eWallet Mobile App Development - Features and Cost

We all are aware of using an E-Wallet App. The ongoing pandemic outbreak led to an increasing preference for e-wallet apps for making & receiving payments over conventional methods.

  • What is E-Wallet?
  • Types of Mobile E-Wallet Applications
  • How does it work?
  • Scope & Market Growth of E-wallet App Development in Coming Future
  • Monetization opportunities offered by wallet apps
  • Types of money Transaction Methods in Digital App
  • Identify the Need to Build an e-Wallet App
  • What is the Type of Industries that can benefit From E-Wallet App Development?
  • General Features of E-Wallet Mobile App
  • Things that need to consider by an E-Wallet App Development Company
  •  Mobile E-Wallet App across the Globe
  • Technology Stack for E-Wallet App Development
  • Technology Stack for E-Wallet App Development
  • The Endnote


What is E-Wallet? 

In simple terms, is a virtual mobile-based wallet where one can store cash for making mobile, online, or offline payments, which comes with the evolution of digitalization with the concept of cashless. There are different types of mobile wallets in are available such as open, semi-open, semi-closed, and closed - depending on the type of usage and payments that can be made. It helps in increasing the speed of transaction, especially for e-commerce companies and all e-commerce marketplaces have integrated with such mobile wallets too. The launch of UPI, make it even easier, as the transfer happens directly from the bank account rather than from a wallet. Businesses are now partnering with these E-Wallet app development companies for creating E-Wallet App or custom E-Wallet apps to buy & sell products with different offers. It ranges from grocery to booking tickets and more for their customers while supporting their business ecosystem. As a business owner, investing money into digital wallet app development can help garner good profits. If you’re thinking of building a feature-rich & customized e-wallet app, this post will provide you with a detailed overview of all essential factors.

Types of Mobile E-Wallet Applications

 Closed E-Wallet App- Here users can only use the funds to make payments for transactions initiated with the specific merchant. Users cannot use the money to make payments for transactions with other merchants and third-party service providers or withdraw the funds in cash. An example of a closed wallet is Amazon Pay.

Semi-Closed E-Wallet App- Here users use the funds in the wallet to make payments for transactions with multiple merchants, as long as there is an existing contract between the merchant and the mobile wallet company. Users can also withdraw the funds into a bank account. However, semi-closed wallets do not allow users to withdraw funds in cash.


Open E-Wallets App- Open wallets allow customers to use the funds in the mobile wallet for making payments for transactions or withdrawing the funds deposited to the account in cash. An example of an open mobile wallet is PayPal, which allows users to make payments for in-store and online purchases and still withdraw the funds in cash.

How does it work?

An e-wallet app stores some information like credit card data, debit card data, banking information, and payment platform connectivity. It is convenient and fasts while using. This saves us from fetching physical wallets and cards.

When a consumer approaches the payment page on a site or an app, the e-wallet can supply the payment information on the spot for immediate, straightforward transactions. Consumers can set up an e-wallet app account that’s available at any time.  Different e-wallets are used for different circumstances, different types of businesses, and different types of consumers. Now that e-commerce is a global sector, companies and consumers alike do well to utilize e-wallets app in the marketplace.

Scope & Market Growth of E-wallet App Development in Coming Future


According to the survey by the India Mobile E-Wallet Apps  Market Forecast and Opportunities, shows that In 2020 the E-wallet App market in India is has reached US USD 6.6 billion and to reach $255 billion by 2025 at a CAGR of 15.2% during 2020-2025.

Increased use of technology in financial transactions and the rise in various e-commerce platforms are expected to accelerate the e-wallet app market during the forecast period. Increasing adoption of cashless transactions will likely create the demand for E-Wallet wallet App Development market for both Android app development and ios app development which means the country is surely moving towards a cashless economy: IMPS transactions have overtaken money order, debit, and credit cards in just years, in terms of both volume and value. The government also pushes Digital India and financial inclusion has driven mobile wallet adoption in the rural and semi-urban areas by extending financial services to the unbanked population.

At present, with a vast majority of the population spending a lot of time on mobile this shows the case of mobile e-wallets app  as the foundation stone of a future cashless economy is the dynamic evolution it has undergone to meet the changing requirement of the industry.

Monetization opportunities offered by wallet apps

1. E-Commerce Enablement- E-wallets allow users to start their own business and sell their products online through the medium of their apps. Like e-commerce it also allows other businesses to enter and sell their products on a platform you offer. In this way, it earns a part of the profits made by those companies. It also allows them to integrate a payment gateway with their app.

2. Commission on Billing- The most common way of monetization in the case of open e-wallets where the app gets profit percentage for each transaction.

3. Advertising-  Mobile E-wallet app monetization where the user experience is critical when it comes to ads. In-app ads don’t have to be intrusive or pushy. when ads are highly targeted and present the right offers to the right users, they can add value for both the advertiser and the user.

Types of money Transaction Methods in Digital App

1. NFC (Near Field Communication) - NFC is a chip-based contactless payment mode, where one does not have to touch any other device. Within a distance of three to four inches, the payment can be made to the receivers payment pad. This technology of payment has been made to avoid any contact between the sender and the receiver.

