Key Aspects, Features, and Costs of e-Wallet App Development

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In a world where cash is no longer king, electronic wallets have emerged as the new rulers of the financial kingdom. From shopping online to paying bills, e-wallets provide us with a convenient and secure means to manage our finances.

It is not a tale. Juniper Research says that in 2026, more than 60% of the population worldwide will be using digital wallets. In 2030, the global E-wallet market is expected to reach USD 489.3 billion, growing by 23.4%. It sounds like a promising market, doesn’t it? And it is no wonder that e-wallet app development is on the rise nowadays.

But have you ever wondered how to develop an e-wallet app? In this comprehensive guide, we'll take you on a journey through the functionalities, development stages, and cost of creating an e-wallet app that will reign supreme in the digital world.

What is an e-Wallet App?

An e-wallet is a digital payment system that enables users to store, manage, and transact money through a mobile app. It allows users to link their credit or debit cards and bank accounts to the app and use them to make transactions. E-Wallets offer a convenient way to make payments for various services. These include online shopping, utility bills, and peer-to-peer transfers.

E-wallets are highly secure and encrypted. Users can safely store their financial information. They also offer an added layer of security by enabling users to set up a PIN, password, or biometric authentication. Thus, it is difficult for fraudsters to access user information or make unauthorized transactions.

Some popular e-wallet applications include PayPal, Venmo, and Google Wallet.


There are several aspects to consider before taking up mobile wallet app development. Let’s review the major features of e-wallets. An e-wallet mobile app provides users with a wide range of functionalities. Here are some of the main features of an e-wallet application.



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Secure Login

To ensure the security of the user's data and transactions, the app should have a secure login process. This can include password protection, biometric or two-factor authentication.

Multiple Payment Options

The application should support various payment options, such as debit/credit cards, net banking, and UPI payments. It is easier for users to make transactions with the method of payment they prefer.

Transaction History

The e-wallet should maintain a transaction history. It shows the user's previous transactions, including the date, amount, and recipient's information. This will help the user keep track of their spending and budget their expenses.

Real-Time Analytics

To help users keep track of their finances, e-wallets typically include real-time analytics tools. They allow users to monitor their spending and transactions. This can be especially useful for tracking expenses and identifying areas where users may be overspending.

Push Notifications

The application sends notifications and alerts to users for various activities, including successful transactions, low-balance alerts, or promotional offers.

QR Code Payments

E-Wallet users can scan QR codes to pay directly from their e-wallet app. The app will deduct the payment amount from the user's account and transfer it to the merchant.

Rewards and Cashback

Consider adding a reward system to your digital wallet app development process. To encourage users to use the service more frequently, it should offer rewards and cashback on transactions made through the app. This will also increase user engagement and retention.

Online Bills and In-App Recharge

Another key feature of e-wallet mobile apps is the ability to pay bills directly from the app. This can save you time and hassle, as you no longer need to visit multiple websites or apps to complete these tasks. E-wallets allow users to recharge prepaid mobile phone plans, top-up transportation cards, or add credit to various services within the application.

Customer Support

Customer support is a vital aspect of any business that deals with transactions. It provides users with the ability to raise any questions or concerns they may have. This, in turn, helps businesses improve their operations. You can provide support in the form of a chatbot, email, or call support. This enhances the overall user experience and helps build trust between the business and its users. Furthermore, businesses can use the data gathered from customer support interactions to identify areas in need of improvement and optimize their service offerings.

eCommerce Integration

E-wallet services often include eCommerce integration to make purchasing online easier. This allows users to make purchases directly from the app using funds from their e-wallet account, without having to enter their payment information separately for each transaction. This can be a convenient and secure way to shop online.

CRM System

E-wallet mobile apps often include a CRM system. It allows businesses to track customer interactions and provide personalized support. This can help companies to build stronger relationships with their customers, leading to increased loyalty and sales.

