (stored on bank accounts) and digital funds (e.g., tokens and crypto money). The best about mobile payment solutions is their universal availability in the user’s smartphone, which guarantees frictionless transactions even on the go and quick P2P transactions, all coming with secure storage and many convenient features.

Mobile Banking Apps: Market Overview

There is ample evidence that the mobile banking app trend is strong and growing in leaps. Thus, mobile apps for financial transactions are here to stay, and users adopt them faster as they strive for instant access to their funds, easy and quick transactions, and a set of other perks coming with FinTech products today. 

Statistics are also in favor of the continuing spread of mobile wallet apps globally. Research indicates that the CAGR of this market sector’s growth is expected to reach 24.5-34%, making it a multi-billion-dollar business soon. With the number of unique mobile users exceeding 5.2 billion worldwide in 2021, it’s logical that the market is abundant, being an attractive ground for new FinTech products and innovative mobile wallet apps. 

Growth of the NFT Market

User surveys also point at the overwhelming optimism surrounding the gradual adoption of mobile payments across the globe. The situation with cash payments is by far more complex, as many developing countries still have an immature online banking infrastructure, and cash is still a popular medium of exchange. Still, more than two-thirds of respondents believe that mobile apps will totally replace card payments, which is a matter of time. Thus, the perspectives of launching your product in this area are cloudless and optimistic. 

Why Should You Create a Digital Wallet? Top Benefits

Why have mobile wallet apps made waves in the sector of online transactions? There are many reasons for their popularity compared to other online banking solutions, such as online banking payments via bank apps.

12 Must Have Features for an Efficient P2P Payment System

  • Most e-wallets offer numerous attractive loyalty programs, discounts, and bonus points to use their solution. This method guarantees customer retention and builds a specific brand identity for the app. 
  • Payments are produced instantly, without the hassle of traditional banking (even mobile banking solutions often require additional steps like entering your recipient’s data, confirming your details, etc.) 
  • E-wallets incorporate robust security measures, making all transactions totally safe and protected from fraud or theft. 
  • Most e-wallets are genuinely global, making cross-border payments simple and non-problematic. 
  • Fees are typically calculated on a flexible basis, depending on your rating and activity within the system. 
  • Microtransactions are more accessible in e-wallets as the transaction fees are typically lower than in banks. 
  • Modern FinTech products come with advanced data analytics and your financial activity monitoring. So, you can capture the history of your transactions and plan future activities based on sound analytical insights. 
  • E-wallets also feature appealing refund and cashback programs to encourage users to stick to their system of transactions, receiving a percentage of their money back in the form of bonuses or cash. 

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Essential Mobile Wallet App Features to Include

When you build a mobile wallet, you need to include several vital features without which the project will hardly succeed. These features are the bare minimum of a Fintech product required by users as a standard functionality set, so considering all these points is vital to maximizing the chances of its adoption by users upon launch.


  • User registration/ login 

The registration/login functionality is at the core of all mobile apps’ architecture as users need a simple, frictionless method to join the system and use it whenever they want. Thus, every e-wallet should have an intuitive interface, with clear instructions about setting up a new account or entering an existing one.  

  • Authorization of financial data 

E-wallets were initially designed for the sake of financial transaction simplification, so they need to store your financial details effectively and safely. Thus, your e-wallet should incorporate the features of adding banking cards and accounts to the profile, uploading membership cards or discount vouchers, claiming and storing some promo codes, coupons, etc. 

  • User authentication 

The basis of any app’s security is its robust protection of user accounts from unauthorized access. Thus, innovative mobile apps often feature FaceID sign-in or bio authentication options. 

  • Balance checks 

If you use a mobile wallet app, you naturally want to know how much money it holds. So, every app should include a feature of balance checks; some advanced apps even include the option of currency exchange inside the wallet to simplify multi-currency transactions for users. 

  • Transfer and receipt of funds 

E-wallets are meant for sending and receiving funds; otherwise, there would be no sense in using them as a means of exchange. Users want to receive flexible and convenient means for transferring funds to pay for some products or services, issue payments to their workers, and produce other transactions across the globe. So, the sending/receiving feature is a must for any wallet. 

