How to Make a Mobile Wallet App: All-in-One Development Guide

How to Make a Mobile Wallet App: All-in-One Development Guide
9 min read

When Apple Pay was released in 2014, it transformed the mobile wallet industry and took it to new heights of success. Since then, users have been adopting mobile payment apps like never before. As per Statista, the number of mobile wallet transactions is to cross 9 million by 2025. 

Moreover, as per Globenewswire, the mobile app wallet industry holds a CAGR of 25% through 2025. With a double-digit CAGR and an ever-increasing number of users, the mobile app wallet development has become a viable idea for entrepreneurs and business people.

Also, Read Here - What is a Mobile App Business Plan? Expert Tips to Write it For Your App Startup

How to Make a Mobile Wallet App: All-in-One Development Guide

Source: Statista - Global Mobile Wallet Transactions by Region

When considering creating your mobile app wallet, experience plays a vital role. That's why we've compiled everything you need to know about developing a mobile wallet app in this all-in-one guide!

Here in this blog, you will access the following:

  • Key benefits of mobile app wallet
  • The target audience of the mobile app wallet
  • Mobile app wallet development process 

So, let's begin by exploring the popularity of the mobile app wallet.

Key Benefits of Mobile App Wallet

  • High Accessibility: Most mobile wallet apps are designed for smartphone owners. With more than half the world population owning at least one smartphone and with low-cost smartphones readily available, it is likely that most people will be able to access the app.
  • Increased Safety: Most mobile wallet apps are designed for smartphone owners. With most Americans owning at least one smartphone and with low-cost smartphones readily available, most people can access the app.
  • Diverse Use Cases: Mobile app wallets can be used in various ways. They allow users to make purchases online, in-store, or at contactless payment terminals such as those found on public transport. It also facilitates users to manage their finances by tracking their spending habits and budgets, splitting bills among friends or family members, and tracking their investments. 
  • Massive Target Audience: Gen X, Y, or Z, everyone loves mobile app wallets. The recent boom in the popularity of using mobile payments has led to increased competition amongst different providers. Many providers are tailoring their services towards specific demographics not yet served by existing providers. 
  • Easy Bill Splitting: Wallets allow users to split up an expense between two or more people. When people go out for dinner together, they often have issues with exact cash. The emergence of wallets has resolved this issue effectively.
  • Promotions & Discounts: Some companies offer promotions and discounts through their app. These promotions and discounts could be exclusive only to customers of the company's service, limited-time offers, or some type of coupon code that would provide certain benefits when redeemed elsewhere.

Target Audience of Mobile App Wallet

How to Make a Mobile Wallet App: All-in-One Development Guide

Apart from the typical end users, mobile app wallets prove effective for various enterprises. The standard ones include the following:

  • Retailers use them as in-store payment solutions, and some companies, such as Dunkin' Donuts, Dominos, etc. have their own branded apps.
  • Healthcare organizations have started utilizing m-wallets to make it easier for patients to schedule appointments and pay for services at affiliated facilities such as urgent care centers and hospitals.
  • Higher education institutions such as Notre Dame University have also begun using these applications. Thus, students can purchase food on campus or event tickets with just a few taps on their phones.
  • Banks and other financial institutions have also embraced this new technology and utilize mobile wallet apps for digital transactions. For example, JP Morgan Chase offers Chase Pay which allows consumers to use their phones to pay for goods/services at participating retailers or withdraw cash from ATMs, even if they don't bank with Chase.
  • Delivery industries make the most out of this opportunity by allowing customers to order & pay for delivery through the app while waiting in their homes.
  • Government bodies have also already accepted mobile wallets as standard payment features in most state universities. Smart Cards and smartphones can be used for dining and purchases on campus, paying parking fees, registering for classes, and finding events in real-time. 

Mobile App Wallet Development Process 

Stage - 1: Decide on the Functionality or the Discovery Stage

How to Make a Mobile Wallet App: All-in-One Development Guide

The first step is to develop the idea. What do you want your app to do? There are many types of mobile wallets, so deciding on features and functionality is essential. For example, you might be interested in developing a social media wallet where people can buy items from influencers who follow or keep track of their spending habits.

Or maybe you want to develop a loyalty wallet for restaurants where users can collect points when they spend money at participating restaurants and then redeem them for rewards like complimentary appetizers or entrées.

The popular mobile app wallet solutions are ApplePay, Google Pay, etc. Using them for research and inspiration is advisable because they have become quite successful.


Stage - 2: Determine Technical Requirements

To develop a mobile wallet app, you'll need to determine the necessary technical requirements. It includes things like :

  • Which platforms will you support? 
  • What features you'll include:
  • How will you integrate with existing payment systems?

Once you clearly understand the technical requirements, you can begin development. At this stage, you need to hire mobile app developers with prior experience in developing for these platforms (iOS, Android) and backend engineers who will be responsible for integration. Once your team is assembled, you can dive into planning.

Stage - 3: Choose a UI/UX Approach

How to Make a Mobile Wallet App: All-in-One Development Guide

Deciding on the right UI/UX approach is critical for the success of your mobile wallet app. After all, the user interface will determine how easy and enjoyable your app is to use. A good start is looking at other successful mobile wallet apps and seeing what they've done well.

Once you have an idea/concept of what you want your app to look like, it's time to start wireframing. A mobile app development company leverages wireframing tools like Balsamiq Mockups or UXPin. These softwares enable you  to create rough sketches that show potential design elements and layouts while keeping everyone in sync with the same vision.

Wireframes are often low-fidelity, so developers can focus on the layout without getting bogged down in the details. As you sketch out various screens and their individual components, consider these three things: structure, navigation flow, and visual hierarchy.

Stage - 4: Coding & Deployment

When coding a mobile wallet app, you'll need a firm understanding of software development and deployment. The former helps you create the app, while the latter ensures its smooth function. You'll need to choose a development platform and language to get started.

Once you've done that, the hired programmers can start coding the app. When it's time to deploy the app, you'll need to set up a server and host it there. Finally, you'll need an account with a payment processor so that users can make transactions.

Stage - 5: QA & Testing

Quality assurance (QA) and testing are critical components of the mobile app development process. QA helps ensure that your app is free of bugs and errors, while testing allows you to see how users interact with the app. QA and testing should be done throughout the development process, from conception to launch. 

Stage - 6: Maintenance & Support

No matter how great an app is, you will always need to provide some form of maintenance and support. It includes ensuring the app is compatible with the latest operating system updates and providing customer support in case users have any problems.

Wrapping Up

The discovery stage is when you and your team determine the goals and objectives of the project, as well as the strategy for how you will achieve them. It is also the time to assess any risks that could impact the project's success.

By taking care of these things upfront, you can avoid potential problems down the road. Plus, having a clear plan will help keep everyone on track and focused on the end goal. Hiring a mobile app development company that understands and values this critical phase in the process is essential. 

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AnnaSharland 212
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