Custom eWallet App Development
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eWallet Mobile App Development

08 Jun 2022

Digitalization has made going cashless easier with the concept of digital wallets. It is ruling today’s touchless world. According to Statista, in 2021, 4 out of 10 American smartphone users utilized contactless payments. It is powered by eWallet mobile apps or related payment getaway models.

Hence many business owners are now partnering with eWallet app development companies to create custom apps like Walmart Pay and Starbucks mobile app to buy & sell products and offer services. It ranges from grocery to booking tickets and more for their customers while supporting their business ecosystem.

As a business, investing money into digital wallet app development can help garner good profits. If you’re thinking of building a feature-rich & customized mobile app, this post will provide you with a detailed overview of all essential factors.

Table of Contents

What is an eWallet Mobile App?

It enables the customers to make in-store, online, and in-app payments to you. It stores their debit & credit cards digitally and connects with their bank accounts. So, they can go both cashless and cardless while transacting with you. The digital wallet also stores the gift cards, loyalty cards, discount coupons, etc. that you offer to your customers.

Why You Should Invest in Mobile Wallet App Development?

The market has witnessed a tremendous rise in the use of digital payment applications that facilitate touchless transactions. Here are some stats to support this trend;

  • According to Allied Market Research, the global market for digital wallets is estimated to go from $1.04 billion in 2019 to $7.58 billion by 2027.
  • Research & Markets suggests by 2025 the volume of non-cash transactions in the global market is forecasted to surpass the 1.5 trillion mark

And beyond a terrific pace, this trend is garnering attention from both innovators and entrepreneurs. Beyond its simplicity, scalability, and security, let’s discuss core advantages.

Benefits of eWallet App Development

  • Higher Conversion Rate: Don’t force your customers to line up in a queue to pay bills. Give them the convenience to purchase your products and services on the go. Accelerate their checkout process with a mobile payment app. This will directly influence their buying behavior and bring you more revenue.
  • Reduce Abandoned Carts: The most significant benefit to retailers is fewer abandoned carts. eWallets simplify and speed up the buying process, which increases the number of shoppers who complete their purchases.
  • Low Transaction Fee: Mobile commerce platforms have much lower transaction fees than the high-interest rates of credit cards. Merchants can issue a payment card of their own as well. It can work like a gift card, leaving the bank out of the transaction loop while reducing the transaction charges considerably.
  • Easy Refunds: Order cancellations and returns are an inevitable part of the business. But with a digital payment system, you can turn them into an engaging customer experience. It facilitates quick and easy refunds to customers. This also means that your shoppers now have ready cash in their app to shop more. Business owners can then retarget these customers with product ads and encourage them to make further purchases in just a few clicks.
  • Increased Revenue: Companies can push personalized offers with discount codes to stay in constant touch with their customers and keep them coming back. This can be done periodically to increase sales opportunities even in the long term.
  • Expand Customer Base: Mobile payment applications enable businesses to reach out to potential customers quickly. Well-designed contactless payment solutions with advanced features enhance their credibility and allow business owners to perceive them as reliable and trusted. People worldwide prefer a touchless wallet. They will quickly switch over to you with robust security features, leaving your competitors behind.

Key Factors to Consider During the Mobile Wallet Application Development

Now as you decide to build an eWallet application, things could become complicated for you without the right direction. So, here are a few important considerations.

  • Suitable type that works for the business
  • Mobile payment methodology
  • eWallet features & modules
  • Security
  • Regulatory compliance
  • Technology stack

Let’s discuss the specifics under each phase;

1. Digital Wallet Types

Spend time understanding the different types of eWallets and analyze how industry peers are utilizing them.

Types of Digital Wallets


  • Exclusive payment app for store for making purchases by the customer (Walmart Pay)
  • Funds transfer – To the organization’s account


  • Process payments with partner stores (Apple, Android & Google Wallets) that support payment made for eWallet service provider using the partner stores
  • Funds transfer – To a trusted escrow account


  • Conduct transactions for different companies using the same platform. (American Express, Amazon Pay)
  • Funds transfer – Directly to the bank

2. Mobile Payment Methodology

Start your digital wallet app development journey by deciding the payment options you want to offer to your customers to monetize maximum opportunities.

