E-Wallets or digital wallets have become indispensable in our lives in the last few years. In the pandemic, the adoption, market reach, and utility of eWallets only increased to stratospheric proportions. The pandemic and social distancing requirements only created strong tailwinds for the payments revolution that was already underway.

The trend in acceptance of digital payments and eWallets is picking up among the young generation and among seniors. The technology-agnostic people also adapted to new realities and now see the benefits of using eWallet apps in their daily lives. 

The Significant Benefits Of Using A Digital Wallet Are

  • Contactless payments.
  • Secure payments.
  • Tracking of all transactions.
  • Micropayments of sums as small as 50 cents.
  • Direct linking to a bank account or credit card.
  • Easy to set up, use, and receive payments.
  • Automatic cash-memo/invoice generation and sharing.
  • Acceptance at retail stores, gas stations, online stores, and almost everywhere.
  • International remittances in multiple currencies.

Retailers, food delivery businesses, grocery stores, e-commerce businesses, logistics operators, cab operators, and service providers have benefitted from the adoption of eWallets. The added advantage for businesses is that their eWallets also promote their brand. Digital wallets offer an easy way to reach out to customers and target them with special, unique offers customized for each one of them.

If a customer is in the vicinity, you may send an alert to them to refill their refrigerators, pantries, and toolboxes as push notifications. You can alert your unique customers about the new collections, special discount sales, and any other partnership offers from which they may benefit.

If your eWallet is compatible with multiple payment options, then your customers might use it to pay their utility bills, cab charges, rent, etc. – increasing traffic on your app.

What Is A Mobile Wallet, & How Does It Work?

An e-wallet or a mobile wallet is a digital alternative to cash, cards, and net banking – all rolled into one. Most e-wallets can save multiple payment options – like bank accounts, cards, and even cryptocurrencies.

E-wallets allow you to apply discount coupons, earn you cash back, redeem your reward points, and earn more loyalty points as you use them more. Digital wallets come in all shapes and sizes (not physically):

  • They can allow remote payments as well as proximity payments.
  • They can be supported with QR codes, NFC, Bluetooth, SMS, and online payments.
  • They can pay and receive payments from/to your bank account, credit/debit cards, or cryptocurrency accounts.
  • You can use them for all types of payments – P2P, C2B, B2C, B2B, and even C2G or B2G.

With stable and reliable internet connectivity everywhere, users can make payments using on the go – literally. Many Amazon’s or Google’s services users use Alexa or Google Assistant to make payments for their online purchases, utility payments, and whatnot.

Worldwide there are many popular e-wallet apps – some locally, some with an international presence. PayPal, Apple Pay, Google Pay, Venmo, mPesa, and Square Cash are all international e-wallets popular in all major economies. While AliPay, PayTM, PhonePe, etc., are popular in one or two countries like China and India.

The E-Wallet Mobile App Market Size

Market Size

According to Allied Market Research, the mobile e-wallet market size was at $1,043 billion in 2019. This is projected to grow at 28.2% CAGR to reach $7,580 billion by 2027 between 2020 and 2027.

Mobile wallet market by type
“mobile e-wallet market size” Source: Allied Market Research

P2P Leader

China is the world leader in adopting the mobile wallet payment revolution and drives more transactions than all other regions combined. In 2020 alone, the market size of the e-wallet industry was nearly 65% of the global market. This, according to Statista, will not change much even as other countries catch up.

Market size of mobile wallet transactions in various regions worldwide in 2020 with forecasts from 2021 to 2025
“Market size of mobile wallet transactions in various regions worldwide in 2020 with forecasts from 2021 to 2025” Source: Statista

Active Users

According to another report by Statista, the number of active users of mobile wallets was more than 3,472 million before 2021 started. By 2024 the number of active users would increase at a CAGR of 9.75% to cross 5,037 million.

Transaction Value and Number

According to the same report by Statista, the value of global transactions was $7.9 trillion in 2020 and is projected to cross $8.18 trillion by 2024 – an annual increase of 13.74%.

According to PYMNTS.com, Zelle, a banking industry-backed app in the P2P payments space, only converted $120 billion in more than 436 million transactions in Q2 2021. It recorded an impressive growth of 68% in the value of transactions and 58% growth in the number of transactions over Q2 2020.

Small Businesses

The Zelle Small Business vertical saw the fastest growth in transactions by 157% percent over the last year, according to PYMNTS.com.

