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Mobile Wallet Development: Revolutionizing Payment Experiences

Ruslan Botnar
Ruslan Botnar
August 23, 2023

In 2022, mobile wallets accounted for more than half of eCommerce transactions globally. As more consumers embrace mobile payments, businesses also need to adapt and offer seamless and secure payment solutions to stay competitive. That’s why in this article, we decided to take a deeper look at mobile wallet software development, explaining its main steps and core milestones. Being one of the recognized fintech development vendors, we would be glad to share our practical expertise and inspire your next big project.

Types of Mobile Wallets 

Before you get started with digital wallet app development, let’s overview the main types of mobile wallets and decide which of the types matches your business idea best. 

  • Cloud-based wallets. Cloud-based wallets store user information and payment credentials on remote servers instead of on a user’s device. This type of wallet offers special convenience and security. The most prominent mobile wallet apps of this type are Apple Pay and Google Pay. 
  • NFC-based wallets. NFC-based wallets rely on Near Field Communication (NFC) technology to enable contactless payments. NFC-enabled devices can communicate with point-of-sale terminals that also have NFC capabilities. The examples of this type are Samsung Pay and Visa payWave.
  • QR code-based wallets. QR code-based wallets enable payments by scanning a QR code displayed on a merchant’s point-of-sale terminal or on the merchant’s website. QR-code based wallets offer a flexible and versatile payment option, as they can be used for online and offline transactions. As for the examples, Alipay is the most commonly known solution of this type.

What Makes Mobile Wallet Development a Viable Business Idea in 2023?

So, there are several promising opportunities for ewallet application development. But what makes this idea relevant in 2023 and why should you consider it as an option for your next startup? Below are the main reasons that make mobile wallets popular and demanded by modern users.

  • Thriving market. The mobile wallet industry is expected to reach $7,580.1 billion by 2027, indicating significant growth opportunities for businesses. Joining this market now is an opportunity to get a competitive edge and future-proof your fintech business. 
  • Increasing smartphone adoption. The steady rise in the adoption of smartphones and mobile commerce has driven the demand for mobile wallets as well. Now, these solutions are also becoming available for unbanked people, providing them with access to financial services and promoting financial inclusion. 
  • Improved customer experience. Mobile wallets enable businesses to offer a seamless and personalized experience by integrating loyalty programs, rewards, and other features. This can improve customer engagement and retention, helping businesses increase revenue.

How to Develop a Mobile Wallet – Step-by-Step Strategy

Now, let’s discover how to get started with mobile wallet development step-by-step. 

Market research and defining the target audience

Market research is a crucial initial step in the development of an eWallet mobile app. This phase helps you understand the existing landscape, identify your competitors, and define your target audience. So, get started by understanding the pain points and needs of potential users that an eWallet can address. Research common challenges with traditional payment methods, such as security concerns or the need for convenience. After defining the target audience, it will be useful to run polls and surveys, gathering user insights firsthand. 

Next, proceed with competitors’ analysis. Use such methodologies as SWOT analysis and Porter’s Five Forces to identify what sets your app apart and how you can provide unique value to users.

Choosing the platform and technology stack

After you are done with the target audience and competitor’s research, it would be right to think about what technologies you should use to develop a mobile wallet. This involves selecting the platform(s) on which your eWallet mobile app will be developed (e.g., iOS, Android, or both) and determining the technology stack (programming languages, frameworks, and libraries) that will be used. 

At this stage, you can choose from two strategies. Startups on a budget usually choose cross-platform development since it is significantly more affordable compared to creating a native mobile app. On the other hand, the majority of popular e-wallet apps are native, so in this case, being guided by your target audience preferences will be the right tactic as well. For example, if your target audience is predominantly iOS users, focusing on iOS development might be a good starting point.

Creating a mobile wallet development roadmap

After deciding on tools and technologies, you have to develop a detailed project plan that outlines the different stages of development, milestones, and estimated timelines. At this stage, your roadmap has the right to be quite approximate, however, make sure it provides for the clear goals and vision. Also, keep in mind that this is a flexible document that can be changed during the development process. A professional e-wallet app development company, like Tino Agency, can help you create a solid product roadmap and seamlessly implement changes along the way.