  • Point of Sale (POS) System: It is essential for online or in-store sales, and includes hardware and software like credit & debit card readers, barcode scanners, receipt printers, etc. You can customize it to meet your business needs. For instance, an AI-based POS system is a boon to retailers.
  • Near Field Communication (NFC) Tags: NFC tags process payments using a contactless chip. It enables automated transactions once the card is placed in affinity with the receiver machine. Read about the top 5 NFC payment apps and their benefits here.
  • QR (Quick Response) Code: You can display your QR code at the checkout point to accept payment. And the customer can pay just by scanning the code using the in-built camera on a smartphone or tablet.
  • Beacon: Smartphones with Bluetooth 4.0 and above can use BLE transmitters to make online and offline payments. The POS terminal can fetch the card details of the shopper and automatically process payments without any hassles.
  • Sound Wave Based: It enables transactions on smartphones, feature phones, card swipe machines, etc. The merchant’s device generates a sound wave containing encrypted data regarding the payment, and the customer’s device receives the data, decodes it, and completes the payment.

3. Features & Modules of eWallet Mobile App


Depending on your unique business needs, you can incorporate advanced features into the eWallet mobile app. They include:

  • Geo location: Considered one of the expensive features it helps significantly raise the visibility and popularity of the eWallet mobile app. The GPS technology helps easily locate nearby users and enables making the payment by simply tapping on the user name.
  • Wearable integration: Thanks to the growing adoption of cashless transactions, the global wearable payments devices market size is expected to grow at 29.8% CAGR from 2021 to 2028. Reach out to more customers by integrating your mobile wallet app with wearable devices and accepting payments through them.
  • Virtual card creation: The digital wallet app development allows the creation of virtual cards for credit/debit cards. This helps save time for making payments.
  • AI Chatbot integration for 24×7 customer engagement: 40% of internet users worldwide prefer interacting with chatbots, and consumer retail spending via chatbots will reach $142 billion by 2024 from just $2.8 billion in 2019. So, you can provide round-the-clock service to your customers by integrating AI Chatbot into your digital wallet.
  • Personalized recommendations: Advanced AI-ML integrations enable understanding customer data (their buying patterns, preferences, interest and more) to offer personalized recommendations with coupons, rewards, and much more to increase your sales.


Mobile wallet apps commonly have the below-mentioned components. Let’s go over them.

Admin Panel

  • Secure login
  • Role-based access control
  • Data control
  • Merchant management
  • User management
  • Real-time analytics
  • Revenue management
  • Security management
  • Add & edit new offers

Merchant Panel

  • Intuitive dashboard
  • Create/edit profile
  • Add & remove products
  • Create QR code
  • Customer management
  • Employee management
  • Make withdrawals
  • Discount coupons
  • Reward points
  • Promotional offers
  • Push notifications
  • POS integration
  • EMI payment option

User Panel

  • Easy registration
  • Link bank account
  • Add balance
  • Transfer money
  • Make bill payments
  • Avail offers and discounts
  • Check balance
  • Track reward points
  • Set autopay
  • View transaction history
  • Split bills
  • Receive payments
  • Send invites
  • Earn referral points

4. Security

The payment app needs the end-user to store their account/ card details for making transactions. Your application can only succeed if your existing and potential customers can rely on its robust data security structure. Your primary responsibility is to make sure their financial data and passwords stay safe. You could use pins, fingerprints, retina scans, etc., to enhance security. For this, the eWallet development team needs to use industry-leading technologies and robust security mechanisms that are difficult to decrypt.

5. Regulatory Compliance

mCommerce platforms should ensure compliance with the applicable local & global (in some cases) banking laws and regulations. Therefore, they should be developed keeping in mind the application of the eWallet framework. Having an experienced technology partner will help avoid any risks and ensure transparent transactions.

6. Different Technologies Required to Develop a Mobile Wallet

  • Frontend: Flutter, Xamarin, Native Mobile Development, Angular/React Native, CSS, Javascript, and HTML5
  • Phone Verification, SMS & Voice: Nexmo
  • Database: MongoDB, HBase, Cassandra, and MailChimp Integrations
  • Payments: Stripe, PayPal, Braintree, and PayUMoney
  • Data Management: Datastax
  • Cloud Environment: AWS, Azure, Salesforce, and Google Cloud
  • Email Management: Mandrill
  • Push Notifications: Urban Airship, Push.IO, Amazon SNS, Twilio
  • QR codes: ZBar Code reader
  • Real-time Analytics: Hadoop, Apache Spark, Big Data

Looking For an eWallet Solution?

We can help you with robust & reliable eWallet software development to smoothen & speed up your end-customer transactions.

Industries That Leverage Mobile Wallet App Development

Food App Industry

  • Faster processing of invoices and receipts
  • Enables ordering, paying & tracking the food item and even placing orders
  • Enhance customer service & guest experience
  • Easy tracking of merchant settlements & refunds

Banks & Financial Establishments

  • Enhance digitized services for retail customers
  • Create a speedy & secure payment infrastructure
  • Enable customers to avoid the inconvenience of cards
  • Facilitate anytime-anywhere fund transfer

Retail & eCommerce

  • Reduce cart abandonment
  • Expand your reach & increase conversions
  • Speed up the checkout process
  • Run reward programs and promotions

Travel & Hospitality

  • Enhance guest experience with seamless check-in and check-out
  • Push notifications to loyalty card members with exclusive deals
  • Secure sending & receiving money while safeguarding transactions
  • Offers the opportunity to shop from anywhere

Why Partner with Rishabh Software?

