Things You Must Know Before Considering E-Wallet Mobile App Development

By Harikrishna Kundariya Mobile August 8, 2019 18 min read 703 Views

As the world is diving deep and deep into the technology, it is advancing in every aspect and field. The mobile app development companies are providing new and creative applications for users each day.

One of these applications is E-Wallet, which has not only helped the people but also other service providers as they can now go online and provide the online payment options to their customers.

E-Wallet is delivering digital payments for the users reducing the burden of carrying credit cards.

There is an immense growth in this field as many e-commerce, and mobile commerce, tech giants and shopping apps have delivered their own E-Wallet for the users like WeChat Pay, Samsung Pay, and many more.

Features And Cost Involved In Developing a Mobile E-Wallet App

  1. Research And Facts About The Market
  2. World’s Best E-Wallet Apps
  3. E-wallet And Its Features
  4. Advanced Features
  5. Development Of E-Wallet Mobile Application
  6. The Development Process
  7. Cost Of Developing An E-wallet App

1. Research And Facts About The Market

With all the advancements in the field of technology, payment method has also gone digital.

Earlier people used to go out to buy stuff and pay in cash, but now this process has been made easier with the help of online shopping apps and providing them with payment gateways.

Best Mobile Wallet App for Android makes the digital payment process faster and efficient in various ways.

E-Wallet mobile apps have started setting new records with evolving technology. Apps like Paytm, Amazon Pay, Samsung Pay, PhonePe, Mobikwik, and many more have proven to be very helpful and reduced the load of carrying cash.

Paytm has 300+ million registered users as per the statistics of 2018. When talking globally, WeChat is leading in this field with 600+ million users over the world.

Market of E-Wallet

A global forecast report presented by Market Research Future has estimated that the market of E-Wallet would grow at a CAGR of 15% and may reach 2100$ billion in six years span from 2017-2023.

A few technologies used by the mobile app developers for E-Wallet are Bluetooth, Beacon, Blockchain, Scan QR code, Near Communication Field.

Now let’s have a complete analysis of these:

  • Bluetooth and Beacon Technology: It allows the payments where the sender and the receiver are in close proximity. It is a reliable and fast as well as secure method of payment.
  • QR code scanning: Many apps like Paytm have provided the facility to scan the QR code for making payments. It is a very easy and convenient method of payment, especially when paying on shops.
    Here each individual has his/her own QR code in the app.
  • The Near Communication Field or the NFC: It is a future technology that will help in transferring money and information sharing easily.

2. World’s Best E-Wallet Apps

All the leading Mobile Payment App Development companies are competing among themselves to be at the top. All have implemented new and innovative technologies in their applications. These technologies and features give them uniqueness, which is helpful for the growth of their market.

Similarly, in this field of E-Wallets, various companies have tried their best to deliver apps that are unique and embedded with great features.

Here are some of the best E-Wallets from all over the world: ?

WeChat Pay

WeChat Pay

It uses the QR code method for payments, which means users have to scan the QR code of the receiver and then transfer money.

WeChat Pay is one of the leading apps, with 600+ million users over the world. It is also providing messaging services and an additional feature of allowing users to buy bus tickets.

WeChat Pay has outreached to different parts of the world from Malaysia to China, and it can be used anywhere.

It is of great help for Chinese tourists who visit Malaysia and vice versa. The main drawback of this app is, it does not provide currency conversion.

Therefore, tourists have to top up with Malaysian Ringgit and Chinese RMB.

Razer Pay

Just like WeChat Pay this E-Wallet also uses the QR code method of payment. Steam, 7 Eleven, Starbucks are its most remarkable merchants.

This app is a joint effort of top companies, Razer, Berjaya Group, and MOL. They have been making gaming peripherals. This app is designed for virtual currency and Razer’s ecosystem support.

It also allows users to store funds which they can use later on to buy Razer gold, which can further be used to purchase games online.

Moreover, using the virtual currency, a user can also purchase gaming peripherals from the Razerzone online store. As it is a result of collaboration, this app provides the features from all the companies involved.

It is an excellent app from a gamers point of view as well.

Touch n Go

Touch n Go also uses the QR code method of payment; this app has Dunkin Donuts, Tesco, Baskin Robbins and as its remarkable merchants

Touch n Go is still in its testing phase as its number of available merchants being less. The company has just finished up a beta test of this app on the Kelana Jaya LRT line. This test was very successful and will help it to be entirely deployed along LRT and MRT lines.

Using the RFID reader, users can pay for tolls. Being still in the testing phase, many of its features have not been launched yet.


Pay Pal

Paypal has provided multiple modes of payment, which include offline and online payments. Offline payment mode is available in a few countries. With this feature this it has been used worldwide in almost every online store.

It is the oldest and the best app in E-Wallets. It is an international level organization, and the app can be used globally across borders, and so it also has the option of converting currencies.

