As sending and receiving money online has become common, digital wallets have been improving their functionalities with unique features and smooth user interfaces.

As per Statista, digital wallet apps like Apple Pay and Google pay are expected to grow double in North America from 2020 to 2025. However, the market size in Asia will still be significantly larger. So, if you want to leverage this vast market, it would be best to develop a digital wallet app.

This blog will guide you through a digital wallet’s complete development process, features, cost, and tech stack.

Table of Contents:

What is a Digital Wallet?

A digital wallet refers to a software-based system enabling individuals or businesses to make transactions electronically. It uses credit cards and lets the app users make purchases using their mobile devices.

Digital wallets, also known as eWallets, are financial tools that eliminate the need to carry a physical wallet to store funds, make transactions, and track payment history.

There are several benefits of digital wallet apps for businesses, such as:

  • eWallet apps offer easy solutions to make payments, such as by scanning QR codes or manually entering registered phone numbers.
  • Digital wallets allow feasible transactions on cryptocurrency trading apps.
  • It promotes fintech, banks, and various businesses in innovative forte.
  • It enhances security in digital transactions via several measures like 28-bit encryption, two-factor verification, biometrics, and voice initiation.
  • It showcases financial reports presenting exchanges and deals with financial planning.
  • Facilitate frictionless transactions; thus, it can be an effective tool to manage daily transactions.
  • It enables easy cancellations and refund processes.

Types of Digital Wallet Apps

Closed Wallet

Closed wallets are designed for a particular store, app, or website to make payments. These wallets are issued by businesses to sell products or services to their target customers. And a user can use a closed wallet to make payments with the wallet’s issuer only.

It serves limited audiences, and in case of refunds, the amount is stored in the wallet.

Example: Walmart pay.

Semi-Closed Wallet

Companies can accept the contract or agreement with the eWallet company to use the services of these apps. It allows merchants and store owners to make transactions at the listed locations easily.

Have a Digital Wallet app idea? Let’s plan a quick discussion.

Examples: Apple Pay, Venmo, etc.

Open Wallet

These are the most commonly used eWallets enabling transactions to a different eWallet using a single platform. However, it is necessary to have user accounts for both the sender and the receiver on the same application.

Examples: American Express, Paypal, etc.

Cryptocurrency Wallet

These wallets allow you to store and transfer cryptocurrencies. As cryptocurrency ownership certificates, users’ public and private keys are stored in crypto wallets.

Cryptocurrency wallets can be categorized as cold and hot wallets based on internet connectivity.

  1. Hot wallets are connected to the Internet and are more user-friendly. However, these wallets are less secure.
  2. Cold wallets do not need internet connectivity and are stored offline. Therefore, security is improved in these wallets and possesses less risk.

Examples: Binance, Coinbase, etc.

IoT Wallet

IoT wallets operate with e-money or virtual currencies. IoT (Internet of Things) enables eWallets on wearable devices like smartwatches, wrist bands, etc., or smart electronic appliances like smart refrigerators.

For Example, Fitbit Pay allows you to access your credit or debit card via your wearable device.

Key Features to Include in Digital Wallet App

Must-Have Features in Digital Wallet App

The digital wallet app is divided into three separate panels, User, Admin, and Merchants. Each panel has its own set of features that you can include in your application. You can hire a digital wallet app development company to develop a mobile application delivering promising results without hampering the user experience.

User Panel Features

  • Signup via Social Login
  • User authentication via pin, pattern, and Face ID
  • Add authorized bank account
  • Check account balance
  • Transfer money via contact number or QR code scanner
  • Pay bills and set a bill payment reminder
  • View transaction history
  • Multi-currency & multi-language support
  • Chat support
  • Push notifications

Merchant Panel Features

  • Log in to an interactive dashboard
  • Add/manage products
  • Create/edit profile
  • Account verification via pin, pattern, and Face ID
  • Manage customers
  • Add promotional offers & discounts
  • Offer loyalty points and rewards
  • Manage staff and employees
  • POS integration
  • Payment link generation

Admin Panel Features

  • QR code generation
  • Manage users & merchants/vendors
  • Real-time analytics
  • Enhance the app’s security
  • Reporting & auditing
  • User and merchant data control
  • Transaction management
  • App support and maintenance
  • Dashboard management
  • Manage offers

Step-By-Step Guide for Digital Wallet App Development

Conduct Market Research

Market research is essential to determine business needs, technical requirements, competitor analysis, etc. You should also get familiar with your target audience and their demand to better understand your app idea in this phase.