Preferred Payment Mode

Financial Express reports that the combined market share of debit and credit cards was 32% in 2019, the largest in all payment modes. But by 2024, e-wallets would command the highest market share at 33%.

The 2021 Global Payments Report by Worldpay from FIS stated that digital wallets beat cash by capturing 34% market share for payments at small stores and businesses.

Cash is Dead

Reduction in cash use is a global phenomenon that has accelerated since 2019 and the pandemic added to the push towards digital wallets by 42%. Cash would be the least used mode of payment in just 4 years.

The same report from FIS states that more than half – 52%– be precise – of online purchases will be paid for with a digital wallet.

Top eWallet App Development Companies

Here is our pick of the top players in the e-wallet app development space that score exceedingly high on most of the above parameters. This shortlist is prepared with the utmost care by experts by corroborating facts from multiple independent sources.

Emizen Tech Pvt. Ltd.


With a history of serving+ satisfied clients in only 8 odd years of industry presence, Emizentech offers best-in-class e-wallet app development services. More than half of their 200+ team members are experienced, with an average experience of 10+ years in the industry.

Their e-wallet solutions offer multiple payment options, intuitive design, a secure system, seamless navigation, and ease of use. You can safely bet that your customers and users would have enhanced customer experience resulting in brand loyalty.

Octal IT Solution

octal IT Solution

Octal IT solutions consistently scale their services and upgrade their technology stack. This results from a continuous focus on training and quality to deliver the best e-wallet development services for their global clients. The intuitive and minimalistic design comes naturally to them, allowing hassle-free payments for the end-users. 



Chetu is a renowned name in developing custom mobile wallet solutions. Their apps enable users to create and manage digital prepaid gift cards, debit and credit cards, multiple cryptocurrencies. Users can set up multiple bank accounts to transact between two modes for direct payments at merchants. Their apps facilitate payments via NFC, QR codes, and P2P mode. 

Nimble AppGenie

Nimble AppGenie

Nimble AppGenie is an expert in offering feature-rich and fully secure e-wallet Apps for all device platforms. They can develop e-wallet apps for Android & iOS smartphones, Wearable devices, and smart home devices. The modular design and microservices make the app agile and open for integration with other popular apps.



The Peerbits solutions are enabled to support nearly all kinds of payments modes – NFC, QR code, SMS-based transactions, net banking, cards (debit, credit, virtual), and USSD-based transactions. The outsourced projects team can help augment your IT team and deliver upscale development capabilities.

360 Technosoft

360 Technosoft

360 Technosoft claims to have successfully deployed 600+ apps for more than 400 satisfied global clients. Many of their clients are repeat customers who bring in repeat business of developing apps in multiple domains for their numerous business verticals. Some of their e-wallet apps are successful in international markets for their simplicity, security, and a multitude of choices.

Also Read: How To Launch An App

Hyperlink Infosystem

Hyperlink Infosystem

Hyperlink Infosystem is ranked as the number company for mobile app, blockchain, AI, and web development in the USA and India on Clutch. Within 10 years of their existence, they have delivered more than 4000 apps, many of which are e-wallets. Their client list in the digital payments and e-wallets space includes National Payments Corporation of India, Google, and Astral.

The Future E-Wallet Apps

You may not be alone in thinking that whatever could be done in developing an e-wallet app has already been done. This is not because you are wrong; it is simply because you are not aware.

As the pace of technology change is shortening and new disruptions are changing how we transact and use our smartphones, the real benefits of e-wallets are yet to be realized. Many new technological trends shaping the present will become mainstream tomorrow and will transform our relationship with money forever.

Biometric Authentication

The biggest concern for any payments app and software is security. Most people, especially technology-agnostic seniors, are hesitant to use technology like e-wallet apps. But they are the ones with more resources and purchasing power than the millennials.

Biometric authentication – like iris scan, fingerprinting, or even voice authentication – would make your e-wallets secure. No one else could initiate a payment even if they physically have your phone.

Smart Payments

Homes and offices are now becoming smart with devices like smart speakers or intelligent refrigerators installed everywhere. Home assistant systems can scan your pantry, and refrigerators reorder your monthly groceries, vegetables, and fruits. You can also order food, clothes, gadgets, and any other stuff on your smart speaker. As they are linked to your e-wallets, they can automatically charge them to make payments.


