How To Create Your Own Mobile Wallet App: Modern Tutorial

by Mary Proper
How To Create Your Own Mobile Wallet App

Mobile wallet apps have exploded in popularity in recent years since they allow users to keep track of their money on the go. Mobile wallets have gained popularity due to their increased security features, which make them a safer payment alternative than cash or credit cards.

It can be challenging to learn how to create a mobile wallet app from scratch (here at the link, you can find the corresponding Topflight Apps experience). To help you save time and energy, this article will discuss how mobile app wallets work and how to create a wallet app in 2023.

Mobile Wallet App- What Is The Industry Saying?

As more people switch to digital payments and mobile devices become more commonplace, the market for mobile wallet apps has exploded in recent years. Allied industry Research estimates that the global mobile wallet industry will increase from its 2020 valuation of $1.04 trillion to $7.58 trillion by 2027, representing a CAGR (compound annual growth rate) of 28.2%.

Workflow Of Mobile Wallets

In order to use a digital wallet, users must first download a suitable app developed by a bank or other reputable third-party financial institution. An electronic wallet operates on the following tenets:

  • E-wallets use software to transmit your bank account details directly to the business processing your purchase.
  • Open wallets (which are approved by most businesses) allow users to perform online purchases, contactless in-store payments, and cashback.
  • When using a closed or semi-closed wallet, you can only make purchases from limited suppliers or from the merchant that issued the wallet itself.

Digital Wallets Vs. Crypto Wallets

Cryptocurrency wallets are distinct from digital wallets despite both having seen significant growth in recent years. To begin, crypto wallets are digital storage spaces for cryptocurrency. You can also hold traditional currency on Crypto wallets.

Digital wallets are compatible with fiat currency and cannot process or conduct any other type of cryptocurrency transaction. Cryptocurrency wallets are digital storage spaces for private keys that unlock easy and secure cryptocurrency transactions.

Types Of Mobile Wallets

Before you plan to build your own e-wallet, you should first understand different types of digital wallets. There are three primary kinds of digital wallets. This section discusses each type in detail:

Open Wallet

Open wallets are provided by banks or by reliable financial institutions with connections to banks. Users with open wallets can use them to do everything a semi-closed wallet does, plus withdraw money from banks and ATMs and send money to other users.

Closed wallet

A closed wallet is a reliable option for any business selling physical or digital goods. Customers using this kind of wallet can conduct transactions with the wallet’s sole issuer using the funds they have on hand. The wallets also hold any payments received because of cancellations, returns, or refunds. Amazon Pay is a real-world example of a closed wallet.

Semi-closed wallet

A semi-closed wallet allows customers to perform transactions on a predefined list at available businesses and locations. Semi-closed wallets offer limited service areas; however, users can make online and in-store transactions. In order to accept payments legally through mobile wallets, retailers have to enter into a contract with the issuers.

Essential Features Of Mobile Wallet

The following features are required to create an e-wallet app:

Money Transfer

One of the main features of mobile wallet apps is seamless money transfers. The instantaneous, cross-border, and hassle-free transfer of funds is a major benefit for users. This functionality eliminates the need for traditional banking methods and provides quick and easy transactions.

Account management

Account management is a critical part of mobile wallet apps. A user-friendly interface allows users to easily track their account balance, transaction history, and other essential details. This enables customers to manage their accounts on the go.

Payment history

Users can track and evaluate their prior transactions using the payment history tool. This transparency allows for better financial planning and allows users to track their spending patterns and behaviors over time.

Adding/removing cards

Mobile wallet apps make payment method management easier by allowing users to add and remove cards online. This means that users can safely keep numerous cards and pick which one to use for different transactions, giving flexibility and convenience.

QR-based payments

QR-code payments have transformed the way we make payments. Users can use mobile wallet apps to scan QR codes to make fast purchases at stores, restaurants, and other sellers, removing the need for cash currency or credit cards.


The onboarding process for mobile wallet apps should be simple and straightforward. The app should provide an in-app tutorial, guiding users through the setup process, which involves linking bank accounts and confirming identities, to ensure a secure and hassle-free introduction to digital payment systems.