With 20 years of custom mobile app development experience and multi-domain expertise, develop on-demand enterprise-grade digital wallet app development solutions for native and cross-mobile OS environments.

Other synergies that make us stand out as an eWallet app development company include:

  • Agile development process to consistently deliver a secure app version
  • Experience in creating an appealing interface with impeccable functionality
  • A dedicated development team for cross-platform solutions
  • Extensive integration experience in NFC, QR codes & OTP-based transactions

Case Study: Mobile Money Transfer Solution Enabling Cross-Border Payments

A Europe-based digital enterprise offering banking and financial management services approached us to build a custom solution to simplify currency distribution that allows instant fund transfers anywhere.

We built a centrally-hosted transaction platform. It manages secure fund transfer transactions while integrating reliable third-party solutions for payment processing.

The developed solution resulted in the following:

  • 100% transparency and traceability of transactions
  • 5x increase in operational efficiency
  • Highest customer satisfaction achieved to date

Factors That Influence e-Wallet App Development Cost

While we’ve covered most of the essentials, you must be wondering what could be the factors that influence the development of eWallet apps? To answer, it would depend on the desired app design, the complexity of features to be integrated, chosen technology stack, and target platforms (iOS, Android, or both).

A decisive aspect affecting the total eWallet app development cost is whether you are developing it in-house or leveraging a top-rated software development company’s tech expertise.

Listed below are some of the critical factors based on our experience,

1. App Design

The user interface is crucial to engaging and retaining customers with an online payment app. Creating an intuitive, easy-to-navigate app that runs seamlessly on every platform includes using emerging technologies that come at a cost.

2. Integrated Features

The number and type of features would most certainly affect the mobile wallet app development cost. The price will be less for the most basic features as opposed to certain specific or advanced features.

3. Platform

The cost also depends on whether your app is developed for a single platform or several platforms. The price of a payment app designed for iOS is relatively lower than for Android. However, a mobile commerce platform is typically developed for both Android & iOS.

4. Technology Stack

It also varies depending on the tech stack employed to build the mobile app. Every platform and technology has its pros and cons. It is best to consult an experienced mobile app development company about developing a robust architecture.

5. Experience and skill set of the Development Agency

The pricing also differs drastically depending on the developing agency’s resources’ skill set, certifications, exposure, and industry experience.

We often get inquiries concerning eWallet development. And, while we try to address it most of the time, here are some of the most common queries, we receive. We hope it helps you as well to find the right answers.

Frequently Asked Questions

Q. Can you help me build an app like Google Pay?

A. We have the proficiency to build different types of apps with features, functionality and even architecture similar to Google Pay, Apple Pay, Samsung Pay, or any other based on the need. Also, depending on your unique feature list, industry focus, and business model, we can customize eWallet mobile app development to deliver a distinctive solution that is “just” for you.

Q. Can you integrate a digital wallet into my existing e-commerce website?

A. Yes, depending on the payment gateway you choose, we can help integrate the digital wallet with your e-commerce store.

Q. Can you build an eWallet app that can be used across multiple mobile platforms?

A. Yes. Utilizing our cross-platform mobile app development capabilities, we can build an eWallet app that can work across multiple mobile platforms while helping you to reduce costs and efforts.

Q. Do you sign NDA & NC agreements?

A. We respect the privacy of our clients. Rishabh promises to protect your IP and confidentiality. As part of our standard agreement, we do sign a formal legal contract for our eWallet app development services with customers that covers technology, source code and more.

Q. I have an e-wallet idea? Where should I start?

A. You can start by contacting us and brainstorming your idea with our team. We shall take it forward from there to meet your goals.

Q. I want to upgrade the technology of my existing eWallet app. Can you help me?

A. We can help you with every modernization and up-gradation effort. Not just the technology, we can also help you integrate new features into your existing digital wallet.<

Final Words - Knowledge Without Action Is Futile

Now that you have gathered basic information about how digital wallets and our eWallet app development can help your business, it is time to act. Rishabh Software keeps its clients’ needs and goals at the forefront while developing customized solutions. Our highly skilled and experienced team will leave no stone unturned to deliver to your satisfaction.

Exploring eWallet App Development?

Leverage our experience to provide your users with a smooth transaction experience using an intuitive digital wallet app.