Mobile Point of Sale (mPOS) machines are increasingly becoming commonplace. These are wireless PoS devices allowing merchants to accept payments via cards as well as e-wallets. You can run these devices on local WiFi or even a mobile SIM with the Internet and link them to your digital wallet or bank to receive payments.


Near Field Communication and RFID chips and readers allow making contactless payment when in close vicinity. Smartphones and e-wallet apps from all leading players – Apple, Google, Samsung, Alibaba, Tencent, and Venmo – are already NFC enabled. If you trust the source, then you can make payment without entering a PIN or biometric authentication. These payments are more popular in public transport, restaurants, parking lots, and payphones.


Artificial intelligence and machine learning are already powering eCommerce and fintech. AI-powered e-wallets allow the system to make payments for regular billers like utilities, groceries, transport, cable, and telephone service providers. ML is applied to generate spend analysis reports, hidden charges discovery, and expense tracking.

International Remittances

Students and professionals in a foreign or distant place need to remit funds regularly within a country and many times across borders. E-wallets are now one of the most common ways to remit funds internationally securely and quickly. The wallets offer better foreign exchange commission and rates as compared to the traditional players, resulting in a lot of savings.

Social Shopping

With more people taking to social media, businesses are finding it difficult to ignore. The smart ones are not limited to cataloging and advertising their merchandise on social media. They are executing sales and earning money from their pages by allowing social payments using e-wallets. With this integration, the users do not have to leave the social app to make purchases; they can pay for the item then and there and share it with their followers.


Increasing users of cryptocurrency have allowed businesses to have the confidence to take and make payments using these. Many e-wallets now allow trading in cryptocurrencies and making payments for purchases in popular cryptocurrencies based on blockchain technology like Bitcoin, Etherium, and Dodge Coin.

Must Read: How To Choose A Tech Stack For Developing A Mobile App

How To Choose A Vendor For Custom E-Wallet Development?

E-wallet their global client’s apps are one solution that you cannot ignore. We are sure that you would want to get an e-wallet app developed to promote your business. But before you shop around and finalize a vendor, consider these key points.


The portfolio of solutions, apps and the clients of a vendor speaks volumes of their expertise and grip on the industry. If a vendor has not developed an e-wallet or similar fintech app ideas in the past, they most likely lack the expertise for it. You must ensure that the team has software developers, analysts, UI/UX & Quality engineers with hands-on experience. The vendor must be able to scale its offerings as and when required.


There must be a straightforward procedure that your app ideas must follow for settlements of payments. Whether it is for successful or unsuccessful transactions, you must continually offer services within the ambit of the applicable laws and rules. A disputes settlement mechanism must be in place to handle any claims, disputes, or grievances.

Regulatory Compliance

The vendor must be fully updated about the latest rules, regulations, and applicable laws for working on an e-wallet app. All e-wallet apps must comply with PCI DSS to operate in the USA and ensure that rules of GDPR are being honored in Europe. The challenge increases manifold for international players as each jurisdiction has a different set of rules. 

Microservices architecture

To allow your e-wallet to integrate with other services and become the preferred payments method for users, your solutions must be designed with microservices architecture in mind. This will ensure smooth integration with other apps and new features in your wallet app, making it the de facto choice of the users.


The vendor must be able to analyze your unique requirements and then customize the solution to suit them. You can buy a wallet solution on an “as is” basis, but they may either not fulfill all your needs, or you may end up paying for services you do not need, or both.

Focus on Quality

Financial constraints should not limit the vendor selection for such a critical app is the e-wallet. If you cut corners in paying for quality, then you must pay with your reputation as well. You may face legal and penal actions.

API Integration

Businesses like food delivery app, logistics apps, eCommerce require additional services like maps to track packages. Similarly, the wallet must allow integration with other third-party services via the API. The vendor must also publish the apps’ API for other services to call its functions.

Read More: How Much Does It Cost To Make An App?

Support & Maintenance

Regular support, maintenance, and updates are more crucial than the initial development as they decide such an app’s ultimate success or failure. So, if you want your fintech Unique app ideas for e-wallet to be successful, closely pay attention to the market reviews about the support provided by the vendor you are looking into. You may contact the clients listed on their website to get a fuller picture.

Get a Free Consultation Today

If you are looking forward to launching your e-wallet, then considering the key challenges and trends in e-wallet app development, we are best suited to guide you. To hire an experienced team for Fintech app development that is also conversant with rules and regulations must be your priority.

Contact us today or drop a message to get a free consultation from our expert analysts.

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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.