eWallet App Development: Cost, Features & Complete Roadmap

Considering eWallet app development?

While the process can be tricky, it opens the door to a highly lucrative and rapidly growing market. Fintech solutions like eWallet have turned into a household name, with apps like Venmo, Google Pay and PayPal changing the old-school method of managing money.

From a user’s perspective, one get’s the ease of anytime, anywhere payment, the adrenaline rush of cashback and discounts as well as security and convenience.

But when you think of mobile wallet apps from a business perspective, you see billions of users, limitless revenue and a promising market brimming with untapped potential.

In this guide, we shall address the audience looking at eWallet solutions from the latter perspective. No more ado, let’s talk about everything related to mobile wallet development solutions.

eWallet App Development Market Statistics

eWallet mobile solution statistics shed light on remarkable numbers in the eWallet industry that continues to grow at a breakneck speed.

With eWallet app revenue increasing and the user base growing to 5.2 billion by 2026 – it’s evident that these app’s offer something special. To better comprehend this ragging market, let’s look at some of the temming market statistics:

Market Size of Mobile Wallet Transactions in Various Regions Worldwide in 2020 with Projections from 2021 to 2025.

 

This stats clearly shows that in today’s fast-paced world of money management, eWallet apps like Google Pay and Apple Pay in North America are believed to twofold between the years 2020-2025. In 2023, the eWallet market reached $105.5 billion, fast-forwarding to 2024, it’s near to achieving the milestone of $124.6 Billion. If the market follows the same trajectory, it will hit $567.2 billion by 2032, with a CAGR of 23.40%.

To your surprise, the digital wallet will be responsible for transactions surpassing $16 Trillion by 2028. If we are to believe the study from Juniper Research, the total number of digital wallet users will outgrow 5.2 billion globally in 2026, representing a CAGR of ~53%.

Another reason to develop an eWallet app is investor’s interest in this promising industry.

Venture Capital Investment in Mobile App Digital Wallet Startups

Reports from trusted agencies show that startups tapping in the mobile wallet market are  leveraging first-movers advantage of the $1 trillion invested in the Fintech landscape.

Let’s shed light showing the readiness of investors for this industry segment:

Back in 2016, Payoneer raised $180 million for its global payment technology. Ghana-based Fintech, Dash, raised $32 million seed for mobile wallet app development in Africa. DANA, an Indonesia-based digital wallet, raised $100 million in series B funding to build mobile apps for the unbanked. HubPay, a Middle-East and North-Africa rooted fintech, raised $20 million for it’s e-wallet solution.

But, it’s not all smooth sailing in this competitive landscape, where mammoths like Apple Pay, Samsung Pay and Google Pay are duking it out. To really cement your footsteps, e-Wallets must do more than just the basics. It’s about understanding what users really want and solving the unsolved challenges, like seamless connections or special deals.

However, in today’s digital age, e-wallets aren’t just transforming the way we pay — they’re shaping the tomorrow of finance. As we discover more about this dynamic landscape, we’ll provide insights into eWallet app development services, digital payment solution development cost, features and everything in between.

What is an E-wallet App?

You can think of it as a digital version of your physical wallet but it’s better and safer.

Popularly known as mobile wallets, digital wallets, or payment apps these apps allow users to facilitate a payment (even globally), manage accounts, pay bills, leverage BNPL approach, carry virtual cards, and much more.

For better understanding, take Gpay, Apple Pay or Samsung Pay as an example. Though, these app’s features are their USP, considering their core working and general features eWallet apps can be classified into a few categories.

1. Closed Wallets:

As the name suggests, “Closed Wallet” apps can only be used to make a payment to a specific party. A big example of this is Amazon Pay.

Who is This For?

This type of digital wallet is recommended for ecommerce platforms and retail stores.

A good reason to invest in this type of eWallet app development is that it provides brands with a huge boost in context to reliability, reputation, customer loyalty and increased revenue generation.

2. Semi-Closed Wallets:

Semi-closed wallets allow users to pay effortlessly at partnered merchants and locations. The magic behind this is that these wallets are restricted to specific merchants and locations. Google Pay India is a perfect example of semi-closed wallets

Who is This For?

