Making cash payments on the delivery of products or in exchange for goods is quite an old school. Cash has gradually been replaced by plastic cards, which have helped the economy become cashless, making it easy for people as they do not have to carry their money or bags. Even better, the introduction of e-Wallet mobile apps has made it even easier as users can now make all payments with the help of their devices.

Mobile wallet applications as new ways of payments have come into being with the emergence of eCommerce, and making payments contactless in the wake of the global pandemic has given rise to several digital payments companies and eWallet mobile apps.

What Are Mobile Wallet Mobile Apps?

digital pyaments app interface

While an ordinary wallet might be stacked with a lot of cards and money, e-wallets offer users to save their card information and make payments simply by scanning a QR code or entering the number of the payee. The money gets deducted from their accounts directly and is transferred to the bank accounts of the payee. This has simplified transactions and made people quite efficient in making quick money transfers.

Remember when we used to add a payee to our bank accounts via online banking? The procedure used to be very long, wherein we had to add endless details of the payee, enter OTP codes several times, and wait for an hour or so before transferring to that person. The current scenario is no longer the same, as payments are easily made with just a few clicks.

The evolution of eCommerce has been commendable, which has also carved a way for eWallet mobile applications. These two go hand in hand. This is the right time to invest your money in developing an eWallet app for your company if you have considered it.

Users can make payments even when they’re not carrying their wallets with them or maybe if they forget their wallets at home. Nothing can stop them from indulging in retail if their mobile devices and eWallet apps are installed. Most outlets, stores, and companies now only accept money transfers via one of these digital payment apps rather than taking cash.

How Does the eWallet Mobile App Work?

The eWallet mobile app works by leveraging various technologies to facilitate digital financial transactions securely and efficiently.

Here’s a Technical Overview of How It Typically Works:

  • User Registration: Users must download and install the eWallet mobile app from an app store and register with their personal information, such as name, contact details, and email address. The app may require users to create a password or use biometric authentication for added security.
  • Account Creation: Upon successful registration, the eWallet app creates a unique user account securely stored on the app’s servers. This account is linked to the user’s mobile device and may also be associated with a user’s bank account or credit/debit card for funding purposes.
  • Security Measures: The eWallet app implements various security measures, such as encryption, tokenization, and multi-factor authentication, to protect user data and transactions from unauthorized access.
  • Funding the Wallet: Users can fund their eWallet account by linking it to their bank account or credit/debit card. The app securely stores the payment information and may use third-party payment gateways to process the transactions.
  • Wallet Balance: The eWallet app maintains a record of the user’s wallet balance, updated in real-time with each transaction.
  • Transaction Types: The eWallet app supports various transaction types, including peer-to-peer (P2P) transfers, bill payments, merchant payments, and online/offline purchases.
  • Transaction Authorization: Users initiate transactions through the app by providing necessary details, such as the recipient’s information, transaction amount, and a security PIN or biometric authentication for authorization.
  • Transaction Processing: The eWallet app securely processes the transaction by verifying the transaction details, checking the user’s wallet balance, and confirming the transaction with the recipient or merchant.
  • Transaction Confirmation: Upon successful processing, the eWallet app sends a confirmation to the user and the recipient/merchant, providing transaction details, such as transaction ID, date, time, and amount.
  • Transaction History: The eWallet app maintains a transaction history that users can view to track past transactions, including transaction status, time, and amount.
  • Error Handling: The eWallet app includes error handling mechanisms to detect and handle transaction failures, such as insufficient funds, incorrect transaction details, or connectivity issues, and provides appropriate error messages to users.
  • Security Audits: The eWallet app may undergo regular security audits and updates to ensure the app’s security features are up-to-date and effective in safeguarding user data and transactions.

Types of Money Transaction Methods in Digital Payments App

Since eCommerce has emerged as a winner in all situations and people’s dependence on it for retail therapy and ordering essential items has increased unapologetically, it has also given rise to e-Wallets. There are several methods through which one can make online payments these days. Let’s talk at length about these methods:

1. NFC (Near Field Communication)

nfc digital payments app

This is a completely contactless chip-enabled mode of payment. In this case, one does not have to touch any other device but be close so that the receiver’s pay pad reads his device. Within reach of three to four inches, the payment can be made. This technology might not be available in old smartphones, but the new phones are all being integrated with this mode of payment to avoid any contact between the users and the sellers in the near future.