Savings and Investments

Some e-wallets offer features that allow users to save money or invest in financial products directly from the app. This can include stocks, bonds, and other investment vehicles. With these essential features, an e-wallet can provide a convenient and safe way for users to make financial transactions through their mobile devices.

Why To Create A Digital Wallet

Digital wallets are growing in popularity as more and more consumers shift to mobile payments. As a business, knowing how to build a digital wallet can bring many advantages. Here are some key reasons why you should consider e-wallet application development.

Convenience for Customers

A digital wallet provides a seamless, convenient payment experience for your customers. Instead of fumbling with cash or cards, they can use their mobile device to make purchases with a few taps. This reduces friction and makes transactions faster and easier.

Customers appreciate the convenience and seamless experience. They're more likely to make purchases and remain loyal to businesses that offer digital wallet payments.

Boosted Sales and Customer Acquisition

The easier you make it to pay, the more sales you'll get. Many potential customers abandon purchases due to complicated checkout processes. Digital wallets remove this hurdle. With them, you create a more engaging and personalized shopping experience. This helps expand your potential customer base and revenue streams. Additionally, the seamless checkout process reduces cart abandonment rates. This can boost your sales. When making a payment is quick and effortless, customers are less likely to change their minds midway through a purchase.

Reduced Processing Costs

Traditional payment methods involve processing fees for merchants. Many digital wallet providers offer competitive transaction rates. As a result, you keep more of each sale. This can translate into solid cost savings for your business over time.

The automation and digitization of payment processes can also reduce the need for manual interventions. This further optimises operational efficiency and cuts costs.

Improved Security and Fraud Prevention

Digital wallets focus on security. They use cutting-edge security procedures and encryption. They help protect customer data and payment information. This lowers the risk of fraud and breaches compared to physical cards. It also fosters trust and confidence among your customers.

Many wallets use biometrics like fingerprint or facial recognition for added security. Data is tokenized, further shielding customers' actual payment details.

Valuable Customer Data and Insights

Digital wallets generate useful data about your customers and their purchase behavior. You can analyze buying patterns, preferences, and trends. This insight allows you to plan more effective marketing and promotions. You can personalize offerings and communications to individual customers based on their data.

Stages and Cost of Development

Developing an e-wallet mobile app involves several traditional steps. They must be completed to ensure the application is user-friendly, functional, and secure. Each step requires careful consideration and attention to detail. They are as follows.

Discovery phase

Firstly, it is important to conduct extensive market research to identify key trends and consumer demands in the market. This information will help to streamline the development process and ensure the e-wallet app meets the needs of its target audience. This stage also helps to design a product that caters to their preferences, making it more user-friendly and successful.


During the design phase, the team will be working on various aspects of the application to make sure that it is not only functional but also visually appealing. One of the key tasks is creating wireframes. They will help to map out the various screens and features of the application. Then, the team will move on to creating prototypes that simulate the actual use of the app. This helps to identify any potential usability issues and make necessary adjustments.

Finally, the visual e-wallet app design will be created, taking into consideration the target audience and the overall branding of the product. This process will involve:

  • selecting appropriate fonts;
  • creating a color palette;
  • designing the overall look and feel of the application.

All these tasks will be done to create an app that is both functional and aesthetically pleasing.


Once the design has been finalized, the digital wallet app development company will start to build the app. First, the team creates a detailed project plan. It outlines each task and the time frame for completion.

It is essential to choose the right technology stack and programming language. This will impact the app's performance and speed. Selecting the right technology stack will ensure the app runs smoothly and efficiently.

To ensure the e-wallet app is scalable, consider the potential growth of the user base and the amount of traffic the software is expected to handle. This may involve implementing load-balancing techniques and optimizing server performance.

Additionally, the team needs to ensure that the product is secure from a variety of threats. These include hacking attempts and data breaches. Consider implementing encryption and authentication protocols, as well as regular security audits.

Finally, developers will need to work closely with other teams, such as the design and quality assurance teams, to ensure that the app meets all requirements and is delivered on time. Communication and collaboration will be essential to the success of the project.