Partnering with a teach vendor to shortlist and develop core features

At this stage, partnering with a tech-savvy mobile wallet app development company will be the right tactic. The matter is that creating a mobile wallet is a technically tricky process. You have to wisely balance design with functionality, implement robust security measures and ensure compliance with fintech industry regulations. Also, you have to prioritize the core features that will be at the heart of your Minimum Viable Product. For example, core features may include account registration, fund transfer, payment integration, transaction history, and security measures. Prioritize the features based on their importance and feasibility. Your mobile wallet app developers would be able to identify which features matter most for your project success and help you develop them efficiently.

Designing the user interface (UI) and user experience (UX)

Creating a seamless UI/UX for an eWallet mobile app requires a careful balance between functionality and user-centric design, so at this stage, leveraging the expertise of a fintech design company is critical. Being guided by practical experience, they would be able to create stunning and effective prototypes, following the best practices of designing for fintech. 

Next, you will be able to test these prototypes with your target audience, running usability testing sessions. Their goal is to understand how potential users will interact with your app, find usability gaps if any and ensure high user satisfaction in advance.

Backend development and integration

Backend development is the next step to create a mobile wallet app. It involves implementing server-side logic, database management, API integration, and ensuring smooth communication between the app and the server. You will also have to integrate your app with third-party payment gateways or financial institutions for seamless fund transfers and transaction processing.

At this stage, it is also necessary to pay the closest possible attention to security issues. First thing first, your solution should be compliant with fintech payment industry regulations, including but not limited to Anti-Money Laundering (AML), and Payment Card Industry Data Security Standard (PCI DSS). Next, make sure to implement robust security measures such as encryption, authentication mechanisms (e.g., biometrics, PIN), and secure data storage to protect user information and transaction data.

Testing and Quality Assurance

At this stage, you are almost done with your mobile wallet development. Now, you have to thoroughly test your eWallet mobile app to identify and fix any bugs or issues. Conduct functional testing, performance testing, and security testing to ensure the app functions as intended. Your mobile app developers are also likely to use both automated and manual testing tools, fixing the results in a bug-tracking system and prioritizing the issues to be fixed. 

Next, move to beta testing and user feedback. Once you have a stable version of the app, encourage users to provide feedback on the app’s usability and features. This feedback can help you identify areas for improvement and make necessary adjustments before the app’s official launch.

Finalize, launch, support and maintain

Based on the feedback received, make the necessary adjustments and finalize the app for launch. At this stage, the mobile wallet software development process ends, while support and maintenance begin. After the application is launched, your development vendor will provide ongoing support and maintenance by addressing user queries, fixing bugs, and releasing updates with new features or improvements.

The Cost to Develop a Mobile Wallet 

After the stages of e-wallet mobile app development became clear, let’s take a look at the average cost of mobile wallet developing services. However, keep in mind that the breakdown below is rough and approximate. The final price tag depends on the mobile wallet development company you partner with, the hourly rate of mobile wallet developers, the complexity of the feature you need to build, the amount of integrations, and other factors. This chart showcases the cost to build a mobile wallet app MVP, while the price to develop a full-fledged product will also be higher.

Core features Hours Cost at $100 per hour 
User Registration/Login40 hours$4,000
User Account Management30 hours$3,000
Fund Management60 hours$6,000
Payment Gateway Integration80 hours$8,000
Transaction Processing70 hours$7,000
QR Code Scanning40 hours$4,000
NFC Integration50 hours$5,000
Loyalty Programs40 hours$4,000
Security Measures60 hours$6,000
UI/UX Design80 hours$8,000
Testing and QA60 hours$6,000
Bug Fixing and Optimization40 hours$4,000
Documentation and Support30 hours$3,000
App Store Submission20 hours$2,000
Total 720 hours $72,000

Streamline Your Mobile Wallet Development with Tino Agency

Mobile wallet app development is a challenging and complex process. The e-wallet app development cost can also exceed the budget of aspiring startups. At Tino Agency, we understand the challenges fintech startup initiators face, so we developed our special “From idea to clickable prototype” service to help you address them. In just 8 weeks, you will be able to get a prototype of a white-label mobile wallet ready to be tested by the target audience. With this exclusive e-wallet app development service, you get the opportunity to start validating your MVP faster than competitors and give your idea a shot at a reasonable cost. Contact our tech team right now to discover more details of the deal!


In this article, we have explored the essential steps involved in mobile wallet development, from planning and research to design, development, security, and maintenance. Each stage plays a crucial role in crafting a highly functional and user-friendly mobile wallet application. We, at Tino Agency, are ready to support you at every stage of your mobile wallet application development process. Get in touch with our tech team for a well-grounded development strategy, awesome mobile wallet design services, high-quality coding, timely delivery, and transparent project management at once!