Another great feature of this app is that users can transfer their stored funds to a local bank. It is not only the best app in terms of features but also in terms of buyer protection.

The main drawback of this app that it charges a higher fee on transferring money as compared to others.

Big Pay

It is one of the Best Mobile Wallet App for Android. This app has also got multiple payment methods, which are a QR code, Prepaid Card, and NFC with AirAsia being its most remarkable merchant and even its creator.

Divided across a Mastercard-backed prepaid card and an e-wallet, its services are efficient and successful. The main advantage of this is that the users can use a prepaid card to pay for things instead of using the app.

It has one fantastic feature of providing users with Big Loyalty Programme points which they can earn and use them on their next payment. Its loyalty program is limited to AirAsia flights only.


Boost Wallet

It has In-app payments as well as the QR method of payment. The remarkable merchants of this app are Telekom Malaysia, SYABAS, 99 Speedmart, and DBKL Parking.

It targets smaller merchants, the ones who are in their experimentation phase with cashless payments.

Pasar Malam vendors are their biggest target and have achieved some success in this. For allowing users to park in the greater KL area, it has joined a partnership.


It has only a QR mode of payment. Kedai Mesra Petronas, Mydin, Tony Roma’s and Astro Go Shop are its remarkable merchants.

Vcash powered by Digi is one of the oldest homegrown E-wallets in Malaysia launched late. It is expanding its partnership with Petronas making the app unique.

The users can also pay for petrol using the features of this app.

Lazada Wallet

It has only an online payment option with Lazada being its remarkable merchant.

It has a unique feature of offering cashback on every purchase keeping their users happy. But it has got a drawback of being able to be used in Lazada’s online store only, and the cashback comes with an expiry time.

Their main aim is to lock their users in the world of Lazada by not allowing them to use this app anywhere else.


MyBank Pay

Just like the other few E-Wallets it also has QR code as its only method of payment. Jaya Grocer, Mydin, Watson’s, TGV cinemas and McDonald’s being the remarkable merchants of this E-Wallet.

It has had a quieter release than others in the list. Having fewer features, it has got high competition from others. There is interoperability between Grabpay and MaybankPay Bank agreed to by the bank. Both of these apps work with the same QR codes.

Users can store Maybank credit card information, which allows them to avoid carrying credit cards.

It is available on all Android and iOS phones where it reduces its competition with Samsung Pay, which is only available on Samsung phones.

Samsung Pay

Samsung Pay

Samsung Pay is one of the best Wallet Solutions to have arrived in the last few years. It allows users to pay through NFC and Magnetic Field Transfer. With these multiple payment methods, it can be used where one needs to swipe credit cards for payment.

It does not have an option of storing funds but stores payment card information.

This app has successfully and uniquely implemented MFT technology. This technology has allowed it to support loyalty cards from various merchants like Aeon.

The main drawback of this app is it can be used only in Samsung smartphones and smartwatches, which confines its market to only Samsung users.

Grab Pay

It provides In-app as well as the QR method of payments. Remarkable merchants of it are Inside Scoop, TeaLive and Manhattan Fish Market.

It has provided the users with the benefit of ordering food online from Grab Food and calling a ride from Grab.

It is in partnership with Maybank, which allows it to be used across various platforms. The major drawback of this app is that it does not convert credits to local currencies.

3. E-Wallet And Its Features

E-Wallet is a kind of digital wallet that lets people pay through smartphones at anywhere and anytime. These are like your own personal digital cards working on apps. You can add, transfer, and pay mone

Some provide transactions in any currency while others use different technologies like NFC, QR code for the transfer of money.

Each app has a diverse target audience with outstanding features for a variety of people. Some wallets have the functionality of buyer protection while the others provide loyalty card integration where some implement proprietary magnetic strip technology.

E-Wallets have become so popular with growing technology and population that every Mobile Wallet Development Company in the world has started working towards introducing the new and innovative feature into the apps to increase the market and audience.

4. Advanced Features

Data Synchronization

In order to provide accuracy, efficiency, and security Digital Wallet App synchronize their data with their registered social account network and mobile number.

It helps the user to avoid filling of long bank forms as synced data is displayed automatically.

Booking Calendar

This advanced feature helps a user to book the dates reducing the load of remembering them. A user can highlight their dates based on which they will receive alerts.

There is also an option of calendar sharing where a user can directly share the calendar with their friends.


The best feature of E-Wallets. It is easy to locate nearby users with the help of GPS and then make payments. It is a very effective and fast method of making payments.

The user has to tap on the receiver’s user name. It is an easy, time-saving process with a simple approach.

In-App Camera

This feature helps the camera to scan the QR code for making payment. This feature integrates the app with the camera which the users can also use for sending transaction receipts to each other.

To validate the fund transfer requests, all the transactions are confirmed within the app.

Cloud Operations

Transactions are stored safely and securely on cloud storage. It makes the transactions fast.