This is a good venture opportunity for fintech businesses, financial institutions, tech companies or eCommerce companies. Indeed, this is a great opportunity for startups and entrepreneurs.

3. Open Wallets:

Open wallet means being open-looped.

These types of wallets can be used anywhere and everywhere, the condition being the other party should be using the same platform or a compatible one. Moreover, these types of wallets can be used to manage bank accounts, ATM withdrawals, manage transactions and so on.

Revolut and Chime are a few examples of open wallet apps.

Recommendation – Why Should You Develop an App Like Revoult  

Who is This For?

If you are planning to start a fintech company and generate billions in revenue, open wallets mobile app is an ideal choice.

4. Mobile Banking Apps:

These types of mobile banking apps are used to manage bank accounts, credit cards, debit cards and other financial products. The Bank of America is a perfect example of a mobile banking app.

Who is This For?

Every financial institution and banks will create mobile banking apps addressing the growth in the fintech industry.

5. Crypto Wallets:

Crypto wallets are types of digital wallets allowing the user to buy, sell, transfer and trade cryptocurrencies like Ethereum and Bitcoin. Primarily, Crypto wallets oscillate in between the Blockchain development services and fintech development services.

Who is This For?

This is an ideal choice if you are a Crypto-based company. Adhering to this type of eWallet helps businesses skyrocket their digital currency just like Ethereum.

6. IoT Wallets:

These wallet apps enable transactions from wearable devices, appliances and everyday objects.

Who is This For?

This is a considerable choice for businesses planning to tap into wearable technology, like smart watches making payments or goggles facilitating a transaction at a respective store. Moreover, in automotive where smart-meters facilitate automated utility payments, connected vehicles that enable in-vehicle payments.

Even these types of eWallets can be utilized in the supply chain to track and validate transactions.

7. Digital Wallet Super Apps:

If you are aware of super apps, then you can easily relate with the concept of digital wallet super apps. But don’t worry, if you are a rookie to this term, we’ve got you covered.

Recommended Read : Your Own Guide to Understand Super App like GoJek  

Primarily, this is an all-in-one digital wallet app. In this type of app, users get access to banking apps, cash in advance, NFC mobile payments and much more.

Who is This For?

Digital wallet super apps are an ideal choice for any type of business, as it combines everything into one and provides super-value to the end-user.

These are the most popular types of eWallet mobile apps. Now that we’ve got that covered, let’s explore the next section, where we’ll break down the features an eWallet app must have – a must-know for you before stepping into the eWallet app development.

Top Features To Have in eWallet App Development

In eWallet app development services, features play an inevitable role in delivering value to the users. Thus, it’s more than important to make your mobile wallet development solution stand out in the market.

Herein, we’ll be going through features that users-like to use in their eWallet app.

A little aside from these essential features, i.e basic app features, there are some advanced features that users will love to see in the Ewallet app.

Advanced and Innovative Features to Have in an eWallet App

Mobile wallet development solutions must be armored with advanced features to dominate the lion’s share in today’s competitive market.

Thus, if you truly want to stand out from the crowd, here are some innovative features you must consider integrating in your app.

1. Wearable Integration

Enhance the usability of your eWallet app by integrating compatibility with wearable devices. Smartwatches and other wearables allow users to complete transactions effortlessly, offering a seamless yet modern payment experience. This mobile wallet app development feature is one of the top trends to implement.

2. Secure Storage and Payment Management

Security is crucial when handling sensitive financial data, and a well-developed e-wallet app ensures protection through encryption, tokenization, and multi-factor authentication (MFA).

Encryption protects your credit and debit card data by making it inaccessible in case of an attack, while tokenization replaces real card numbers with digital tokens for secure  transactions. Additionally, MFA (Multi-Factor Authentication) adds an extra layer of defense, requiring two-step verification like fingerprint scans, facial recognition, or one-time codes.

