Digital Wallet App Development – Cost & Key Features

Certainly, the concept of digital payments is ruling the world. Owing to the current scenario, people just love to use eWallet Mobile Apps or the payment gateway models for making transactions. A lot of business owners now reach digital wallet app development experts with a simple question, how to create wallets like Paytm, Venmo, Google Pay, Paypal, Apple Pay, etc.

The reason behind the popularity of these apps is they provide a safer ecosystem for making the payment and are fast and reliable. Nowadays, people are actually not ready to take the pain of standing in the lines for depositing the cash or for making a transfer. To keep the financial chores at a bay, users are not only adopting the concept of the ewallet app development, but the businesses are planning to get onto the surface with their own customized robust financial solutions.

Therefore, the concept of eWallet and more secured mobile apps are implemented by powerful technologies such as NFC, Bluetooth, Blockchain, etc. The mobile wallet architecture is likely to dominate the market in the coming decades. So, keep reading the post for identifying the top solutions of the eWallet app development cost along with the top attributes, framework, and required team structure.

The world is growing digital day by day. There are a lot of industries that leverage the power of digital wallet app development for safe, secure, easy, and fast payments.

Quick Summary:

Technology is taking its leap in every corner of the world. Especially in this new age, digital is in demand. With the monetization of currencies in the world, electronic and in-app wallets are merged together to access fastness to the people. These payment options are alternatives to cash or digital money. E-Wallets are in the spotlight not from today. The times when you are short of money, and more often during the pandemic times to stay hygienic and secured, e-wallets are the best options for us.

This inculcates new branches to the payments. The pre-equipped wallets act as real companions to the people for the immediate way with security.

Following this blog, we will lighten up with details of the e-wallet, its features, current stats, ewallet application development process, revenue models, and final cost. So let’s begin.

Market Size and Statistics: What Makes eWallet App Development a Great Business Idea?

Online payment technology has paved the way for a promising future that e-wallet applications can offer. The market has seen an exponential rise in the number of investors, developers, and users towards accepting and adapting to the new trends.

We share here some global data that would reflect why the cost of mobile wallet app development has seen an upward graph.

Related Blog: Top Ways to Make Money Transfer App Development Business More Secure

As per a study, the market for digital wallets will expand at an expected CAGR of 28.2%. When talking in terms of numbers the rise would be from a billion to 7580.1 billion in 2027.

A clear indication of how open-heartedly the trend is accepted and celebrated around the globe.

By the end of the year 2023, the global e-wallet market is expected to see a rise of 15% which is around $2.1 trillion.

If just numbers could tell the right story, it was easier for you to decide to invest in ewallet application development. Well, now that you are sure you want to enter the business let’s have a quick look at the features of the eWallet app.

Industries That Depend on the Rise of Mobile Wallet Applications

1. eCommerce Industry

Smartphones are a part of our day-to-day lives in the present era. When it comes to ordering food, home décor items, apparel, medicines, anything and everything is delivered in a click. In recent years the eCommerce industry has seen great popularity and has bridged the gap between the sellers and the buyers. With a rise in mobile wallet app development, small companies and start-ups have boosted their performance. Because of the trends in mobile wallet applications, eCommerce has become easier and payments safer.

2. On-demand Food and Grocery Delivery

No one is blinded to the rising trends of the on-demand food and grocery delivery industry. With the ease of getting household items delivered in the comforts of drawing rooms, making payments online has seen a rising trend. Integrating e-wallet features with your grocery delivery app development and food delivery app development would make it easier for the customers to make payments and earn better profits.

3. Taxi Booking Applications

Want to book a cab but don’t have enough cash? Well, no worries. Book your cab and enjoy your ride as almost all taxi booking app development have features of e-wallet integrated. Thus, even if you do not carry enough cash, the payment could easily be made and you would reach your destination as and when needed.

4. Pay Your Bills Online

This is one of the best mobile wallet features that customers love. Most organizations accept bill payments online and often send reminders too. This makes it easier for the customers to remember their schedules and not miss any bill payment dates.

