Push notifications

Merchant Panel Features

Log in to an interactive dashboard

Add/manage products

Create/edit profile

Account verification via pin, pattern, and Face ID

Manage customers

Add promotional offers & discounts

Offer loyalty points and rewards

Manage staff and employees

POS integration

Payment link generation

Admin Panel Features

QR code generation

Manage users & merchants/vendors

Real-time analytics

Enhance the app’s security

Reporting & auditing

User and merchant data control

Transaction management

App support and maintenance

Dashboard management

Manage offers

Step-By-Step Guide For Digital Wallet App Development

A digital wallet app development comprises the same process a digital product development process incorporates. It begins with discovery, UI/UX designing, development, testing, deployment, product launch, and maintenance and support. Let’s check each phase in detail and understand their significance in digital wallet app development.

Step 1. Product Discovery

The first step of developing a mobile wallet application is discovering or identifying the project scope. With the help of a full-cycle mobile app development company, you can validate the business idea of developing an e-wallet application, test the idea with target users, and the technical requirements necessary to build a successful application product. This phase provides you with a better understanding of the complexities often involved in digital wallet system design and solution development. At this stage, each team member engages effectively with the appropriate technology stacks to validate the technical and business feasibility of the product idea.

Step 2. Designing

In this phase, an application development company helps you give a look and feel to your e-wallet by developing a user interface and user experience for your application. It will give an intuitive and visually appealing application for the user to use and test it. You can decide and build a brand logo, application icon, button, and other digital wallet features to differentiate your product from the competitors. It will serve as a design blueprint that will be used further by developers to code the application modules and establish functionalities between them to define a final product.

Step 3. Development And Testing

Application development and testing represent the most technical aspect of the process. Depending on the quality of the UI/UX, the development team deploy technology stacks, set up CI/CD, and test and validate whether the product behaves as it is supposed to.

Step 4. Digital Wallet Application Launch

Since mobile wallets are mobile applications, these are also required to be hosted on top play stores such as Google Play and Apple Store. This way, you make your application available for download for the targeted users based on their respective operating systems.

Step 5. Maintenance And Support

Application development is a one-time job, but keeping it updated according to market needs comes under maintenance and support which is an ongoing process. Your digital wallet development company also helps with application maintenance and provides support to keep the application updated, active, and high-performing while resolving errors or bugs if occurred after launch.

Popular Technology Stack Used For Digital Wallet App Development

Backend Development PHP, NodeJS, Python, Java, etc.

Frontend Development Kotlin, Swift, CSS, Bootstrap, HTML 5, Vue.js, React.js, Angular, etc.

Database Development MongoDB, Apache Cassandra, HBase, MySQL, Postgres, etc.

Cross-Platform Framework Ionic, React Native, Flutter, Xmarian, etc.

QR Code Scanning ByteScout BarCode, ZBar Code Reader, etc.

Analytics Amazon Kinesis, Apache Kafka, Spark, Flink, etc.

Cloud Services

Push Notifications

Geolocation

Google Cloud, Azure, Salesforce, Amazon Web Services, etc.

Amazon SNS, Google Firebase, etc.

Google Maps API (Even for iOS applications)

Payment Gateways PayPal, Stripe, Braintree, QuickPay, etc.

Security Compliance For Digital Wallet Application Development

Despite the growing popularity, developing an android virtual wallet or iOS virtual wallet from the ground up requires considerable effort and time in putting them in alignment with regulatory compliance. According to Payment Card Industry Data Security Standard (PCI DSS), it is important to secure cardholders’ information wherever it is stored. A successful digital wallet is one on which customers rely on the security structure, its commodity, and ease of use. To ensure great product delivery and performance of your mobile wallet application, you must implement the following security and regulatory structure to your digital wallet.

Ensure Data Privacy Compliance

You must comply with the best practices for implementing data privacy regulations according to the state or region you want the application to be operated. Some of the common regulations and compliance important to implement are General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA).

Multi-Factor Authentication

You must implement an additional layer of protection to your digital wallet application by implementing multi-factor authentication. For example, an iPhone application uses face recognition, pin, and password as well as device number to validate the authentication of the user.

Secure Data Transmission

In the digital world, you are required to secure data even in transit. To provide a secure and faster transaction experience on your application, make sure your developer has implemented SSL/TLS/VPN encryption. These encryptions allow secure data transmission between the application and the server

Secure Data Storage

You must secure user data and their financial information such as credit card details at rest as well. There are secure storage methods used such as encryption, hashing, and others that protect user’s personal information from fraudulent activity and access.

