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How to Make an E-Wallet App For iPhone and Android?

How to Make
an E-Wallet
App For

> iPhone
N Android?

Consumers and organizations have a variety of options for making and receiving payments. These payment types share the ultimate goal of transferring funds from sender to receiver. So, the completion of transactions should be done safely and securely. E-Wallet is a type of payment service through which individuals can receive and send money via their smartphones. Hence, it is recommended to hire the e-wallet app development experts to ensure the successful deployment of their e-wallets.

As there are many regulations also, it is not that easy or simple to be compliant with FinTech regulations. You will need to be prepared to meet the Payment Card Industry (PCI) security standards;they might apply in your country. 

What is the Cost to Develop a Mobile Wallet?

The E-wallet app development cost heavily relies on the location of your mobile app developers. The complexity of your mobile app along with the features determines the efforts required for the development..

To give you a rough estimate, the cost to develop a basic e-wallet will lie around $25,000 to $50,000. In contrast, mobile wallet apps with high-end features will cost approximately $75,000 to $100,000.

Features You Should Incorporate Into Your E-Wallet App

E-wallet is a highly competitive industry, and in order to excel among your competitors, you will need to integrate valuable features within your wallet app. The following are the essential features for e-wallet apps in 2021.

  • Seamless Onboarding

At the time of designing the customer onboarding process, E-wallet developers face several challenges. With nearly 40% of the users in Europe abandoning the FinTech apps during onboarding, it is essential for wallet developers to create a seamless onboarding process. e-wallets are intended to save user's time and efforts; hence, your e-wallet app should allow users to sign up and validate their identity directly from their mobile device.

  • Intra-Wallet Payments in a Trice

Your e-wallet should instantly transfer money between the senders’ wallet to the receiver’s wallet. I'm confident enough to convey to you that you'll lose a lot of users, if your wallet takes even minutes to transfer money. It is the primary characteristic of every e-wallet; hence, there is no space for an error when your e-wallet holder is trying to make a payment for goods or services.

  • Bill Payments

E-wallets in 2021 aren't just about making peer-to-peer payments; they should also be capable of helping users pay for loans, rent, utility bills, mortgages, etc. With the increased popularity of digital money, e-wallets will be expected to do much more than money transfers.

  • Payments Between Bank Accounts

In 2021, every e-wallet should transfer money between the sender's and receiver's bank accounts. The sender should also have an option to receive money to their bank account or wallet. This facility should also be available for intra-bank transfers when the sender and receiver have accounts in different banks.

  • Card Management

E-wallets require users to store user's card information to allow seamless payments. With this, the users won't have to input the card information every time to make a payment. Storing the card information within the e-wallet is safer than carrying the physical cards all the time, as the card information stored is encrypted.

  • Robust Security

When it comes to handling finances, security should be the foremost priority. Every financial transaction needs to be encrypted from end-to-end. Mobile wallet developers make use of several technologies to ensure the security of e-wallet. Tokenization, two-factor authentication, biometric authentication, OTP, SMS, and end-to-end encryption are some of them.

  • Contactless Payment Technologies Integration

Brick and mortar stores across the globe are adopting contactless payment technology more and more to make the customer checkout experience seamless. The most commonly used technologies for contactless payment are QR codes and NFC (Near Field Communication). To be noted that QR code payments are the most popular contactless payment method.

  • Rewards, Coupons, and Discounts

Marketing and sales staff understand the importance of lucrative discounts and rewards. In addition to providing customers with relevant benefits, your mobile wallet app should allow users to manage their rewards and loyalty points. As most of the markets already have a few mobile wallet apps, it's essential for your app to have such features to stand out.

  • Bill Splitting

Many e-wallet apps don't have this feature; hence it can be a competitive advantage for your app. The users should have an option to add their persons to every bill by requesting them to make payments. Another advantage of the bill splitting feature is that it will organically get you more customers due to word of mouth marketing. 

The E-Wallet Design Process

1. Research the Market

Several e-wallets like G-Pay and Samsung Pay are available in the market that have acquired a massive amount of market share and user base. Before getting directly into designing your e-wallet app from scratch, be mindful of looking at the existing market players. I recommend you to also read their customer reviews regarding user experience. It will enable you to avoid all the issues that your potential customers are facing with your competitors.

2. Understand User Personas

Most users don’t want to be overwhelmed with several navigation options or buttons. For this, e-wallet designers should minimize the user interaction (via buttons) to a bearable minimum. First, you need to study the demographics of your potential customers. The general user demographics for e-wallet users are:

  • Educated individuals like students, senior executives, and young working professionals
  • The banked/unbanked population
  • Users with the very least understanding of technology

Different user personas have different preferences from your e-wallet app. For example, someone may be saving for a specific cause, while others will use your app to make instant payments.

3. Create a User Flow

User flow is the easiest way of describing the sequence of steps that users would take to perform a particular task in an e-wallet app. You should always keep in mind that user flow always varies depending on the user type. So, always try to consider the majority user type at the time of developing the user flows for your e-wallet. 

4. Wireframing and Designing

Wireframes are of two types - low fidelity and high fidelity. Designers should draw the low fidelity designs first to make sure that the core objectives of every screen are fulfilled. The aim is to simplify the user journey as much as possible. Therefore you should identify and pay particular attention to content structure and core functions. 

5. Visualization

The visualization part of an e-wallet app wireframing and designing process is an aesthetically pleasing yet simple step. For maximum users you should focus on minimalistic designing via using muted colour pallets. It is needless to mention that you should use simple fonts and typography.


Indeed, these days are gone when people used to pay bills by visiting the bill payment centres because it was too hectic and required much time. Ever since the world has become digital, people have started paying bills online and all other payments also. The digital wallet market is seeing a great hike. Hence, digital wallet developers must take care of security issues and offer various features. 


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