3. Budgeting Tool

An eWallet mobile app development company must ensure to include features for tracking expenses and creating budgets to help users manage their finances seamlessly. After all, by enabling users to track their spending and set financial goals, these apps promote better financial well-being.

4. Bill Splitting Feature

Establishing a bill splitting feature in your eWallet app ensures streamlined group payments. This feature offers an easy yet protected way to divide the bill among friends and even request payments directly within the platform.

5. Virtual Card Management

This feature allows users to add their credit or debit cards to the app and leave the physical cards at home. For example, NFC payment apps let users pay with their cards using their phones, making this a valuable feature for your app.

6. Multi Currency Support

Mobile wallets serve as your financial companion on international trips by managing multiple currencies and handling seamless currency conversion, allowing you to avoid cash exchange and get the best exchange rates for transactions.

Now, these were a handful of inescapable advance features to consider for your eWallet app. With this out of the way, it’s time to discuss the development process of creating an eWallet app.

How To Create an eWallet App?

eWallet App Development is no rocket science. Indeed, it’s a blend of creativity and technical expertise in the process.

To help you understand the nitty-gritty of mobile wallet app development, let’s go through each step and discuss them in brief.

Step 1: Discovery/ Scoping Phase

First and foremost, the discovery phase is where your partnered mobile wallet development company conducts market research to assess the target audience, trends and competitions in the industry. Also, herein your development team identifies the technical requirements needed to cater the business prerequisite.

These steps help everyone in the loop in understanding the intricacies of the project to better engage the tech stacks in the right way. An ideal discovery aspect checks on the boxes mentioned below:

• Discover the motivation and objectives
• Research the target audience
• Create project workflow
• Adherence to legal compliance and licensing
• Develop project blueprint

A little aside from this, check on the deadline, budget and resources allocation for the project.

Step 2: UI/UX Design

Designing an eWallet app includes crafting a user-friendly, visually appealing experience. Follow these steps for a flawless user experience:

• Select a Design Approach: Choose a design methodology as the first step in your development process.
• Create Wireframes and Prototypes: Develop wireframes to outline the design and prototypes to test and refine it, ensuring client approval.
• Prioritize User Experience: Focus on UX to enhance user attraction and retention, vital for the success of fintech apps like eWallets.

You can take inspiration from top fintech apps.

Step 3: App Development

This step is the most technical and time-consuming, consisting of source code development to bring your idea to life. After all, effective communication with the development team is crucial.

Here’s what you need to handle:

• Technology Stack: Choose the technology stack for app development, offering various options.
• Team Structure: Gather a team including a project manager, UI/UX designers, mobile app developers, frontend and backend developers, QA/testers, fintech security experts, payment gateway specialists, and a database admin.
  

  💡Consider Outsourcing for Cost and Efficiency.

• Frontend Development: Developers leverage technologies like CSS, React, and JavaScript to integrate the design and make the app responsive.
• Backend Development: Focus on coding, fintech APIs, database integration, and server security, which are critical for a secure platform.
• Payment Gateway Integration: Integrating a payment gateway for online and P2P payments, choosing the right one is essential for functionality.

Step 4: Testing

Mobile app testing is important, especially for eWallet app development. Considering the numerous elements involved, a comprehensive testing is of utmost importance to identify and resolve any errors, bugs or security challenges.

The QA and testing team will meticulously review everything before rolling out the app in the respective stores.

Step 5: Launching

The eWallet app deployment process varies by development platform.

Publishing an iOS app on the App Store is more complex with strict guidelines, compared to submitting an Android app to the Google Play Store. While, hybrid apps must go through both platforms.

Regardless of the platform, it typically takes about two weeks for the app to go live. However, the eWallet app development process isn’t finished yet.

Step 6: Maintenance and Updates

After launching the app, maintenance and constant mobile wallet app development services kick in to address recurring issues and manage unexpected challenges. Precisely, this isn’t just a step but an ongoing process that continues as long as the app is live.

With that, we’ve completed our guide on the eWallet app development process. Now, it’s time to tackle the big question: “How much does it cost to develop an eWallet application”?