2. Mobile Wallets Apps

Nothing new to us, as we have talked about in detail above, and we will continue to share some features, tech stack, team, and cost of making these applications. The best eWallets that have changed how transactions are done include the likes of Google Wallet, Cash App, Due, Samsung Pay, Android Pay, Paypal, Alipay, and Venmo.

3. Sound Waves Based Payment Methods

Giving contactless payment a boost, this is a unique method of payment that allows one to make a transaction with the help of sound waves released by a smartphone. This feature can be integrated into any device, including smartphones, feature phones, card swipe machines, etc.

4. Internet Banking

Got an account in a leading bank in the country? Well, then you might have access to Internet banking as well. This method has been in play for a couple of years now. Almost all national and international banks have mandated online (internet) banking these days. Under this sort of payment, the users must first add a payee to their account by correctly adding all their details. The second step is to receive an OTP on their phones that allows them to add the payee. Then they have to wait for some time or days for the person to be added to their payee list, and voila, you are ready to make any transactions.

5. Direct Carrier Billing

Mostly used by people in undeveloped areas where several methods of online payments are still missing, this sort of payment is also easy to do. One can make purchases and ask the seller to directly add the billed amount to the phone bills that they receive monthly.

Types of Mobile e-Wallet Applications

1. Closed e-Wallets

Have you heard of Walmart Pay and noticed that the payment made through the mobile wallet could only be made to purchase products on that app? These companies have been functioning for a long time, but the e-wallet payment system was integrated into them sometime later. These wallets can only be used for a particular app and not to make other online payments.

2. Semi-Closed e-Wallets

This one provides more leverage to the users than the closed e-wallets kind. In this case, the users benefit from using these wallets to make payments at the stores that have signed a deal with the e-wallet company. These might be available only in certain outlets and not all of them. Therefore, it is called half-closed or semi-closed e-wallets.

3. Open e-Wallets

These are the most commonly used e-wallets as they can be installed in Android phones, iOS phones, or maybe both if they are compatible with all networks. These are quite easy to use and make the end number of transactions. Users have been mostly using apps like Google Pay and Paytm that fall under this category.

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Why Develop eWallet Mobile App – Market Size and Statistics

Technology has carved away a brighter future for e-Wallets, helping start-ups make a good deal from their app. The market has seen a tremendous rise in the number of users, and their behavior toward adapting to this new change is commendable. This is all visible through the statistics and the growth of this market. Take a look at some of the stats on the market and app growth in this industry:

  • According to a study, the market for mobile wallets will grow at a CAGR of 28.2 percent, from USD 1043 billion to 7580.1 billion in 2027. This growth can tell how religious users have been using these apps.
  • It is estimated, according to research, that by the end of 2023, the global e-Wallet market will see a rise at CADR of 15 percent to $ 2.1 trillion.
  • Juniper Research 2017 estimated that there would be a hike of 32 percent in the money spent via these wallets.
  • A recent report from Allied Market Research reveals that the global mobile wallets market was worth $1.40 trillion in 2020 and is projected to soar to $7.58 trillion by 2027, registering a robust CAGR of 24.8% from 2021 to 2027.
  • The global mobile wallet transactions in different regions for the year 2020, along with forecasts for the period from 2021 to 2025

Share of Payment Methods as a Percentage of eCommerce Transactions Worldwide 2019

payment methods of total ecommerce transaction worldwide 2019 by region

Look at The Graphical Representation of The Increase in Online Payments from 2016 Through purchases using digital wallets

Industries that Propel the Rise of Mobile Wallets Applications

1. eCommerce Industry

Mostly every person owns a smartphone and is looking for products for home use or luxury on ecommerce apps. There have people who have a deep inclination toward purchasing goods online. With the coming-of-age apps that have bridged the gap between sellers and buyers, e-wallets have increased and given way to several small companies and start-ups to do well in the industry. The boost has been enormous, and we can only think of it doing well because of the trend seen in users’ behavior in purchasing more products online. It also eradicates the need for cash on delivery as users mostly like to make prepaid payments.

2. On-demand Food and Grocery Apps

We know how well the on-demand industry is doing right now. The global pandemic has made people more cautious who are gradually moving to these apps to order their food and grocery, rather than stepping out of their houses to make the purchase. With social distancing and self-isolation becoming the norm, the on-demand industry has seen a huge growth in the sector. And to make payments convenient for the users, these apps have been integrated with several online payments, the most used being e-wallets. Almost everyone is making payments via either of the e-wallet platforms they have installed and subscribed to on their devices.