5. Ticket Booking Apps

When you work to create a wallet like PayTM or Google Pay, you must integrate a ticket booking application with your mobile wallet that would make travel simpler. So, if you want to reach the heights of success you are just a few steps away.

Now that you have a clear idea of the prospect of digital wallet app development just reach the right service provider and get ready to enter the market with a highly engaging and feature ladened app. Before you work on the features and ewallet application development cost, let’s understand how the payments are made.

How Does an eWallet Work? Different Payment Methodologies to Consider

As you decide to build your own e-wallet application, things become quite complicated for you. You need to find the right money transfer method that would make your app more popular.

Some of the most popular ways of mobile wallet transactions are:

NFC: Near Field Communication is one of the best technologies used for sharing information and transferring funds with a really convenient approach. Nowadays, most eWallets are using the NFC communication channels for making payments in a contactless way.

Bluetooth and iBeacon: It also identifies your nearby friends for making the payments. The Bluetooth and the iBeacon technologies help in making the payment transfers very secure and fast. These evolving technologies are very much embraced by today’s user community. Mobile wallet app development teams can easily work on apps that majorly work on Bluetooth and iBeacon technology.

QR Codes: These types of payment methods in eWallet Mobile apps are mostly used for making payments with the persons you frequently meet or the ones who are part of your office or social community. Such a type of mobile e-wallet app payment process requires scanning the QR code of the other user’s smartphone, with whom you want to make transactions in a really easy and simplified way. A QR code is one of the most popular mobile wallet app features that one cannot miss.

Blockchain: An eWallet Mobile App powered by the blockchain is one of the evolving trends for making payments. The reason being it is highly secured and immutable. These mobile apps are mostly used by governmental organizations and financial institutions as they involve huge amounts to be transferred.

Also, Read: The Ultimate Guide for Blockchain as a Service and its Business Benefits

Payment App: Such eWallet Mobile Solutions suits best with the business requirements. Simply businesses can partner with the other business and the local merchant sections and can transfer the cash very effectively. With the help of personalized mobile apps, transferring huge amounts becomes very safe and it ensures that no third party is involved while making the payments.

These are the major ways in which one can make payments online. If you want to create an app like Google Pay you need to make sure that your app supports all these payment methodologies easily.

It is not just the payment type that matters, it is also the kind of mobile wallet that determines digital wallet app development cost breakdown. when you hire mobile app developers, they share here different types of mobile e-wallet applications that you can choose from for your business model.

Types of Mobile e-Wallet Applications

Deciding on e-wallet app features would majorly depend on the type of mobile e-wallet application you want to develop. Each of these has its own limitations and advantages. When you struggle with how to start an e-wallet business a quick read here can surely help you through.

Closed e-Wallets

Well, some apps have in-built payment features and the transactions through these apps cannot be made universally. These organizations are in the business for a long time and often share the loyalty points, rewards, and cash backs in the app wallet. For example, you have a Zomato wallet where most of the refunds and loyalty points by Zomato are added. The same goes for other apps like Amazon, Myntra, etc.

Semi-Closed e-Wallets

A step ahead of the closed e-wallet types lies the semi-closed e-wallets. The cost to develop mobile wallet apps like Google Pay. Paytm is quite similar to such apps. These apps are often used to make payments at stores. It could be possible that their scope is limited and cannot be used at various steps thus called the half-closed or semi-closed e-wallets.

Open e-Wallets

Open e-wallets are simple and the most popular e-wallet applications that make things easier for people to use. They can be installed over any platform and are compatible with all networks. These have an extensive scope of payment and can make all types of payments easily. Ewallet app development cost highly depends here on the market we explore and the features we include.

These are the major kinds of e-wallet apps that one can consider for their business. The popularity of online payment apps is clearly reflected in various stats available on Google.

Monetization Model for eWallets

In a market of tremendous inflation, success can not be a sure piece for businesses. It must be a sparkling app idea that would take your brand value higher. Monetization methods are highly adoptable by mobile service providers across the world for their development of the app.

