In an era where digital transactions are becoming the norm, creating a wallet app for Android and iOS is a lucrative venture. This comprehensive guide will walk you through the process of developing a digital wallet that aligns with the evolving customer expectations and adheres to the latest industry standards.
The mobile payment market has seen exponential growth, with a report by Mordor Intelligence indicating a value of $1449.56 billion in 2020 and an expected surge to $5399.6 billion by 2026, growing at a CAGR of 24.5%. This growth is fueled by the adoption of mobile payment solutions by retailers worldwide, including popular platforms like Samsung Pay, AliPay, PayPal, and WeChat Pay. The COVID-19 pandemic has further accelerated this trend, with a shift towards contactless payments and digital transactions that is likely to persist for years to come.
Before diving into app development, it's crucial to understand the financial technology (FinTech) regulations that vary by country. Compliance with these regulations is mandatory, and staying informed about the latest requirements in your target market is essential. Additionally, adherence to the Payment Card Industry (PCI) security standards is non-negotiable for operating in the mobile payment space.
Choosing an SDK is a critical step in building your e-wallet app. While SDKs simplify the development process, they are not a substitute for full-scale development. Here are some SDKs to consider:
Mastercard Mobile Payment SDK: This SDK from Mastercard includes tools for app development and a testing simulator, supporting both in-store and online transactions. Mastercard SDK is tailored for Mastercard Cloud-Based Payment specifications.
PayPal Mobile SDKs: PayPal offers Braintree direct SDKs for both iOS and Android, facilitating the creation of mobile payment wallets. The SDK documentation is available on GitHub for Android and for iOS. PayPal also provides the PayPal Native Checkout SDK for countries where Braintree is not available.
Other SDKs: Consider other options like Simplify Commerce Mobile SDKs, QuickPay Mobile SDKs, and Razorpay Mobile SDKs for additional flexibility.
For backend hosting, Mobile Backend as a Service (MBaaS) solutions can save time and money. Popular MBaaS platforms include AWS Mobile, Google Firebase, SashiDo, Kinvey, and Kumulos.
FinTech regulations may require data to remain within national borders, limiting the use of public cloud services. In such cases, a hybrid or private cloud solution is advisable. Providers like Google Compute Engine, Digital Ocean, IBM Cloud, and Rackspace offer suitable alternatives.
The cost of developing a mobile wallet app varies based on complexity, features, and the geographical location of your development partner. A basic app may cost between $25,000 to $50,000, while more advanced apps with features like bill payment integration could range from $75,000 to $100,000.
To stand out in the competitive mobile wallet industry, your app should include:
Deciding whether to develop your wallet app in-house or to partner with a specialist e-wallet company is a critical decision. If you opt for external expertise, consider reaching out to a globally recognized e-wallet app development company to ensure your app meets industry standards and user expectations.
Also, explore how to find the right mobile app development company to ensure your project's success.
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