A Complete Guide For E-Wallet Mobile App Development

by Bharat Arora · Updated on July 30, 2021

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In this blog, you will learn all the details you need to know about developing your e-Wallet app.

This is going to be your step-by-step guide with all the necessary questions answered related to mobile wallet development.

Here is a small guide on what you will get in the post…

What is a Mobile Wallet?

A mobile wallet can be explained as a financial instrument that is used to receive or send money to an individual and business entity using a mobile phone.

It’s a type of e-commerce model in which ease of access and convenience is focused and App Development accordingly.

You can also call a mobile wallet mobile money or e-money.

Your ordinary wallet might be have been stacked with many cards and money.

The e-wallets are a solution that offers users to save the information of their card and make payments easily by scanning a QR code or simply entering the number of the payee.

Money is deducted from the account of the payer and is transferred to the account of the payee.

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Types of e-Wallet Applications

Closed e-Wallets

These are the apps that are exclusively made for the particular store in which customers can make a direct purchase.

Example: Walmart pay, Makemytrip, etc

Semi-Closed e-Wallet

These apps are used in only those stores which have contracted with the e-wallet company to use the services.

Examples: Paytm, MobiKwik, etc.

Open e-Wallet 

These are the most common e-wallets in which you can make transactions to different e-wallets using a single platform.

Examples: American Express, Amazon Pay, etc.

Various Types of Mobile Transaction Methods

Near Field Communication (NFC)

This chip is a based system in which you don’t have to touch anything it’s a contactless system; your card needs to be in the affinity of the receiver’s machine.

You just need to be in the range of 3 to 4 inches for making payment.

Sound Wave Based

This is a unique way of making payments in which you can make the payments with the help of a sound wave that is released by smartphones.

This feature can be used by any device like smartphones, feature phones, card swipe machines, etc.

Internet Banking

You must be having a bank account, and every bank offers internet banking by which you can directly send the money from your account to another person’s account.


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Quick Response (QR) Code

You can scan the code which is present at the store and make the payment for the purchase which you have made from the store.

Why You Should Develop a Mobile e-Wallet Application?

Technology today has carved a brighter future for e-Wallets and helping start-ups make a good deal out of their App Development.

The market has seen a vast rise in users, and their behavior towards adapting to this new change is commendable.

This is all visible through the statistics and the growth of this market.

Share of selected payment methods as a percentage of total e-commerce transaction volume worldwide in 2020, with a forecast for 2024.

data of payment method

Here Are The Top Benefits Of E-Wallet App Development

Reduced Abandoned Carts

This is the most benefit which a retailer gets with very few abandoned carts. e-Wallet helps people in easily making payments which speed up the buying process.

This result in more customer completing the order.

Low Transaction Fees

In comparison to the credit cards charges which are very high, e-Wallet has very nominal transaction fees which can be waved off.

Merchants can issue their own cards.

Easy Refund

Order cancellation and returns are very typical parts of the retail business.

But with the help of digital payments, you can easily convert them into a positive side.

Increases revenue

Retailers can provide personalized offers to the customers with some discount codes and make them come back for more footfall.

These offers can be provided to the customer periodically.

Higher conversion rate

Provide customers with the facility to purchase products on the go and help them with the ease of mobile payment App Development.

This will increase their buying and get you more customers.

Industries Benefited From The Mobile Wallet

e-Commerce Industry

As most of the people in India owns a smartphone and majorly all looking to buy products online from e-commerce application.

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When people buy products they wish to make safe payments and e-wallets provide safety which helps in boosting the sale of products on e-commerce sites.

Food and Grocery

You know the current situation in which the food & grocery industry is booming due to pandemics.

People are afraid to step out of their houses to buy products that’s the reason they are ordering products at their homes.

And these apps are providing online payment options to the customers which makes it convenient for customers.

Taxi Booking

You board a cab and making a cash payment for the ride is gone ways and in the current scenario, it’s unsafe as well.

Now people are more concerned about their health, they have started paying the money through e-wallets which is safe and hassle-free.

Online Bill Payment

Those were the days when you used to go to the electricity board office to deposit your outstanding bill of the month.

Nowadays you can easily do this in the comfort of your home.

Almost every e-wallet has this facility nowadays.

Ticketing & Booking

This industry has not left any stone unturned in making the e-wallets successful in the ticketing and booking industry.

You can easily make the booking of the plane, bus, train, etc easily from the e-wallet.