Let’s discuss here some of the models.

  • Commission: To keep the business working is a necessity for businesses. In the commission-derived model, the authority owner surges a fixed charge to the bank transfers and to the user. For example, a user performs a transaction on the platform and pays a small charge to the bank.
  • Advertising: In such a model, a similar bank service provider allows them to place their ads on the displaying area of the platform. This allows a large customer base on that platform. This is one of its kind of sources of income to drive the businesses.
  • Ecommerce enabled: This model welcomes new businesses to mutually run their services over the already pitched platform. Ecommerce has multiple options for giving back to the marketplace. Due to the larger presence of overcrowded traffic, it preserves more scope for e-wallet transactions and businesses.

The Main Architecture of an eWallet App

Read Also: Ewallet Applications 2021: Challenges and Trends in Development

User Panel

    • User Registration: This is the major section of an app; the user can sign in with the social network or email account credentials.
    • Authorize Bank Account: Users can select the bank details from which they want to make the transactions. They can register a particular bank account and can pay with it at any instant.
    • Add Balance: They can add a certain amount of balance to their account according to the number of transactions to be made.
    • Check Balance Status: Once all the transactions are made, the users can view their account balance and can check all the incoming and outgoing cash flows.
    • Transfer Cash: The users can transfer the cash amount to the other concerned users by entering the account details thus, allowing in making the transactions effective and convenient.
    • Pay Bills: Users can pay the bills via their registered bank accounts so as to maintain track of all the cash flows conveniently.
    • Accept Payments: Users can receive payments as well. Simply by sharing their corresponding account details users can accept the payments securely.
    • See Offers: Under this section, users can see the offers while making the transactions and can redeem the points as well.
    • Transaction History: All the transactions made by the users are recorded and tracked. The user can search for all the transactions with the advanced filters from the transaction history.
    • Invite Friends: Users can invite their friends as well for sending and receiving the funds. This way it really gets easy for them to transfer the amount as and when required without asking for account details every next day.

Admin Panel

How to make an e-wallet ceaseless and smooth in its operations is a great challenge. Hire experts who can help you through the process easily.

  • Dashboard: All the users registered with the app along with their profile and other basic information are tracked and monitored by the admin.
  • New Offers: All the new offers are managed by the admin. Offers related to referrals, rewards, and frequent transactions are governed and monitored accordingly.
  • Manage the Users: All the users that are associated with the app and making the transactions are tracked and monitored by the Admin.
  • Manage the Contacts: All the users that are associated with the app, the ones making the payments very often and all the user retention and acquisition techniques are managed by the admin.
  • Analytics and Reporting: All the reports related to the number of users associated, types of offers most availed, number of transactions incurred, app usability and bounce rates, and all other important details are generated. Admin can accordingly validate all the reports and can outline certain solutions for augmenting the visibility of the eWallet Mobile App.
  • Add/Block Features: According to the user behavior and as per the count of rejected or unauthorized payments processes, the admin can block the users. In the same way, he can also add new user requests depending on the number of users already aligned with the app.

Advance Features

We share here mobile wallet new features that clearly reflect how far you can go with the ewallet application development process.

