Posted on 10th March, 2022

e-Wallet App Development: What You Must Know

Nowadays, we don’t need to carry cash in our pockets for shopping or traveling anywhere. The smartphone does it all! The only thing we need to do is download and install the preferred E-wallet app, link it to our bank account, and make payments instantly.

As the number of e-wallet users is increasing organically, it is a brilliant idea to consider the development of an e-wallet and take your business ahead.

However, the development of a flawless e-wallet app requires professional guidance. One must have extensive knowledge of how to develop e-wallet applications. The person also needs to focus on several factors before carrying out the development process of an e-wallet application.

Most entrepreneurs reach out to expert app developers of app development companies in India for professional support. But, before reaching out to them, it’s a wise decision to clear your concept about e-wallet apps and the factors to focus on during the app development process.

What is an e-wallet app?

An e-wallet app is primarily a software-based system. The app stores the debit/credit card information of the users, allowing them to make instant payments instant as and when necessary. The only thing users need is a smartphone device. Additionally, users can also transfer funds, track their financial transactions and earn rewards as they continue with payments using the e-wallet app.

Types of e-wallet apps

Today, numerous e-wallets apps are available in the digital world for different purposes. We have handpicked the main types of e-wallet apps popular among us. They are as follows:

  • Closed wallet:

Only a specific company or platform can issue closed wallets. These apps allow the customers to enjoy hassle-free transactions with them.

The closed wallet is a convenient way to conduct transactions, keep a track of refunds, and cancellations. In the event of a transaction cancellation or refund, the money is returned to the wallet.

  • Open wallet:

An Open wallet app does not have any restrictions. These apps are capable of partnering with banks. It supports both transfer and withdrawal of funds. Users can use open wallets for both online or in-store purchase.

  • Semi-closed wallet:

Such a type of e-wallet app is certainly not very popular. Users can only conduct transactions with the merchants and locations listed. Both offline and online transactions are available with the selected merchants.

  • IOT wallet:

The Internet of Things, or IoT, is mostly found in various wallet-connected devices, such as smart fridges and more. Only virtual currencies and e-money can be transacted through such wallets.

  • Biometric wallet:

Biometric wallets are a secure method of paying. By using facial recognition and fingertip recognition, transactions are made safely and securely.

  • Cryptocurrency wallet:

Users of these wallets can make cryptocurrency transactions. Users can trust these types of wallets because they are very secure to make digital transactions.

What advantages can your business get from e-wallet application development?

The use of e-wallet apps has proven to be a convenient way of making payments. If you plan to develop e-wallet applications, it will surely help your business. How? Let’s find out.

  • Making more revenue:

Your e-wallet application can save users from long queues while paying bills. It not only speeds up the payment method but also makes payment easier for users. In turn, the business achieves higher conversion rates.

  • To increase customer base:

Apps are the ideal way for companies to get maximum exposure. If users find a useful e-wallet app, they will surely consider using it. Businesses can have a huge customer base.

Must considered factors during e-wallet app development process

Before you begin the process of app development, consider the following points.

  • Put security first:

Remember that all your users will share their personal information regarding transactions on your app. You need to ensure that all the data are safe on your e-wallet app.

  • Including digital receipts:

Users of your app expect confirmation after each transaction. This is impossible if there is no digital receipt. Hence, it should be a part of your e-wallet app.

  • Conformity with the banking laws:

Keep in mind the e-wallet framework before you start building an e-wallet app. Therefore, to get assistance from the experts. Look for a reputable company that offers app development services in India.

The steps to follow to develop an e-wallet app

Read the following steps that you must keep in mind to develop an effective e-wallet app.

  • Step 1: Research work and discovery phase

The first step of the app development process requires thorough research. Purpose? To clarify the product concept and the target market.

In addition, this helps predict the future of e-wallet apps. In this step, your team needs to test the ideas. A blueprint for your entire project has to be ready at this point. The first step is crucial to the success of your entire project.

  • Step 2: The design phase

The second stage is vital since it determines how the app looks. The designing team must avoid making any kind of mistake at this stage. This is why your designers should begin with mind mapping. How does mind mapping work? It all starts with identifying the problem and then coming up with a UX design as a solution. To construct an effective product, the UI and UX designers will need to work as a team.

  • Step 3: App development phase

At this stage, your team must incorporate all the necessary features into the e-wallet. So what are the features your app must have? There should be User authorization, creation and management of profiles, synchronization of payment cards, and e-receipts. You should also consider adding GPS tracking functionality to the app. Therefore, the app development team needs to focus on including all the features that make an app user-friendly.

  • Step 4: Launch and maintenance phase

Launching your app is the next step after developing it. You should also take responsibility for maintaining it. As soon as the app is released, user feedback and reviews will appear. Therefore, your maintenance work also includes making necessary changes to the existing system and upgrading its features. Therefore, even after you release the app, your team must always stay prepared to add new features, remove bugs, as well as to reconstruct.


To develop an app, you must have a thorough understanding of the entire process. We hope the information provided here will assist you in setting up an e-wallet app successfully and take business one step ahead.

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