Also Read: How to develop a Grocery delivery mobile app or Food delivery mobile app

3. On-Demand Taxi Booking

Making a booking for a cab and paying cash? This scenario has gotten quite old and is not prevalent in most cases. While people have changed priorities, their health being of the utmost importance, they have started making payments through e-wallets in this case as well. Firstly, it helps maintain transparency among the users and the app owners. Secondly, it is the easiest and most effective transaction method.

Learn: How to Develop a Taxi Booking mobile app?

4. Online Bill Pay

Gone are the days when you had to go to an electricity board address to make the payment for electricity consumed by you in a month. One can easily do it sitting at home and ease. This facility has made payments easier and helped users make timely payments. Almost all e-wallets allow users to pay all their due bills through the app. This includes the phone, gas, and electricity bills, among others.

5. Ticketing and Booking

Another important industry that has left no stone unturned in making e-wallets a success is the ticketing and booking industry. Now users can use these wallets to book their plane, bus, and train tickets. They can also make movies and concert bookings with its help.

Learn: How to develop an Event Ticketing and Booking mobile app?

Steps to Develop eWallet Mobile App

Step 1: Define App Features

Determine the features you want to include in your eWallet app, such as user registration, login, wallet creation, linking bank accounts, adding credit/debit cards, transferring money, making payments, transaction history, etc.

Step 2: Choose the Platform

Decide on the platform for your app, whether it’s iOS, Android, or both. This will affect your programming languages, tools, and frameworks.

Step 3: Design UI/UX

Create a user-friendly and visually appealing User Interface (UI) and User Experience (UX) design for your app. This includes wireframing, prototyping, and designing the app screens, buttons, icons, and navigation flow.

Step 4: Backend Development

Develop the server-side backend logic to handle user authentication, wallet management, transaction processing, and integration with external payment gateways and banking systems. Choose a backend technology stack such as Node.js, Django, or Ruby on Rails.

Step 5: Frontend Development

Implement the client-side frontend code for the app using appropriate technologies such as Swift or Kotlin for native app development, and React Native or Flutter for cross-platform app development. This includes integrating the UI/UX design, user input validation, and API communication with the backend.

Step 6: Payment Gateway Integration

Integrate with third-party payment gateways, such as PayPal, Stripe, or Braintree, to enable users to add and manage their credit/debit cards, make payments, and receive money.

Step 7: Security Implementation

Implement strong security measures to protect user data, including encryption for sensitive information, secure authentication mechanisms, and adherence to industry standards such as PCI-DSS (Payment Card Industry Data Security Standard).

Step 8: Testing and QA

Conduct thorough app testing to identify and fix bugs, errors, or usability issues. This includes functional testing, performance testing, and security testing.

Step 9: Deployment

Prepare your app for production release by optimizing performance, configuring server settings, and setting up a production environment. Deploy your app to the respective app stores, such as the Apple App Store or Google Play Store, following their guidelines and requirements.

Step 10: Maintenance and Updates

Continuously monitor and maintain your app, addressing any issues that arise and releasing updates to add new features or fix bugs based on user feedback and market demands.

Please note that developing a mobile app, including an eWallet app, requires a good understanding of software development concepts, programming languages, frameworks, and tools and experience in designing secure and user-friendly mobile applications. It is recommended to consult with experienced Mobile App Development Agencies to ensure a successful app development process.

Mobile Wallet Usage Around the World

Monetization opportunities offered by wallet apps

1. eCommerce Enablement

These wallets enable users to start their own businesses and start selling their products online through their apps. One can also allow other businesses to enter a contract with you and sell their products on a platform you offer. You earn a part of the profits made by those companies. While attracting new customers, you can become a platform with a good user base letting more companies and brands notice your platform. The clients might contact you to allow them to integrate your payment gateway with their app.

2. Commission on Billing

The app a person uses gets a percentage for each transaction the user makes. One of the most common ways of monetization, this one is most common in the case of open e-wallets.

3. Advertising

Well, we know all apps thrive on advertisements. You can offer space on your app to third-party brands and earn an income from that. The fees for displaying the advertisement depend on the time it is displayed and the space it is placed on.