How To Create A Wallet App- Right Steps In Mobile App Development

For the short version, here are the enlisted steps. 

Step 1: Analyze

Market research

Market research is critical for understanding rivals and user preferences. This involves evaluating similar mobile wallet apps as well as the broader digital payments sector to understand customer expectations, such as security, usability, and integration with other applications.

Compliance with legal standards

Building a trustworthy mobile wallet requires careful compliance with regulations. This includes following financial requirements such as AML and KYC, as well as adhering to Payment Card Industry Data Security standards for credit card data. Furthermore, the app must comply with local regulations, including licensing, taxes, and other legal duties in its operating zone.

Step 2: Design phase

Choosing the design approach

A critical decision throughout the design phase is whether to use a native or hybrid method for mobile wallet development. Native apps (such as Java for Android and Swift for iOS) are platform-specific, whereas hybrid apps use web technologies (HTML, CSS, and JavaScript) to provide cross-platform capabilities. The decision is influenced by factors such as target audience, specialized functionality, and requirements.

Creating prototypes and wireframes

Wireframes provide basic interface representations, whereas prototypes are interactive and closely resemble the final product. Thorough user testing of these design components is necessary to ensure the app’s usability and ease of use.

UX design

The UX design includes the visual aesthetics of the app, its flow, and the operation of its features. Testing with actual users is necessary to ensure user-friendliness and alignment with the requirements of the intended audience. To build a mobile wallet app that performs well, it is advised to spend more time on the user interface.

Step 3: Development phase

Front/back-end development

The development process involves developing the app’s front-end and back-end. The design team and the development team should collaborate closely to ensure that the final product matches the specifications laid out in the wireframes and prototypes.

Considering mobile features

Including critical user features like transaction history, rewards, and budgeting tools is an important step toward building a mobile wallet app.

Payment gateway integration

This step involves integrating a secure payment gateway as well as features like encryption, two-factor authentication, and fraud detection. This step involves integration with third-party services or APIs, the development of new payment methods, or other features that improve the app’s overall value proposition. 

Security standards

Creating a digital wallet demands strong security measures to protect users’ personal and financial information. The use of biometric recognition (fingerprint or face ID) with two-factor authentication improves security against illegal access. Encryption and tokenization are important security features used by mobile wallet apps to protect sensitive payment information. Tokenization involves replacing sensitive data, such as credit card numbers, with a unique identification that only the token supplier can decrypt and confirm.

QA testing

Quality assurance and testing are essential during development to avoid bugs and technical malfunctions. Functional testing evaluates app functionality, including UI, navigation, and transaction processing. Following that, security testing is performed to address vulnerabilities such as data breaches, hacking, and fraud protection.

Step 4: Launching the mobile wallet app

The introduction of a mobile wallet app necessitates careful planning and strategy. This includes creating a marketing strategy, creating promotional material, and preparing the app for app store distribution. It is critical to submit the app for approval far in advance of the launch date to ensure compliance with app store criteria and requirements.

Step 5: Development and support

Updating and maintenance 

Once the mobile wallet app is launched, ongoing maintenance and updates are required to ensure smooth performance and long-term user value. This involves responding quickly to any problems or difficulties, improving the app’s features and operation, and guaranteeing compatibility with new operating systems and devices.


Using analytics and user feedback to measure app performance and identify areas for improvement is a worthwhile method. Wallet app analytics provide insights into user activity, engagement, and retention.

We hope this guide will be helpful in understanding how to create a wallet app in 2023. 

You can also learn more about starting crypto mobile wallets here:

You may also like

conceivablytech Logo.

Conceivably Tech is a blog that provides tech tips and tricks to make your life easier. From simple solutions to complex problems, our team of experts have you covered. We believe in making technology work for you, so you can focus on what’s important. Our mission is to provide easy-to-follow tech advice that makes a real difference in people’s lives. Join the conversation and let us help you get the most out of your technology!


Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

© 2024 Conceivably Tech | All Rights Reserved |