Regular Security Audits And Updates

With increasing cybersecurity incidents and information leaks, there is constantly growing regulatory and compliance around cybersecurity and an evolving technological environment. The consequences of data breaches are having a great reach in the financial sector, leading to higher fines and litigation. Henceforth, you must keep your digital wallet application on regular security audits to identify vulnerabilities and implement timely security updates.

7 Most Popular Digital Wallets Across The World

The digital wallet space is crowded and getting bigger. Companies like PayPal and Venmo offer digital wallet products and enable users to pay for purchases online and in person using their respective applications. Additionally, many banks and credit card companies have introduced digital wallets for android and iOS devices with personalized functionalities that can only be accessed within their mobile apps. Since both customers and businesses are fostering a contactless or self-service culture around the world for payment transfer, here is a list of the top 7 digital wallets in closed, open, semi-open, and other categories used across the world.

Apple Pay

With 92% of digital wallet transactions in 2020, Apple Pay has emerged as a leader in the digital wallet space. Apple has introduced its wallet for iPhones, iPads, and Apple Watches.

Google Pay

Google Pay has maintained its leadership in the digital wallet space by having 100 million users.

Amazon Pay

Amazon has a very popular and widely accepted digital wallet in the world all thanks to being the third largest company and a fixture in ecommerce.

PayPal

PayPal’s digital wallet builds on its long history in online payments, and supports international transactions with almost all types of cards.

Click to Pay

Click to Pay was an amalgamation effort of Visa, American Express, Mastercard, and Discover. It came as a unified online payment system and works with almost all major credit cards.

Alipay

Alipay by Alibaba Group is a leading China-based digital payments platform. It had more than 1.3 billion active users in June 2020 and processed $17 trillion worth of transactions in China per year

WeChat Pay

WeChat Pay is China’s other top digital wallet with over 900 million users.

List Of Industries That Benefit From Mobile Wallet Application

The adoption of mobile wallet applications has been a game-changer for various industries, helping them cater to the changing preferences and habits of customers. With payment app development, industries such as retail, banking, travel, and transportation are transforming themselves by enhancing the checkout experience to provide a more secure and seamless payment option. Let’s take a closer look at how these industries are leveraging mobile wallet applications to improve customer experience, drive sales, and stay ahead of the competition.

eCommerce

Ecommerce leverages digital wallets to offer secure and convenient payment options, streamline checkouts, and collect real-time data on customer spending habits for targeted marketing. This method also provides additional security with biometric authentication and encrypted payment codes, catering to customers who prefer cashless transactions and improving conversion rates.”

Banks

Banks leverage digital wallets for a convenient and secure payment method, allowing customers to manage finances and make payments from their mobile devices. Biometric authentication and encrypted payment codes provide additional security. Digital wallets expand services to reach unbanked customers, offering a seamless and modern banking experience.”

Travel And Transportation

The travel and transportation industry leverages digital wallets for a seamless payment experience, enabling customers to book and pay using mobile devices without cash or physical payment cards. Biometric authentication and encrypted payment codes offer secure payment methods. Digital wallets improve customer experience and cater to cashless transactions.

Retail

Many retail stores are accepting digital wallets as a payment option to provide customers with a faster, more secure checkout experience. Digital wallets also allow retailers to collect valuable data on customer spending habits for targeted marketing campaigns.

Food Delivery

Food delivery services and restaurants are using digital wallets to streamline the payment process for online and mobile orders. Digital wallets enable customers to pay for their orders quickly and easily without the need for cash or payment cards.

Entertainment

Digital wallets are becoming more prevalent in the entertainment industry, with many companies accepting them as a payment option for ticket sales, online subscriptions, and in-app purchases. Digital wallets also offer a more secure payment method for customers.

Healthcare

Digital wallets are being used in the healthcare industry to enable patients to pay for medical bills and insurance premiums conveniently and securely. They also allow healthcare providers to streamline payment processing and reduce administrative costs.

What Is The Cost Of A Digital Wallet App Development?

A digital wallet app development cost depends on several factors such as application features, development time and stages, developer’s location, application’s hosting, business model, and others. Therefore, it is highly recommended that you first discuss the project roadmap and list of core features with your digital wallet development company as it helps you get a detailed estimation for the product development. Still, to give you a better picture of what constitutes to digital wallet app development cost, here is a detailed list of contributing factors:

The platform or smart device for which you want to develop the application

Application’s core features and complexity

Developer’s experience and expertise