UI/UX Design

This stage of wallet app development will determine how your users will interact with your app. A UI/UX mobile application design will provide you UX wireframes, design mockups, user flow, illustrations, animations, etc., to help you understand how your app looks to your end-users.

Digital Wallet App Development Phase

After finalizing the app design, the developers create the code for your application. Also, third-party integration and custom feature creation occur in this stage to deliver the module for app testing.

App Testing and Launching

After completing the development of the app module, it is time for application testing to find bugs and issues that might hinder the app’s performance. As the testing is done, it’s time to launch the app version in the market.

A mobile app developer ensures the app functionality remains intact through maintenance services. Therefore, keep on working for further improvement and the addition of new features.

Technology Stack For Digital Wallet App Development

Backend: Laravel, NodeJS, Java, etc.

Frontend: Kotlin, Swift, CSS, Bootstrap, HTML 5, Vue.js, React.js, etc.

Database: MongoDB, Apache Cassandra, HBase, MySQL, Postgres, etc.

Framework: React Native, Flutter, etc.

QR Code Scanning: ByteScout BarCode, ZBar Code Reader, etc.

Analytics: Amazon Kinesis, Apache Kafka, Spark, Flink, etc.

Cloud Services: Google Cloud, Azure, Salesforce, AWS, etc.

Push Notifications: Amazon SNS, Firebase Cloud Messaging, etc.

Geolocation: Google Maps API

Payment Gateways: PayPal, Stripe, Braintree, QuickPay, etc.

Popular Digital Wallets

Apple Pay

Apple Pay is a popular digital wallet by Apple Inc., enabling transactions on iPhone, iPad, Apple Watch, Mac, or on the web via Safari. This wallet is available on devices sold by Apple only.

An iOS app development service provider can integrate Apple Pay into your iOS app to facilitate direct payment via Siri or Messenger. Thus, it can be easily used to send and receive payments from other users or pay for in-app purchases.

It launches “tap to pay” transactions via near field communications (NFC) chip to enable wireless communication with point-of-sale systems.

A user can add twelve cards on iPhone 8 and later devices and eight before it. They can also add store cards, movie tickets, coupons, rewards cards, transit cards, and student ID cards to their wallet and process their services similar to credit or debit cards.

Google Pay

Google Pay is one of the most-used digital wallet apps offering a better user experience by facilitating fast and easy purchases on mobile devices through tap and pay. Also, it supports secure transactions as it does not share the actual credit or debit card number during payment; instead, a virtual account.

Some of the new features in Google Pay are split bills and tracking group expenses to settle an easy payment among your group members.

In mobile payment app development, merchants have an essential role, and Google Pay provides many benefits for them. Such as easy integration via Google Pay API and faster and easier checkouts.

It does not charge any extra payment to the merchants to execute customer payments. Also, it completes the whole checkout process within the app without redirecting the customer to any third-party application.

Moreover, its card tokenization process ensures secure transactions, which reduce risks and fraudulent activities, helping you gain customer loyalty and drive more sales.


PayPal facilitates online transactions among different parties, individuals, or between a business and an individual. It offers low-cost services and is trusted worldwide as one of the safest mediums to conduct online payment.

It supports ACH (Automated Clearing House) payment processing, facilitating automatic and electronic transactions between parties. It provides features like interactive online payment platforms, including payment tracking, payment scheduling, split billing, etc.

PayPal maintains a secure network with data protection, a vulnerability management program, and access control implementation. Also, it supports Data Tokenization to provide safety to your sensitive data, and Two-Factor Authentication adds an extra security layer.

