The Development of a Secure Mobile Wallet App for 2020

Development of a Secure Mobile Wallet App

As the field of eCommerce continues expanding, and accordingly thrive and evolve, the magnitude of mobile wallet apps and their development has amplified as well. Regardless of the size of your eCommerce business, or the industry you are in, consumers are more and more dependent on their smartphones, thus mobile wallet apps are very in-demand for custom application development.

What’s a Mobile Wallet App?

A mobile wallet app, known otherwise as an e-wallet, is a critical financial instrument that allows both business organizations and consumers to send and receive money via their mobiles. Typically, mobile wallets contain the option to link and store several payment methods, including debit and credit cards, as well as other digital money forms.

Depending on the custom software developers, a robust app could be configured to more features too, like coupons and loyalty points. It’s worth mentioning that not all mobile wallet apps are made equal. Based primarily on the payment processes offered, there are considerably different kinds of mobile wallet apps.

The first category relies on the use of a mobile service provider for transferring funds. It’s only through the help of a mobile service provider that this kind of app could send and receive money. The second kind is those that shower users with discounts through texts, relying on an OTP to cater also to mobile security.

And the last kind of an e-wallet app is one that offers consumers a mobile web payment option. As the digital space undergoes an evolution, thus wallet apps that a custom application development service could build are further highlighted by the integration of mobile communication service providers and financial institutions.

Guide to Build a Secure Mobile Wallet App

Investing in mobile wallet custom application development could turn out to be an intelligent move for your brand. The following is a clear guide on how to develop secure mobile wallet apps this year and beyond to conquer the market and remain competitive.

Step One: Choose mobile wallet app features

In the extremely competitive industry today, you should provide secure and high-end features to users. The following are the essential features for any mobile wallet application.

Accept various payment forms

Your app should enable various modes of payments, such as credit cards, debit cards, cryptocurrencies, UPIs, net banking, and so on.

Loyalty and rewards

The wallet should have a reward program feature. Whenever a user pays or gets money, he should earn rewards or loyalty points as well.

Intuitive UI

The UI must be simple, and a user could access everything from a single dashboard easily.

Compatible with all OS

Your app should be compatible with all of the major operating systems, such as iOS, Android, Windows, and so on.


Security must be a top priority while creating a mobile application. The data of users could be secured and encrypted with a secure server.

Step Two: Identifying challenges in mobile wallet app development

The mobile payment solutions emerge as a new way to bank and do financial transactions. The future has so many challenges as you need to face a lot of hurdles for app continuity. The following are several issues that mobile wallets would have to face.

  1. Low technical knowledge: This problem will persist even in developed countries in which the big number of users have no technical knowledge.
  2. Low connectivity: If you target developing countries of Asia and Africa, one of the biggest hindrances is low connectivity. The majority of the people live in remote locations with weak signals and low connectivity, which impacts the scalability and usability of the app.
  3. Low rate of adoption: Smartphones now rule our lives, and most people aren’t confident in sharing banking details online. Thus, it impacts the adoption rate, and people tend to opt for old-school methods of making payments via checks and cash.

Step Three: Technologies to develop a mobile wallet app

  • The mobile payment app uses various technologies to open the app, link a credit card or bank account using a password or pin, secure the app with a fingerprint scanner, and make The following are the most recent techniques used for building an app. You have to consult a custom software development company that builds apps for the most suitable technology, which could sustain the mobile payments future.
  • QR codes: An excellent example of QR codes is Paytm. A user has to scan the QR codes for payment initiation. QR code generators could help you encrypt information, build code, and add the generated QR code image on receipt forms.
  • IBeacon: It allows radio beacons to initiate a contactless exchange of data, with less power use. The device emits a signal in an uninterrupted way received by a smartphone with BLE. To get the radio beacons, a user should activate Bluetooth.
  • Near-field communication: One of the remote and contactless tech that facilitates payments up to a 20-centimeter distance. It works almost the same as Bluetooth, but it’s immediately allied. The technology is versatile and functions even if the compatible device has no power.
  • Cloud-based application: A mobile wallet app could even be built on cloud technology, which is easy and convenient to use. A perfect example is PayPal that stores information and exchange data for initiating payments.

Industries that Benefit Most from a Mobile Wallet App

Because the whole concept behind a mobile wallet app presupposes that it would be used for financial transactions, tech giants like Google, Samsung, and Apple all have jumped on the bandwagon. Along with custom software developers, they paved the way for most mobile wallets apps nowadays. A secure mobile wallet application benefits various industries, like the following:

  1. Finance and FinTech: The biggest beneficiary is the financial field. With e-wallet apps, a lot of major banks, lenders, and various popular stock trading apps could provide consumers with card-less services, as well as provide access to a secure mobile-based payment, which is very handy.
  2. Logistics and transportation: Another beneficiary is the logistics and transportation industry, that has plenty to learn by providing customers the luxury of having numerous payment options. Uber is one particular example, which enables users to pay for rides via their digital wallets.
  3. Retail and eCommerce: With the number of consumers relying on their smartphones for internet shopping escalating, mobile app wallets provide the e-retail industry a lot of benefits. A robust mobile app could not only be used by the retail field but could also be used as an addition to a pre-existing mobile shopping app.


When creating a secure mobile wallet app, make sure that you build it as per the convenience of your users. It should target ordinary people with the least technical knowledge. Users go for a seamless platform to access services, thus the app should be lighter, fully optimized, with just the essential features.

Raj Hirvate
Hi, I'm Raj Hirvate and I am a Tech Blogger from India. I like to post about technology and product reviews to the readers of my blog. Apart from blogging i'm a big Anime fan I Love Watching Naruto, One piece and Death Note.

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