Top Mobile Wallet Apps

Here are some of the top eWallet applications around the world

various ewallet

How You Can Earn From The App?

There are various ways you can earn from the application, here are a few of them:


As you know that all the applications provide space for advertisement on their platform and this is considered to be one of the main sources of income for any app.

Billing Commission

When a person using the app for any transaction, the app company earns some commission on every transaction this is the most common way of monetization.

e-Commerce Allowing

You can allow users to start their own business and sell products online through your app.

When a seller sells any product they earn money and you can charge some commission from them for the online space which you are providing.

Usage of Mobile Wallets Across The Globe

You can easily see the graph in which you can see the usage of mobile wallets across the globe, with different parameters like in which country the usage is high and where is low, increase in the user with the time, spending capacity of the people as per the age and many more.

mobile usage across globe


Must-Have Key Features In Your e-Wallet


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When you are developing your e-wallet app the key features which should be there are:

Features of the user panel

  • Registration via social profile
  • Add/authorize bank account
  • Add & transfer money
  • Check account balance
  • Pay Bills or set auto pay
  • Budget management tool
  • View transaction history
  • POS integration
  • Accept payments
  • Send invites and get referral points

Features of Merchant panel

  • Log in to an interactive dashboard
  • Create/edit profile
  • Add/manage products
  • Generate QR code
  • Manage customers
  • Add promotional offers & discounts
  • Offer loyalty points and rewards
  • Manage staff & employees
  • Manage EMI payment options
  • Push notifications
features of ewallet app

Features of Admin panel

  • Secure login to an interactive dashboard
  • Manage Users
  • Real-Time Analytics
  • Manage Users & Merchants
  • Add New Offers
  • Manage/extend security
  • Revenue Management
  • Users data control
  • Reporting & Auditing

Some Advanced Features

Some advanced features which should be there in the e-Wallet application

  • Multi-factor authentication
  • In-built marketing tool
  • Inventory, voucher & document management
  • Multi-currency & multi-language support
  • Wearable integration
  • Card insurance linked to a digital wallet
  • Centralized CRM dashboard
  • Promotional tool
  • Location-based services
  • Chatbot support
advance features of ewallet app

Points To Keep In Mind While Development

User data security

Your app should be encrypted completely in such a way that there is not any chance of breach of data collected from the users.

A single leakage of any sort of detail can negatively affect the reliability of the app.

Regulatory Compliance

You should comply with the rules which are laid by regulatory, your app should be built according to the frameworks laid by regulatory.

This will help in avoiding the risk in the future, conduct transparent and fair transactions.

Risk of Fraud

You should be well prepared to avoid any sort of fraud risk with the app. Your App Development will be dealing with the transaction of money fraud is likely to happen.

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You have to make your developer crystal clear regarding the future risks.

Different Technologies Required to Develop a Mobile Wallet

Various technologies will be used in the development service of the eWallet apps with their features.

technology stack technologies required to develop ewallet

Experts you are required to develop an e-wallet app

  • App developers
  • Front-end developers
  • Back-end developers
  • Quality Analyst
  • UX/UI designers
  • Business Analyst
  • Project Manager

How much will it cost to develop an e-wallet app?

If you want to develop a basic app then it will cost you around $25,000 to $50,000

In comparison to the more complex app which will have advanced features can cost you somewhere around $90,000 to  $1,50,000.

For iOS

For the basic app which includes basic features, it will cost you around $ 25,000 to $ 55,000 and the advanced app can cost you between $1,00,000 to $150,000.

For Android

For the basic app which includes basic features, it will cost you around $ 20,000 to $ 45,000 and the advanced app can cost you between $ 80,000 to 150,000.

Factors that can affect the cost of development

factor affecting

Now it’s your turn…

You have gone through all the points related to App Development a mobile wallet.

Comment below how you find the blog?

Are you going to build your e-Wallet app?

And did you find what you were looking for in the post?

Let me know simply by writing down your views…


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Bharat Arora

I'm Bharat Arora, the CEO and Co-founder of Protocloud Technologies, an IT Consulting Company. I have a strong interest in the latest trends and technologies emerging across various domains. As an entrepreneur in the IT sector, it's my responsibility to equip my audience with insights into the latest market trends.

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1 Reply to “A Complete Guide For E-Wallet Mobile App Development”

  1. Hi, I hope you all are doing well, in today’s world all thing is online after covid 19, and all over the world people are adopt. I read your article about e-wallets. I was very confused about this topic, your article help me a lot. keep sharing like this.

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