  • Geo-location: This is one of the great features of an eWallet Mobile App. Although, adding this feature will raise the mobile wallet app development cost, but then adding it will significantly raise the visibility and popularity of an app. With the help of GPS, users can locate nearby users and can make the payment by just tapping on the user name. This helps to save a lot of time as no account information is required to be filled and all the transactions can be accomplished with a very simple and easy approach.
  • Data Synchronization: Now while discussing the features of an eWallet Mobile App, data synchronization is likely to play an important role. The app is synchronized with your registered social network account and mobile number so as to deliver high-level security and accuracy. The bank account linked with the mobile number is displayed automatically hence, users are not required to fill the long bank account forms.
  • Booking Calendar: So, with this feature users are not required to remember the date for making the transactions. They can simply highlight the date on the calendar. On a particular date, the alert is sent to the users automatically. This way the process of making transactions becomes very easy and keeps the users away from any payment-related headaches. They can even share the calendar with their friends as well in order to make the entire payment ecosystem very effective.
  • In-app Camera: This comes to great use in QR code scanning. With the help of an In-app camera, users can send the receipt of transactions to the other users. All the transactions can be confirmed within an app so as to validate all the fund transfer requests instantly.
  • Cloud Operations: With the help of cloud operations, all the transactions can be stored in a safe and reliable form. The cloud operation helps in augmenting the quality standards of your app and enables the users in making the transaction in a very faster way. It helps to access the data in a more powerful way and captures high user attention.
  • Wearable Integration: This is definitely the feature for which the users are nowadays looking. Users can integrate smart wearable devices with their app and can monitor all the payments on the wrist. It adds greatly to the user convenience and at the same time defines a new approach and trend for making payments with a really easy and convenient approach.
  • Create Virtual Cards: Almost all of you have a credit/debit card. But with the advancement in technology, the digital wallet app development will allow the users to create a virtual card as well. This virtual card looks very similar to a credit or debit card and can be used within an app. Users are not required to enter the account details, just the username and password are sufficient for making the payments. This can be said as one of the best attributes of an eWallet Mobile App.
  • Tokenization: It works great for improving the security of the transactions. It generates a one-time code and hides the information pertaining to credit/debit card information from the merchant.
  • Push Notifications: Push technology helps in keeping the users attentive and engaged. They can be kept informed about the different rewards, points, and other deals, and alert the users whenever a transaction is made or requested.
  • QR Code: Simply scan the QR code of the users’ mobile and make the payments with a highly effective and convenient approach.
  • Digital Receipt: For all the accomplished transactions, a digital receipt is generated. The same can be shared via Phone, email text, or within an app.
  • Categorization and Portability: Users can categorize the different transactions and card details at their convenience. They can easily add money and can share it over both online and offline modes.
  • Loyalty Program: Offer rewards on every successful referral. Users get loyalty rewards and at the same time, it helps in increasing the app’s visibility.
  • The experts also can integrate bitcoin transaction alternatives with the application making it future-ready and scalable. With blockchain technology being our niche, we make it a point to deliver solutions that resonate with your business idea.

These features have made it possible for ewallet app development companies to enter the market with unique and innovative solutions that would make it easier for them to survive the competition.

Read Also: NFT Marketplace Development Work Model, Key Features & Cost

Technology Stack for Ewallet Application Development

The e-wallet app developers work on the projects that make it a point to deliver you great results without compromising the feature set that you have longed for. Payment app development cost highly depends on the technology stack used.

  • Twilio: For Push Notifications
  • Nexmo: For SMS, Voice, and Phone Verification
  • Braintree & PayPal: For accepting payments
  • GWT: For Powerful Programming
  • Datastax: For Data Management
  • Mandrill: For everything related to emails
  • ZBar bar code reader: For scanning the QR code
  • Debian: The universal Operating System Database
  • MongoDB, Hbase, Cassandra, Postgres, MailChimp Integration
  • Cloud Environment: Amazon AWS
  • Real-time Analytics: Hadoop, Spark, BigData, Apache Flink, Cisco, IBM

Team Structure Required

Other than finding the Mobile App Development Company there are some key persons as well that actually undertake the responsibility of developing the app from scratch.

Developers: They are the actual creators of your mobile app and take complete responsibility for crafting just the perfect solution for making your app a clear winner in the cut-throat competition prevailing out there. Of Course, the technical team can be composed of android app developers & iOS App Developers headed by skilled and experienced project managers.

Designers: Designers are the one that actually takes the essence of your app to a whole new level. A beautifully designed app for sure will attract the users, no doubt how strong it is on the behalf of development. So, it is imperative that you find the right team of UI/UX designers that can comprehend the core idea of your mobile app

Testers: An app befits your business in case it is true to quality. Thus, the role played by the team of QA experts and testers cannot be undermined. An app full of bugs is clearly abandoned by the users. Therefore, having a good testing team is a must as they test it by applying all sets of unique combinations and making all the possible efforts for finding the bug. In case the apps face them all without failure, for sure they can achieve monumental success across all the market standards.