The Development Cost of Building an eWallet App

Often, the cost to build an eWallet app typically varies from $20,000 to $80,000+, depending on factors like platform, tech stack, feature set, and complexity.

A basic eWallet app with fundamental features and design can cost between $20,000 and $40,000, while a more advanced app with complex features will be somewhere in between $40,000 or $80,000 or more depending on the features and complexity.

Accurately estimating fintech app development costs can be challenging. For a more precise estimate, it’s best to consult a mobile wallet app development company.

Let’s see how a trusted eWallet app development solution provider solves every roadblock of the development journey effortlessly.

How Apptunix Solves the Un-Solved Challenges in Mobile Wallet App Development

Before discussing how to secure an eWallet app, it’s important to understand the common challenges faced in eWallet app development. Let’s dive into the key issues:

Challenge 1: Fraud and Security

Despite advancements in eWallet infrastructure, security remains a major concern, with billions lost to cyber fraud annually.

Solution:

Implement multi-level security protocols, encryption, biometric authentication, and real-time monitoring to address this.

Challenge 2: Awareness and Adoption

Awareness and adoption is a significant challenge in the eWallet app development. Primarily, it is the lack of trust and understanding of eWallet applications among certain segments of society.

Solution:

Our industry professionals release educational content and run campaigns to inform the public about the benefits of eWallets.

Challenge 3: Merchant Acceptance

Small size and more conservative merchants are often hesitant to adopt eWallet payment systems, limiting market growth.

Solution:

We at Apptunix offer incentives and spread the word about the endless benefits of the eWallet app to encourage merchants to integrate eWallet solutions into their systems.

Challenge 4: Legal Compliance

Different countries adhere to different compliance standards, creating complexity for eWallet businesses operating globally.

Solution:

Invest in reg tech and legal experts to navigate these regulations effectively.

Challenge 5: Device Compatibility

Many users still operate on outdated devices and OS, which can create issues for apps designed with the latest standards.

Solution:

Our development team is experienced in using versatile development frameworks while ensuring responsive design to accommodate different devices and screen sizes.

By now, you’re probably wondering,”How to earn money from my eWallet app?” The answer is simple – choose the right monetization strategy! Let’s explore some creative yet proven ways to turn your app into a revenue powerhouse.

eWallet App Monetization Strategies

Now that we’ve covered the essentials, let’s explore how fintech apps generate revenue. App monetization strategies are crucial for turning your platform into a profitable venture. Here are some common methods:

1. Cash Advances: While not a traditional eWallet monetization method, many apps now offer cash advances, helping businesses generate significant revenue.

2. Big Data: Fintech apps gather vast amounts of data, which can be monetized, as there is high demand for valuable insights derived from this information.

3. Transaction Fees: Charging a small percentage or fixed fee per transaction is the most common way eWallet apps generate income.

4. Partnership Commissions: Partnering with top eCommerce platforms and retail chains allows you to offer discounts to users in exchange for a share of the revenue.

5. Advertising: With millions of users, your app can become a lucrative platform for advertisers, with companies willing to pay for targeted ads.

6. Freemium Model: Offer a free app with basic functionality, and charge users a subscription fee for access to advanced features. This model is popular among subscription-based apps.

Now that you’re educated on the monetization model of e wallet apps, and are ready to compete against the big names like PayPal and Revoult, all you need is a trusted mobile wallet app development company who believes in your vision.

This is Where Apptunix Comes Into The Picture…

As a market-leading mobile app development company, we take pride in working on top eWallet apps that have taken the market by storm. At Apptunix, our work speaks for itself. And so do our clients who are making millions with their future-proof eWallet solutions.

Our experienced team of eWallet app development professionals create the next big thing addressing complexities seamlessly.

Still, uncertain about our ability to deliver?

Check through our portfolio and verifiable reviews on Clutch.

Bonus Infographic:

See our concise infographic summarizing the key points from our comprehensive eWallet app development guide. It highlights the essentials of creating an e-wallet application, providing an overview of the digital wallet market, and explains how to estimate the cost of developing a mobile e-wallet app.