2. Mobile Wallets Apps- A mobile wallet is developed with mobile devices owing to their convenience and easy access. In this, the users can send and receive money with the help of the service provider which provides various types of discounts via SMS with an OTP.

3. Sound Waves Based Payment Methods- In this technology, the vendor’s payments device transmits secured and encrypted data through a unique sound wave, to the customer’s phone and converts it into analogous signals, and responding to validate and thus the transaction process fulfilled in real-time.

4. Internet Banking- Internet Banking helps the user to carry out a variety of banking transactions with the help of an extensive range of features right from where you are, with just a few clicks In this mode of payment user add payee with all banking details and then user get OTP to pay the payee after while the user is ready to pay.

5. Direct Carrier Billing- This mode basically of the rural area where internet facilities are not so good. So one has to make purchases and ask to add the billed amount to the phone bills that they receive monthly.

Identify the Need to Build an e-Wallet App

There is a lot of need to built an E-Wallet app for Different fields or Sector-


  • The burgeoning mobile wallet segment has e-commerce, couponing/cash back, and financial inclusion services firmly secured in its back pocket.
  • It eases financial transactions, aiding emergency fund transfers or proving handy on social outings
  • Social gifting is set to become a popular trend driven by the tech-savvy young consumer base which will metamorphose money transfer through mobilee-wallet app into a socially meaningful gesture earning immense goodwill.
  • Users are now sending and accepting donations, tips, gifts, payments, and rewards on a dozen social media platforms too. 

Soon or later but we will definitely see e-wallets take off significantly to pivot into a new marketing channel where the online and offline marketing efforts will merge.

What is the Type of Industries that can benefit From E-Wallet App Development?

The list shows down below shows the industries that are making profits from E-Wallet App Development-


Retail & E-commerce:

Retail & E-commerce are engaged in a lot of transactions with, the conventional ‘cash on delivery’ and Credit or Debit card payment options mobile e-wallet apps act as a healthy addition and after the introduction of the  UPI that promotes real-time instant transferring of funds. Apps also help users store information about sales and initiate payments via coupons, loyalty cards, and rewards.


The mobile e-wallets support bill payments, recharges, and even transferring money to each other. They have more odds of integrating different payment cards from various banks in their mobile wallet.


On-Demand Services:

On-demand services like food, grocery, healthcare delivery are functioning far better by providing users with more options to make their payments with different offers.

Financial Establishment:

They offer users various cards like credit, debit cards, furnish customers with administrations (for instance, installment for open administrations with Visas in this digital age and more convenience to the user’s life financial companies integrate e-wallet  that provide customers with direct access to make transactions.


Logistics & Transport Companies:

We all have been using mobile wallet payments while using OLA or Uber. Now OLA has its own e-wallet app by the name Ola Money. This shows the shapes of e-wallets app development in the coming future of online transactions.

General Features of E-Wallet Mobile App

User Panel Features:

  • User Registration via email or social profile
  • Add/authorize bank account
  • Add amount
  • Check account balance
  • Pay Bills or set autopay
  • Transfer money
  • Budget management tool
  • Split bills
  • View transaction history
  • POS integration
  • Send payment requests
  • Accept payments
  • Send invites and get referral points
  • Chat
  • QR Code Implementation
  • KYC process
  • Referal
  • Auto Login
  • Language Selection
  • Notification

Merchant Panel Features:

  • Login to an interactive dashboard
  • Add/manage products
  • Generate QR code
  • Manage customers
  • Add promotional offers & discounts
  • Offer loyalty points and rewards
  • Manage staff & employees
  • Manage EMI payment options
  • Push notifications

Admin Panel:

  • Secure login to an interactive dashboard
  • Manage Users
  • RealTime Analytics
  • Manage Users & Merchants
  • Add New Offers
  • Manage/extend security
  • Revenue Management
  • Users data control
  • Reporting & Auditing
  • KYC management
  • Wallet Management
  • Push Notification

Must-Have Features of E-Wallet Apps Development

1. User Profile- This feature allows the user to get registered on the application. The user can be registered using a phone or email to their e-wallet app. The user then needs to confirm the account by providing details like adhar card, pan card details and once the account gets confirm then the user can proceed.

2. QR Code Scanner- QR code is short for Quick Response code acts similar to a barcode. The user can easily scan the QR code via the QR code scanner. QR codes are regularly utilized as an alternative for NFC. Due to the ongoing pandemic, the demand increased for contactless payment, transfers, and the convenience it offers, providing NFC and QR payment is a must-have wallet feature. Retail clients can make in-store payments using mobile e-wallets app via contactless methods like QR-code and many more.

3. Sync over Bank Account- In this users have to link their e-wallet app to their respective bank account from where they will make transactions and other payments. Further, they have to add their credit or debit card details with CVV number and expiry date.

4. No Minimum Transaction Limit for User- This feature allows performing multiple no of the transaction using wallet payment without any limitation of usage.