Top Mobile Wallet App Across the Globe

Top Mobile Wallet Apps Across the Globe

Some of the popular digital payments or e-wallet mobile apps and services are:

General Features of the eWallet Mobile App

User Panel FeaturesMerchant Panel FeaturesAdmin Panel
User Registration via email or social profileLog in to an interactive dashboardSecure login to an interactive dashboard
Add/authorize bank accountAdd/manage productsManage Users
Add amountGenerate QR codeReal-Time Analytics
Check account balanceManage customersManage Users & Merchants
Pay Bills or set autopayAdd promotional offers & discountsAdd New Offers
Transfer moneyOffer loyalty points and rewardsManage/Extend security
Budget management toolManage staff & employeesRevenue Management
Split billsManage EMI payment optionsUsers data control
View transaction historyPush notificationsReporting & Auditing
POS integration
Send payment requests
Accept payments
Send invites and get referral points

Advanced Features of Mobile Wallet Apps

1. Push Notification

This feature allows the app owners to offer the benefit of receiving notifications of all transactions to the users. It gives a sense of belonging to the users who get to know each detail of their account and the money transacted through their account through the application.

2. Social Login and Signup

A user is able to sign up and register to the app with the help of their credentials saved on any other social media platform. This saves them time and the effort of entering all his details over and over again. Also, each user needs to have his own login details to be able to make transactions easily and have all the history of their present and previous transactions.

3. QR Code Readers

qr code in a digital wallet app

We’ve all been using some or the other e-wallets and it’s been a while now. What is it that makes these payments easy and accessible? The QR code reader allows each user to make contactless payments just by scanning the QR code of the seller through the camera of their phones and directly being redirected to the seller’s account. This helps them in making transactions directly to the account of the payee.

4. Better Management of Personal Expenses

You know how much you’ve spent on buying products or availing services in a month. The history tab allows you to access all transactions and better understand how much money you have spent as all transactions are recorded in it. This helps the users in making decisions regarding their expenses.

5. Loyalty Programs

Customer loyalty is something that all apps vouch for, and to enhance the experience by offering them loyalty benefits. These loyalty programs can be in any form, like collecting loyalty points and spending them in the future, letting them earn some amount of money or scratch cards on each transaction. This helps these apps in retaining the users and build a sense of belonging in them.

6. CRM System

Customer Relationship Management helps users in getting assistance at any point of time. This does not let the users get stuck at any place but allows them to talk to the customer representatives in case of any issue.

7. Real-Time Analytics

The dashboard allows the admin to get an understanding of the real-time analytics of their app. Each transaction made at a particular time is brought to light through the app. The app owners can get information on all the transactions made in a day or a particular point in time and also the state of the app and its performance.

8. Wearable Integration

It is easy to carry the devices with you anywhere on which the app is installed. Therefore, it is easy for any user to make use of it from any place without having them carry their wallets or cash for transactions.

9. Virtual Card

Users get their own personalized and unique numbers, which act more like virtual card that is used to make payments. This boosts the cashless economy making the users smart enough to carry their mobile devices to each place.

10. eCommerce Integration

Once your app starts doing well and gains recognition among users and brands, companies start contacting them to sell their products on their platform. The app can therefore allow some retail therapy to the users along with luring them by offering discounts.

11. Online Bills and Recharges

These apps enable users to make their bill payments as well. Gone are the days when you had to go to an electricity board address to make the payment of electricity consumed by you in a month. One can easily do it sitting at home and at ease. This facility has made payments easier and helped users make timely payments. Almost all e-wallets allow their users to pay all their due bills through the app. This includes the phone bill, gas bill, and electricity bill, among others.

12. Promotional Tools

Since the competition amongst the e-wallet apps has gone high, each one of them has to lure their users by offering them promotional offers and discounts. They can directly post about these offers on the home page of their apps and allow the users to avail of them directly.

13. Chatbot Support

It enhances the user experience as they can get help from the assistance staff at any time of the day.

Things That Need to Consider While Developing an eWallet App

Regulatory Compliance

Each e-wallet app should comply with the rules laid by the regulations, therefore, it should be built on the framework accordingly. This helps in avoiding any risks in the future and conducting fair and transparent transactions.

User Data Security

The app should be properly encrypted, not giving way to any breach of the details collected from the users. A single leakage of any data can affect the app’s reliability.

Fraud risk

The app owners should be prepared to avoid any fraud risk in the app. Since it is an app that deals in money transactions, a lot of frauds are likely to happen. Therefore, app developers should make sure to make it risk-free in the future. The money laundering risk is usually from anonymous accounts, which are difficult to track, and since the app owners are answerable to the users, they should be able to avoid this right from the beginning itself.