After the app has been developed, it is important to conduct extensive testing. It will ensure that it has no bugs or glitches. Conduct testing on multiple devices to ensure that the application works seamlessly on all platforms. E-wallet app for Android and iOS should undergo rigorous testing to ensure their security, functionality, and user experience meet the highest standards.

Use different methods and techniques to test the app and ensure it works well. Some of these methods are unit testing, integration testing, and acceptance testing.

Besides testing, the team will work on improving the app's features and functionality to make it more user-friendly. They may collect feedback to find out what needs to be improved. Then, add new features based on the feedback.


Once the app has been thoroughly tested and any issues resolved, it will be released to the public. This will involve submitting the app to stores and ensuring that it meets all requirements.

In addition, you need to run a marketing campaign to promote the app and increase its visibility to potential users. This will include paid advertising on SM platforms and other relevant websites. Consider reaching out to industry influencers to promote the app to their followers.

Furthermore, it is important to monitor user feedback and make adjustments to the application. This ensures that the product remains up-to-date and meets the evolving needs of your users.


After the release, developers will continue to provide support and maintenance on customers’ requests to make sure that the solution remains functional and up-to-date. This may involve adding new features, fixing bugs, and providing customer support to users who encounter issues with the app.

The cost of developing an e-wallet mobile application can vary significantly. It depends on the scope, complexity, and features you include. E-wallet app development costs can range from $90k to $150k.

Additionally, such factors as the team's size, location, and expertise can also impact the development costs. Remember that support and maintenance are usually billed regularly, according to the scope requested and the time frame agreed with the customer.

How To Set Up A Secure Digital Wallet

One question is how to create a digital wallet. The second important question is to ensure your digital wallet is secure. You must protect your users from fraud and hackers. Here are some tips for setting up a secure digital wallet.

Use Encryption

The bare minimum is encrypting data in transit with HTTPS and encrypting stored data at rest. Consider adding an extra layer of security with end-to-end encryption. Encryption scrambles data so it looks like gibberish to anyone unauthorized. Make sure to encrypt users' private keys, personal info, and transaction data. Use strong, up-to-date encryption algorithms in e-wallet app development. Implement Point-to-Point Encryption (P2PE) for secure transactions.

Install Multi-Factor Authentication

Don't rely on a password alone. Require extra authentication steps like a fingerprint scan or a code from the user's mobile device. This stops unwanted access even in the case that passwords are stolen.

Use A Firewall

Implement a firewall to track and control incoming and outgoing network traffic. This prevents unauthorized access to the wallet from external networks.

Set Transaction Limits

Set limits on transaction amounts and frequencies. This reduces the impact of security breaches. This also limits potential loss if the wallet is compromised.

Follow Best Coding Practices

Write secure code. Sanitize inputs. Guard against common vulnerabilities like SQL injection and cross-site scripting. Rigorously test for security holes.

Enable Remote Device Wiping

Let users remotely wipe their wallet data from lost/stolen devices. This prevents crypto theft if a device gets misplaced.

Rigorous Testing

Conduct thorough security testing before each release. This includes static code analysis, penetration testing, fuzzing and audits. Identify and fix vulnerabilities proactively.

Keep Software Updated

Update the wallet app on a regular basis with the latest security patches. Out-of-date software is an open door for hackers. Security is an endless journey, not a final destination. Prioritizing these measures builds trust that your digital wallet safeguards user funds.

The main problems of developing a digital wallet

Developing a secure and reliable digital wallet is not an easy task. Companies looking to learn how to make a digital wallet face several key challenges. We describe the main problem areas below.

Compliance rules

There are many e-wallet requirements around data privacy, and financial services. Companies must follow them without question. These vary between countries and states. Any digital wallet needs robust security and encryption. Add to this detailed user verification and transparent data practices. There are also anti-money-laundering laws to follow. Wallets must verify customer identities to required levels. They must track and report suspicious transactions and activities.