Moreover, it also benefits developers for money transfer app development with customization features and seamless integration with merchant’s accounting software, eCommerce platforms, and ERP systems.

Amazon Pay

Amazon’s digital wallet allows its customers worldwide to pay for products and services using their Amazon accounts. It is a cloud-hosted payment gateway compatible with some popular eCommerce platforms for integration like Shopify, PrestaShop, OpenCart, and 3DCart.

Amazon Pay is an excellent Wallet for merchants as it offers all payment methods, such as UPI, credit and debit cards, EMIs, and pay later facility. Also, it is supported on multiple devices, including Web, iOS, Android, and Desktop.

You can create an Amazon Seller account and embed a plug-in or code to add Amazon Pay to your eCommerce platform. It enables merchants to offer various benefits to customers like digital bills, discounts, and voice-based payments.

Trust Wallet

Cryptocurrency wallets working on Blockchain technology are growing significantly. As per Statista, the number of Bitcoin wallets users has reached over 81 million in 2022.

Trust Wallet is a decentralized crypto wallet where you can transact and store cryptocurrencies like Bitcoin, Ethereum, Tron, and Litecoin, including several ERC20, BEP20, and ERC721 tokens. It also provides a safe and secure user experience for trading NFTs.

A cryptocurrency wallet app development company can scrutinize the features of Trust Wallet like effortlessly buying cryptos using a credit card, easy access to the latest DApps and DeFi platforms via WalletConnect, and fast and secure multi-crypto wallet support.

Moreover, it offers a safe and secure platform to store private keys on your device, and transaction flow is perfect for trading on different crypto assets.


Binance is one of the well-known examples of cryptocurrency wallets that offer the best-centralized exchanges. According to research by The Block, centralized crypto exchanges volume is recorded to be $14 trillion in the year 2021.

Since it is a centralized wallet, the decision-making authority remains at a particular end within the system. Centralized crypto exchanges hold customers’ private keys, unlike decentralized exchanges, which provide ownership to the users for their assets.

It reflects the traditional market financial products and offers user-friendly services; therefore, it is easily understood by the users.

Binance is expanding its cryptocurrency wallet development services to the decentralized ecosystem with its project Binance chain.

What Is the Cost of a Digital Wallet App Development?

Digital wallet app development cost relies on various parameters like features, business, and the type of services it provides. The eWallet development cost and time might vary based on the features and functionalities of the app. Also, the development style and stages affect the price.

Thus, it would be best if you consider multiple factors to estimate the average digital wallet mobile app development cost.

  • The platform on which your digital wallet is built.
  • App’s features complexity will also determine the development price.
  • The technology stack and tools to create an eWallet.
  • The app’s UI/UX is also the development cost determining factor.
  • Additional features and screens will increase the app size and cost you more.
  • App testing and post-app launch maintenance and support facilities.
  • App developers’ location and team size will decide the price of their services.

On average, the price to create a digital wallet on Android may range between $20,000 and $50,000 (and more with additional features). On the iOS platform, this cost may range from $30,000 to $60,000 (and more with advanced features).


eWallets have reformed the market with much simpler and quicker payment solutions. As this market is expected to grow, this might be the best time to invest in digital wallet app development ideas. Mobile wallet app development consists of several stages and procedures, from an app idea to the initial working version.

The digital wallet app market is projected to reach a net worth of $750.3 billion by 2028, with a large audience using these apps for paying in online and offline stores, bill payments, top-up accounts, etc. Therefore, it is best to partner with a development company to bring your ideal eWallet into execution.

Sparx IT Solutions offers complete digital wallet app development services with the full-scale creation of an eWallet. Our digital wallet solutions are secure and scalable, developed with regular monitoring and testing networks.

If you have any doubts, feel free to drop a comment.

Leave a comment

Leave a comment

Your email address will not be published.


No Comments have been posted yet. Please feel free to comment first!

Note: Make sure your comment is related to the topic of the article above. Let's start a personal and meaningful conversation!

Featured In

Want to discuss your idea?

Connect with an expert now.