Recently updated on October 25th, 2022 at 11:11 am
As per recent Mobile Payments Market research, over 25% of the world population do online shopping via mobile devices. The majority of such transactions are done via special applications, e-wallets.
If you are running your business online, it’s better to catch up with your competitor. But where to start, how to proceed, and how to create a wallet app? Let’s find out about this type of fintech apps, how such systems work, and how to create a mobile wallet app using best practices.
What is an e-wallet app, and how does it work?
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A digital or mobile wallet (e-wallet) is a modern financial tool. It allows users to do different money transactions right from their smartphones. This tool is widely used by banks, enterprises, merchants, and individual entrepreneurs.
How does it work? Every e-wallet stores digital money transaction records and allows users to send and receive digital money via the application.
As a rule, e-wallets are used for online payments for goods/services; for point of sale (POS) payments or contactless payments; and for money transfers between bank accounts. Let’s go further and see how to build a wallet app step-by-step.
Guide for beginners: how to create a mobile wallet app
When we speak about e-wallet apps, we don’t mean physical currency and use digital money or digital currency terms. Digital money refers to any means of payment that exists in electronic form. So, let’s start!
Think in advance: start with research and design.
When you think about wallet app development, begin with a market and competition analysis. Devote some time for research and discover end-users ’ needs and the most popular market trends.
When it comes to digital wallets and other fintech apps, be advised to contact a software service provider with good experience in this domain. Such teams usually have dedicated experts who will ensure your wallet compliance with the legislation, data security because they have developed similar solutions and know how to create a wallet app that will succeed.
Also, devote a reasonable amount of time to UI Design. Among the top priority aspects for a successful online payment app are:
- memorable design
Keep in mind; every user action should be valuable and convenient.
Consider must-have features
If you want to create a wallet app like Google Pay or Apple Pay, you need to think over the core functionality in the MVP stage. We have selected the list of recommended features for your e-wallet app:
1. Bank account linking: It allows users to make transactions and add information such as CVV number.
2. Unique user ID for all payment channels: It simplifies customers’ identification, transaction info storage, and payment processes.
3. Money transactions: Below is the most demanded transactions list:
- Receive, add, and transfer digital money;
- Transfer digital currency to different bank accounts from the app and vice versa;
- Set a limit for transactions and the money sum.
4. Payment for vital services and goods: insurance, essential bills, reservations, online purchases
5. Transaction tracking: When you make e-wallet app, it’s essential to see user transactions in the wallet’s account and monitor them.
6. POS and gateways integration: The more payment options your system will support, the better.
7. Settings selection: The app must support multiple languages and offer users the opportunity to select preferred notifications, the type of data displayed, etc.
8. 24/7 support: Your app must offer help around the clock via email, messages in the app, chatbot, etc.
9. Back-up: An opportunity to restore user settings and save the data for emergencies.
Want to add some extra when you create a wallet app? Consider these features for your digital wallet app:
- Exclusive offers: cashback;
- Loyalty and gift cards;
- ‘Refer a friend’;
- Ratings & reviews;
- Integration with wearable devices.
Use the best technologies.
In this development stage, you add all the selected killer features to your minimum viable product (MVP), test it, and implement additional functionality if needed.
Here is a tech stack you may need:
- For mobile development: Kotlin, Java, Objective C, Swift, XCode;
- For web: React.JS, Angular.JS, Vue.JS, HTML 5, Backbone.JS,
- Database: Postgres, MySQL, MongoDB;
- Backend: Node.JS, Angular.JS, Ruby, Python, PHP, Django;
Finally, don’t forget about software testing. Bugs appear in every app, and the software testers are there to fix them.
Today, more and more people prefer mobile-app payment methods for all financial transactions. So, the future of digital wallets is brighter than ever! When you know how to create a wallet app, it’s time to move forward.
Want to learn more about this widespread trend in fintech, learn from the most prominent players on the market? So, stay with us, and you will always be aware of the latest financial technologies.