5. Bill Splitting Option- This feature allows users to split the bill. When it comes to modern features simplifying people's everyday tasks, splitting the bill is a no-brainer with simplicity can be a powerful competitive advantage for your mobile e-wallet app. For example- when going to dinner with their friends.

6. GPS Tracking- GPS tracking & navigation is some of the essential in-built features of the e-wallet app. With this, users can locate people on their devices and make the payment with just a tap on the specific user name.

7. Loan Introduction-One of the features that meet the growing demand for convenient, real-time banking with the medium of E-Wallet App which needs to be mobile-friendly, fast, and highly secured. It involves collecting customer application details, integration with bank systems, instant approval supported by credit bureau integration, and more.

8. E-Receipts- The E-receipts maintenance is configured, for the user by the admin. Upon each transaction, a receipt or an invoice should generate and send to the user on registered contact with the download Option. User should have Current or Savings account with the respective bank for online banking with the same banking for using E-Wallet App.

9. Privacy and Security- Security comes first when it comes to any digital payment app.  End to End secure payment while transaction. Factors such as tokenization, passwords, biometrics, security questions, and one-time password (OTP) via SMS are very mandatory to keep in mind while creating an E-Wallet App.

10. Reward Points- Add ons Features like discounts, Coupons, Rewards, loyalty points, etc. are key for an E-wallet App Development and can help stand out in the market. It allow the easy creation and managing of coupons, discounts, tickets, loyalty points, etc. for the digital wallet solution which can help mobile e-wallet app stand out in the market.

11.  Chatbot

By implementing a chatbot into an E-Wallet App, services become available 24/7 at a lower service cost. It is a powerful feature to be added for businesses to communicate with their wallet user, to provide help and improve customer service.

12.  Security on Sim Change

Using this feature, users are very safe if someone fraud in wallet. It keeps safe the data of user. 

Things that need to consider by an E-Wallet App Development Company

Regulatory Compliance - To avoid any risks in the future for conducting fair and transparent transactions the E-Wallet App Development Company should always comply with rules and regulations.

User Data Security - Digital E-wallet App can only be successful if the customers can rely on its security structure where customers had to store their card information or enter their passwords. It is the primary responsibility of an E-Wallet appdevelopment company to ensure their data security by using advanced technology methods. In addition to standard safety and security mechanisms, companies need to include technologies that are hard to decrypt.

Fraud risk- To avoid any sort of fraud risk in the E-Wallet App, developers should make sure to make it risk-free with the money laundering risk from anonymous accounts which are difficult to track; otherwise, the app owners will be answerable to the users

Mobile E-Wallet App across the Globe-

The digital mobile E-wallet app is booming around the world, people are warmed up with the idea of digital payment because it is convenient to use, fast and secure. It's covid 19 which bring evolution in the digital mobile wallets across the world. Mobile E-wallets App and digital payment apps have been surpassing credit card usage and are slowly beginning to replace the traditional payment methods. Some of the popular digital payments or e-wallet mobile apps and services are:


  • PayPal
  • Google Pay
  • Samsung Pay
  • Stripe
  • Adyen
  • PaySimple
  • BlueSnap
  • Authorize.Net
  • Apple Pay
  • WePay
  • Amazon Pay
  • Payoneer
  • Payline
  • Alipay
  • 2CheckOut


Technology Stack for E-Wallet App Development-

  • Front End Development: Angular, Bootstrap,  Javascript,  Swift, CSS
  • Back End Development: Ruby, Python, Angular Js
  • SMS, Voice, and Phone Verification: Nexmo
  • Payment: Braintree, PayPal, PayUMoney, and Stripe
  • Database: Apache HBase, MongoDB, MySql
  • Cloud environment: Google Cloud, Salesforce, Azure and AWS
  • Push notifications: Push.IO, Twilio, Amazon SNS, Urban Airship
  • Data management: Datastax
  • Email management: Mandrill
  • Real-time analytics: Big Data, Hadoop, Spark, and Apache
  • QR code scanning: ZBar Code reader

Team Composition required for E-Wallet App Development-

  • App developers
  • Front-end developers
  • Back-end developers
  • UX/UI designers
  • Quality Analyst
  • Business Analyst
  • Project Manager 

Cost for E-Wallet App Development-

The cost for ewallet mobile app development depends upon the features however we can say "it cost between $30000 to $70000. It may more or less for ewallet mobile app development as per discussion with the customer. If you are looking for ewallet mobile app consultation please connect with us.

The Endnote


These Increasing numbers of e-wallet app indicate the growing need for secure, faster, and efficient payment methods for the online marketplace. E-Wallet App Offers the Solution to make payments to an individual. Today, startups and huge corporations are constantly looking out for customer-friendly technology. Thereby giving more power to those Net technocrats is standing as Leading Star in the E-Wallet App Development. We Nettechnocrats mobile e-wallet app development company provide solution For Your every query.

eWallet Mobile App Development - Features and Cost
Megha Chouhan

Content Writer by profession, Megha is devoted to work for herself with the passion of creating fresh dose of writing about technology and sharing them with the readers. Stay tuned here as she is going to brings a lot more trending stories from the Nettechnocrats.

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