Developing a Mobile Wallet Application for many Payments


Mobile wallet apps have always trendy topic since the launch of the online transaction method. According to Statista, in the year 2017, the global mobile payment revenue crossed $780 billion and experts expected that soon it will cross 3 trillion by the year 2021. This proves it is the right time for a startup to develop an e-wallet application.

In the year 2015, 40% of the mobile phone users have made one minimum online transaction. When there is such a flow of online transactions, then the payment mode should be safe. This is how the concept of the e-wallet application was born.

What is a Mobile Wallet?

The mobile wallet is an application that is integrated with multiple payment options like credit/debit card or digital money. Along with this, they offer some incredible like reward points, coupon codes, etc.

While developing an e-wallet application, companies should keep in mind the key features which they are planning to offer in your app. Companies should either offer one-stop solutions where the users get multiple features in just one application.

Which industries can benefit from a mobile wallet application?

It interconnects the mobile wallet app with the financial/banking system. E-wallet application collects the user’s data like credit/debit card, digital currency. It is slightly true, but we need to consider the users’ side also and need to know what is essential to integrate into our e-wallet to leverage benefits.

Retail: It is an addition to their business to develop an e-wallet or one-stop solution for their e-commerce shop. Such application helps customers to get information and let them make payment along with using perks like coupons, loyalty cards, and rewards.

Financial Establishments: They provide customers with multiple cards like debit, credit cards, installment features with the administration.

Telecommunication companies and tech giants: They behave like a neutral player in the financial segments. They integrate their payment methods from different banks in their e-wallet application.

If you are planning to develop an e-wallet application, have an idea about the e-wallet application that you want to develop. Features integrate into the application will decide the ultimate cost of the application.

Types of mobile wallet

There are many e-wallet applications available in the market, and each has different payment methods. We will explain with a few examples.

A wallet that uses a mobile service vendor, where the users can transfer or receive money with the help of a service vendor.

A wallet that provides discounts, coupons within the application (discount is usually offered when users opt for a payment from the banking account or credit card).

The trends are changing rapidly since e-wallet services are integrated with mobile cellular connections, banks, and other financial institutions.

Financial transactions are the root of e-wallet applications. How about we share some example of how e-wallet works to understand the technology which needs high-quality service?

How does a Mobile Wallet app Work?

So many people are still not aware of what an e-wallet application is?

Users can open the e-wallet application by submitting the pin or password. The users can select their card or fill their banking account and link it within the application to complete the transaction. Don’t forget to offer special coupons and rewards to loyal users.

Mobile apps use NFC for data transmission. Thus, entrepreneurs need POS which support NFC to make payment through mobile phones. Adding different payment methods to your application is beneficial for your business.

POS Payments Wallet Application Development

There are three different POS e-wallet applications:

  • NFC (Near Field Communication)
  • QR codes
  • Bluetooth and iBeacon services


Near Field Communication offers secure, wireless transactions powered by NFC and a receiver attached to a POS device. The cardholder lets you store your banking card in the e-wallet with the help of Host Card Emulation (HCE) technology, which is powered by Google for Android operating devices.

If you are developing an e-wallet application for android, technologies like NFC AND HCE is the finest choice. Well, in developing an e-wallet application for iOS, you need to require EMVco payment standards.

Bluetooth and iBeacon

iBeacon technology is used to transfer the data without internet connectivity. Mobile phones with Bluetooth 4.0 can transfer data with the help of a BLE-transmitter called the Beacon.

iBeacon powered POS can read the users’ data quickly, which means they don’t need to exchange the card or coupon while buying a product online. Even a bit of information is available or visible in the POS terminal.

Companies can offer to enhance in-store applications to their customers by sending them personalized detail according to their preferences or location. They can also offer indoor navigation, which improves their buying experience.

QR Codes

QR codes are considered as the alternatives for NFC. The topmost reasons companies are integrating this feature into their e-wallet application:

Companies’ e-wallet application lets the users connect their payment methods, encrypt them into a QR code that is placed in the cloud, and scan the code at the checkout.

Many other companies accept QR codes payment via Beacon and NFC technology.

Why Mobile Wallet Security Matters

Since you are dealing with money, security plays a significant role and companies need to prioritize this while developing e-wallet applications. Nobody wants his or her cash to be stolen, the same goes with online transactions, so we need to make the application secure and safe.

Point-to-point encryption (P2PE)

The robust security tools protect the entire transaction from the beginning to the end. It makes the whole transaction encrypted. From the point you swipe the transaction over the POS terminal to the approval point, everything is encrypted. This protection is significant and below we mention some features that enhance the security in the mobile wallet payment gateway system.


Tokenization makes online payment safe with the help of encryption technology. The buyer doesn’t need to submit his transaction detail to the providers while making payment online. All the information in the e-wallet is encrypted and transformed into a token to resemble a symbol.


So it depends on you to choose what features and functionalities you want to integrate into your applications. You need to understand all the perks of e-wallet applications. You need to keep the features of the most established mobile e-wallet in the market across the world, so it will be easy to understand the market share. Your upcoming e-wallet applications need to have features that help your application to stay ahead in this cutthroat competitive world.

Author Bio

Satyam Chaturvedi is a Digital Marketing Strategist at Arka Softwares, a mobile app development company. I’m tech-savvy who loves to explore and implement the power of business applications and software. Being a tech addict, I love to spend time studying market trends and helping startups and enterprises in achieving their business goals.

Developing a Mobile Wallet Application for many Payments
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Developing a Mobile Wallet Application for many Payments
Mobile wallet apps have always trendy topic since the launch of the online transaction method. According to Statista, in the year 2017, the global mobile payment revenue crossed $780 billion and experts expected that soon it will cross 3 trillion by the year 2021.
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