Are you browsing the internet to find out the tips and tricks on how to create a wallet app in 2021? This article will provide all information on designing the right platform users can use on any device. According to Mordor Intelligence, the stats revealed that the mobile payment market reached USD 1449.56 in 2020. Further, it is expected to reach USD 5399.6 billion from 2021 to 2026. It will grow at a CAGR of 24.5%, showing how services and stores integrate mobile payment solutions. After learning about all these, if you are interested in starting the development process, here you go.
How to create a wallet app: Understanding the industry regulations
Being compliant with the rules and regulations of the Fintech industry is not as easy as they seem to some people. Quite a few things are there that you might need to follow when designing the mobile wallet application. Well, are you new to this concept? Are you looking for some in-depth information that could be helpful? Have you ever wanted your own digital e-wallet app? Have you been looking for a simple guide that walks you through the process step by step? At CHI Software, we know everything about creating an e-wallet app. Their blog has a great article from which you will learn all the details on how to build a mobile wallet app. And here, we will tell you a more abbreviated version. Here we go.
The type of mobile wallet software to pick
Do you know the type of mobile wallet software? The e-wallet development process will be easier provided you are aware of the kind of software to pick. This is a crucial step to consider in how to create a wallet app. The first software is the one using the MasterCard Wallet SDK that comes with a library of tools. The second one is the PayPal Mobile SDK that helps in building wallets for Android and IOS. The other types are Simplify Commerce Mobile SDK, Razorpay Mobile SDK, QuickPay Mobile SDK, etc.
Consider the cost to develop the app
Another factor to keep in consideration in how to build a mobile wallet app is the cost to develop the app. The cost mainly depends on the mobile app developers, and the complexity will determine the efforts required to create one. The estimate can generally lie around $25,000 to $50,000, depending on the services included. If you’re interested in loan app development, then most likely peer-to-peer app creation will be of interest to you, and maybe you’ll find it useful to learn more about payment app development.
Our friends at CHI Software have written an excellent article on how to develop money transfer applications, you can read this article and collect more information, while we progress with the information.
Did you consider cloud technology?
When it comes to creating an e-wallet app, cloud technology is another aspect to always consider. It will allow you to use the data from anywhere, irrespective of the country’s borders. That’s why while designing, the designers must keep in mind the aspect of a private cloud or a hybrid cloud solution.
Payments between different bank accounts
The digital wallet must have this feature through which users can transfer money between different bank accounts. The payee must have a choice to receive money from their wallet and bank account. It will help in transferring funds when the payee and payer have accounts in different financial institutions. The designers must keep this parameter in mind while discussing the digital wallet app development process.
Let’s start designing the app
Hopefully, now you have all the information required in the process of how to create a wallet app. If needed, you can always approach the best firm with years of experience in designing such applications. In addition, they will always keep a note of the security parameters. The security can be enhanced by using features like OTP, tokenization, SMS, two-factor authentication, and end-to-end encryption.