Fraud detection

Fraud is a huge risk for digital wallets. Bad actors look for vulnerabilities to exploit. Money can move quickly and anonymously in digital wallets. This makes fraud monitoring and prevention vital.

Leading fraud detection uses techniques like machine learning models. These analyze transaction and account data to detect fraud patterns. Reliable systems are able to instantly identify possibly fraudulent activity. Yet, developing accurate detection models is difficult. Fraudsters' tactics constantly evolve to bypass defences.

Technological obstacles

E-wallet development is a complex process. Code must be rock-solid with flawless cryptography. Any bugs or vulnerabilities can be catastrophic. So, secure development practices are mandatory.

Scalability is another big challenge for digital wallets. They must function seamlessly with high volumes of data and traffic.

Performance issues or outages alienate users. Architecting and maintaining highly-available and scalable infrastructure is critical.

Additionally, achieving cross-platform and cross-device compatibility poses difficulties. Apps, websites, and services must work without flaws across operating systems and devices. Standards and technologies evolve, requiring constant updates.

Despite these challenges, demand for secure digital wallets continues to grow. Consumers want an ultra-safe way to store their credentials and make payments from their phones. If you know how to make a digital wallet app that gets security locked down while also maintaining a clean UI and UX, you'll have a valuable product. Be sure to focus on security above all else.

Our Experience

SDK for a crypto wallet

Stfalcon has developed an SDK for a crypto wallet based on Kotlin Multiplatform. The development team used the latter because one task was to combine business logic and use the same code base on different platforms.

We developed interfaces able to interact with UI apps, their implementation will rigidly define states, the format of data acquisition, and errors.

The most important development flow was the architecture for the SDK development. We used Clear Architecture with Interactors. We also separated the platform-dependent code into a separate submodule with external implementation directly on the platforms. SDK integration with the platforms was, by the way, the most difficult step.

Read the full case study

We have managed to develop a ready-to-use SDK that integrates business logic and encases all internal processes responsible for authorization, storage, and encryption.

Final Thoughts

In conclusion, e-wallet apps have become a necessity in today's digital world. E-wallet mobile app development requires careful consideration of various factors, such as security, user experience, and functionality.

To ensure a successful e-wallet app development project, it is advisable to seek the services of a reputable software development company. Stfalcon is a perfect example of an e-wallet app development company. With years of experience in mobile app creation, including e-commerce projects, Stfalcon’s team is well-equipped to guide you through the development process.

The team of experts will work with you to understand your business requirements and create a custom e-wallet that meets your needs. We also offer post-launch support to ensure your app is always up-to-date and secure. Contact us today to get started.

This section tells you more about how to create a digital wallet app. Read on to learn the nuances.

FAQs about Digital Wallet App Development

How much does it cost to develop a digital wallet app?

The cost can vary depending on several factors. These include the app's features and complexity. Add to this the development team's expertise and the platforms targeted. Basic digital wallet apps may cost between $15,000 and $50,000. More advanced e-wallet for global platform with extensive features can cost $100,000 or more to develop.

How long does it take to develop a digital wallet application?

The timeline for e-wallet software development depends on the app's scope and the size of the e-wallet mobile app development company. A basic digital wallet app may take 3-6 months with a team of around 3 e-wallet app developers. More complex wallets could take 6–12 months or longer with a larger team.

What are the key features of a digital wallet app?

Key features are secure user authentication and payment integration for funding/spending. You can usually see transaction histories, balance tracking, and support for different currencies. Advanced wallets may also incorporate budgeting tools, P2P payments, and cryptocurrency support.

What are the benefits of developing a digital wallet application?

Digital wallets offer a convenient payment method. Developing one for your company can increase customer engagement and loyalty. Digital wallets can reduce payment processing costs compared to traditional methods. They can also open new revenue streams. These may be interchange fees or interest on wallet balances. Moreover, digital wallet development gives you valuable customer data insights to better tailor products and services.