Tech Stack Required to Develop an e-Wallet Mobile App

SMS, Voice, and Phone VerificationNexmo
PaymentBraintree, PayPal, PayUMoney, and Stripe
Front-EndAngular, Javascript, HTML5, and CSS
DatabaseHBase, MongoDB, Cassandra, and MailChimp Integrations
Cloud Environment Google Cloud, Salesforce, Azure and AWS
Push NotificationsPush.IO, Twilio, Amazon SNS, Urban Airship
Data Management Datastax
Email Management Mandrill
Real-Time Analytics Big Data, Hadoop, Spark, and Apache
QR Code Scanning ZBar Code reader

Team Structure Required for Developing an e-Wallet Mobile App

  • Project Manager: Responsible for overall project management, coordination, and communication among team members. Ensures that the project is delivered on time and within budget.
  • UX/UI Designer: Creates the user interface and user experience design for the app, ensuring it is visually appealing, easy to use, and meets the needs of the target audience.
  • Mobile App Developer: Develops the mobile app for different platforms (iOS, Android, etc.) using appropriate programming languages and frameworks. Responsible for app functionality, performance, and security.
  • Backend Developer: Builds the backend infrastructure for the e-Wallet app, including server-side logic, database integration, and APIs. Ensures data security and manages server-side transactions.
  • Frontend Developer: Develops the frontend components of the app, including screens, forms, and user interactions. Works closely with the UX/UI designer to implement the app’s visual elements.
  • Quality Assurance (QA) Engineer: Tests the app for bugs, functionality, and performance issues. Ensures that the app meets the specified requirements and is error-free before release.
  • Security Expert: Ensures the security of the e-Wallet app, including data encryption, authentication, and authorization. Implements security measures to protect user information and prevent unauthorized access.
  • Payment Gateway Integration Specialist: Integrates the e-Wallet app with various payment gateways and third-party APIs to enable secure and seamless transactions.
  • Database Administrator: Manages the database that stores user data, transaction history, and other relevant information. Ensures data integrity, backup, and recovery.
  • Marketing Specialist: Develops marketing strategies and plans for the app’s promotion, user acquisition, and retention. Manages app store optimization, social media marketing, and other promotional activities.
  • Business Analyst: Conducts market research, identifies user needs, and analyzes competitors to provide insights for app features, functionality, and monetization strategies.
  • Legal Expert: Ensures compliance with relevant laws and regulations, such as data protection, financial constraints, and privacy policies. Provides legal guidance and support throughout the development process.

How Much Does It Cost To Develop a Mobile Wallet App?

Developing a basic mobile wallet app can cost around $ 25,000 to $ 50,000, while a more complex e-wallet app with advanced features can cost between $ 90,000 and $ 150,000.

Cost Of Building eWallet App For Android

The basic app with basic features costs between $ 20,000 to $ 45,000, and the advanced app might range between $ 80,000 to 150,000.

Cost Of Building eWallet App For iOS

The basic app with basic features costs between $ 25,000 to $ 55,000, and the advanced app might range between $ 100,000 to 150,000.

We have mentioned the pricing of the apps above. However, it may vary depending on certain factors, such as the following:

  • Geographical location
  • The team or agency appointed to build the app
  • Complexity of design
  • Number of features to be included in the app

How Can EmizenTech Help You In Creating an e-Wallet App?

EmizenTech can assist in creating an e-wallet app by leveraging its expertise in mobile app development, payment gateway integration, and security measures. Their team of skilled developers can design and develop a user-friendly and secure e-wallet app with features such as digital payments, transaction tracking, user authentication, and data encryption to ensure a seamless and secure user experience. EmizenTech’s experience developing custom mobile applications can help you bring your e-wallet app idea to life.


Are you planning to develop a mobile wallet app and still considering realizing your dream? Well, you should hurry up, contact the app developers, and start working on it as soon as possible. Sit down and ponder over all the features you want to include in your app, and try to get in touch with experienced mobile app developers. Hiring the best team can help you get an excellent application.

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CTO at Emizentech and a member of the Forbes technology council, Amit Samsukha, is acknowledged by the Indian tech world as an innovator and community builder. He has a well-established vocation with 12+ years of progressive experience in the technology industry. He directs all product initiatives, worldwide sales and marketing, and business enablement. He has spearheaded the journey in the e-commerce landscape for various businesses in India and the U.S.