Project Manager: Owing to this position the person must know all the guidelines for engineering an out-of-box eWallet Mobile App. She/he should be able to identify what is best for the client’s business model and must be able to figure out the best possible solutions.

The team we are talking about here works with agile methodology and makes it a point to bring on the screen an experience that clearly reflects your idea. Significantly, the project that you want on screen is designed and developed with your review at each point.

Mobile Wallet Development Team Engagement Model (Offsite, Onsite, Hybrid)

Depending upon the physical location of the business, individuals or the operators can select from any of the three engagement models. Offshore is the way when the operator or entrepreneurs want the project to be completed from a remote location. Onsite is when the business individuals want the project to be done on the office premises. So as per the guideline, the required and allocated eWallet Mobile App developers are sent to the office along with the assigned work.

Hybrid app development is the mix of both and is opted when the business persons want to compete for the app within minimum time. During office hours, developers are sent to the office and after that, the team works from a remote location.

Cost of Digital Wallet App Development:

Most of the companies charge as per the man-hours they put into developing the app. In regions like North America for instance, the price is around $150 per hour, in Europe, it is $130 per hour, and the companies situated in Australia charge around $190 per hour.

According to the statistics, India is the most affordable county for ewallet app development at the price of $25 -$80 per hour. The cost of developing an eWallet Mobile app is around $25,000 to $50,000 and apps that have extensive features such as Paytm can cost up to $100,000 to $150,000.

Popular Mobile Wallet Apps

Some of the top e-wallet mobile apps present in the market are Paypal, Google Pay, Samsung Pay, Stripe, Amazon Pay, Whatsapp Pay, Phonepe, and many others.


Paypal is the global solution for payments in a secured way. 51% of the businesses trust PayPal for their payments. More than 27M of traders’ preferable choice across the world is Paypal.

You can pay from your account, and quickly withdraw the funds, with just a tap. Initially, you just have to connect your bank account with the platform, set the transaction password, and hurray, you are set to go.

For businesses, you can connect e-commerce with it. Paypal offers secure payment methods for transactions. Along with it offers a wallet, debit card attachments, and bank accounts with numerous discounts and rewards from time to time.


One of the fast and secure ways of the transaction, with a user base of 340M+ across the world, Phonepe has a large ecosystem for transactions. Stakeholders from worldwide trust this platform for its secured and fast payment solutions.

Users just need to set the payment option from the lists, attach a 4 digit pin for the transaction, and link with the bank account. Transactions are easy to perform, collect the request from the merchant and click on the pay for payments.

Google Pay

Gpay is the simpler mode of payment for fast, secure, view every transaction with clarity. Features like sending and receiving money instantly, and earning rewards for every transaction.

Now with Gpay, you can book your ride, share your money with friends and family, recharge your phone, bills, gas refill, scan with QR, self-transfer, and many more.

WhatsApp Pay

The best platform for all of your encrypted chats now comes with a secured payments solution within the app. Users can send and receive money right while chatting. Send money to someone, order lunch, or buy a gift, do whatever way with your money without any hassle or fees. Now payments are as simple and wondrous as they are ever before. Add your bank account for the quick transaction of money to any with your WhatsApp UPI and get protect yourself from any mishap. View every history of the transaction in the settings. It is now available in India and Brazil.


So finding the right ewallet application development partner starting with an innovative concept, unique ideation, passion, and the right mobile wallet app development company will drop the eWallet cost and time framework for developing an eWallet Mobile App up to 40%.

Therefore, before embarking on the app development strategies of an eWallet Mobile App, the firms and the business must validate and verify the past track records and the time required and invested by the Mobile App Development Company’s digital wallet app development. It is always advisable to compare all the reputed development firms on the grounds of experience, goodwill, and costs.


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