  • Payment of bills

This handy feature is also highly valued by users as they want to compile all payments within one easily accessible place. Thus, receiving a salary, paying for the products and services, and covering the utility and service bills in one app guarantee the wallet’s popularity and widespread adoption.  

  • Access to special offers 

E-wallets are numerous, so the task of each product on the way to differentiating itself from the competition is to provide exclusive features. One of them is access to special offers and deals, such as cashback or refund programs for wallet users. 

A Step-by-Step Guide to Launch a Digital Wallet

As soon as you decide to go on with the project, you need to find a team of professional, experienced mobile wallet app developers. Once you partner with a reliable team, you will be part of your app’s design and actual development step-by-step process. Be ready to contribute, give feedback, stay in the loop, and share your insights and expectations about the end product; it’s the only way to get what you want.

Step 1. Conduct Market Research 

It’s vital to research the market and check what products already exist in it. You need to identify the service gaps and see how you can respond to unmet client needs. These insights will form the core of your new product’s USP.

Step 2. Choose the Required Technology

The next stage is technology planning. You need to choose whether you will integrate online and cloud solutions, NFC and QR code-enabled payments, NFC card emulation, etc. You need to choose the platform for back-end programming, hosting, and operation of your wallet. Also, it would help if you determined whether it will be a blockchain-based DeFi app or not. All other technical points need to be stipulated at this phase as they will affect the composition of your development team, the duration of your project, and its ultimate cost. 

E-Wallet app development technologies

Step 3. Build a Prototype

The simplest way to test technology choices is to create a prototype and check how everything works and fits in. By building a simple, cost-effective prototype and presenting it to your target audience to collect feedback, you learn whether they like what they see, whether they find the app convenient, and what features they lack in it. 

Step 4. Develop a Security Layer

Mobile banking is a highly vulnerable sector, with hackers and cybercriminals stealing millions of dollars every year by detecting security gaps in mobile apps and wallets. Thus, your number one priority is to build a robust security layer to guarantee user safety and data integrity. Some recommended measures include the SSL and 256-bit encryption, course code encryption, and obfuscation.

Step 5. Add Integrations

Your wallet will be much more flexible and universal in use if you add API features to it. APIs allow wallets to connect with user bank accounts and third-party services, thus enabling quick and safe payments and transactions within the ecosystem. So, you need to create a functionally stable and secure API feature to expand your wallet’s integrations and improve user experiences.

Step 6. Perform QA Testing

When everything is ready, and the app is finalized, it’s critical to perform rigorous QA testing to eliminate any risks of vulnerabilities or critical bugs during its operation. When it comes to depositing, sending, and withdrawing money, users need to be fully confident in the security level of their chosen wallet. Thus, QA testers will check the app from all perspectives, ensuring it functions as it should and doesn’t fail.

Step 7. Launch the App

The market launch is the most responsible step in the development process. You need to warm up the target audience with a well-designed promotional campaign, thus attracting a loyal audience and growing your tribe of satisfied users. Don’t forget to please your users with regular updates and reasonable maintenance so that they enjoy flawless services and get more valuable features day by day.

What Does It Cost to Make a Digital Wallet?

The cost of a white-label digital app can start at around $100,000 and reach millions of dollars depending on your project specifications and goals. If you need to hire an in-house team for this project’s creation, the average cost can reach $500,000-$1,000,000, but you can cut the expenditures when working with an outsourced development team. 

To get a better grasp of the expected budget, you need to discuss the project details with your development company. Stipulate the tech stack you will need; indicate the number of specialists required for the project’s completion; name your deadlines. All these factors will affect the final price. Besides, you need to factor in the cost of maintenance, which can cost a pretty penny as well. 

Build Your Mobile Wallet with 4IRE

Are you planning to develop a mobile wallet app and capture the emerging trend of mobile banking? 4IRE developers are at your service, with years of expertise and an in-depth practical knowledge base to make your project successful. We have experts of all tech stacks in the team, thus meeting and exceeding any client’s expectations. Using our turnkey solutions, you can quickly join the niche of mobile banking wallets with a flawlessly working, innovative FinTech product.

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