Create Virtual Cards

Most e-Wallet mobile apps have a virtual card generation feature where a user can create his/her own virtual card. It can be used within the app and is very similar to credit cards.

Using the username and password, one can make payments efficiently. It is one of the best features of E-Wallet apps.

Wearable Integration

Digital Wallet Architecture allows users to integrate their apps with smart wearable devices to monitor the payments.

It provides convenience and ease to the users and is in trend nowadays, so it is very effective as well.

Push Notifications

This feature keeps the user updated and attentive. They receive information about rewards and deals at every transaction.

Loyalty Program

To increase the app visibility, users are provided with referral points which they get on referring the app to their friends.

Digital Receipt

The app generates a digital receipt after every transaction. Users can choose to receive it on mail, as SMS or within the app.


It is the process of generating a one-time code to provide security to the transactions.

It also helps in hiding bank information from the merchants.

Categorization And Portability

The classification of transactions can be done based on the choices of the users. Adding and sharing of money is easy for both online and offline modes.

QR Code

It is a fast, secure, and efficient way of transferring payment by scanning the QR code of the receiver.

Read also: Complete Guide For Cost To Build a Taxi Fare Comparison App

5. Development Of E-Wallet Mobile Application

E-wallet Website has become very popular among the people as it is easy and simple with no extra load of carrying it. People love E-wallets not only because of these features but because they are fast, secure, and reliable too.

Many Mobile App Developers are integrating new and powerful technologies like Bluetooth, QR code, NFC, and blockchain in E-Wallets.

Mobile Digital payment- E-Wallet

Now, let’s analyze – How to Create a Digital Wallet in detail.

The User Panel

The user panel has multiple functionalities.

Some of these are:

Registration Of The User: It provides a user to sign in via their social media accounts or email ids. It is the first and major part of E-Wallet.

Authorizing Bank Account: After signing in user needs to authorize their bank account by selecting their bank and proceeding further into filling other details.
The selected bank is that through which a user will do all his/her transactions.

Adding Balance: A user can add any amount in his e-Wallet as per his/her requirements.

Checking Balance Status: There is also an option of checking the balance status. After any transaction, a user can view their account balance and cash flows.

Transfer Cash: Users can also transfer any amount of money to other users. The only information required is their account details for a transaction.

Pay Bills: It provides a convenient way of paying bills, thereby helping users to keep track of cash flows.

Accept Payments: As one user can send any amount of cash to another similarly, a user can accept payments from another user securely and reliably just by giving the account details.

See Offers: This option lets a user to see offers regarding their payments and also gives the option of using the available credits in their transactions.

Transaction History: As all the transactions are recorded in history, a user can quickly view his/her transaction history. Apart from this, it provides the option of filtering the transaction and searches the one required.

Invite Friends: In order to avoid sharing of bank account information, a user can invite friends for any kind of transactions.

The Admin Panel

Dashboard: It is like a directory of all the users for the admin. All the information related to a registered user is stored and monitored here.

New Offers: The admin solely controls all the deals and offers provided to the users. The admin monitors Rewards, referrals, points, and other offers.

Manage The Users: This option is of utmost importance to the user as using this he/she keeps track of all the users associated with the app along with their transactions.

Manage The Contacts: User acquisition and retention techniques are tracked and managed by the admin, especially of the users who make payments frequently.

Analytics And Reporting: All the report handling and generation work are done and handled by the admin.
Reports consist of app usability, numbers of users associated, offers availed-type and number, bounce rates, and failed transactions. This report helps in finding solutions for the glitches occurring in case any.

Add/Block Features: Admin has the right and option of blocking a user from any kind of transaction if he/she is found misbehaving or if the count of rejection is high. Similarly, admin can add requests from different users.

6. The Development Process

In the application development process, it is essential to keep a record of all the previous apps developed to increase the efficiency of the firm and app development process.

The first step towards any app development process is studying and analyzing the previous records for time and cost-cutting. After that, compare different firms and app developers to hire the best ones.

The top mobile application development companies hire the top developers from all over the world to design and develop a successful app with less time, effort, and money.

Important People Involved In This Development Process Are
Project Manager

The person-in-charge of the complete project. He/she knows the guidelines, procedures, and rules. He/she is also the person who provides solutions for the implementation of an effective business model.


These are the creators of the mobile application. Their responsibility is to design and craft a complete mobile app in such a way that there is no competition for that app in the market. They play a crucial role in the technical team.

The technical team comprises of both Android and iOS developers to increase the reach of the app along with skilled project managers at head position.


The designers take the application to a whole new level with their skills. The application development begins with designers.

Finding the right UI/UX team is an essential activity and should be carried out on time to deliver a beautiful and creative app.


The testers play a significant role after development. Any app after the completion of its development process passes through the testing phase done by testers.

All the bugs are then resolved, and then the app is launched into the market. Testers have to take extra care during testing as a small mistake may cause big problems.

So, it is imperative to have highly skilled QA testers in the team.

Team Engagement Model

The engagement model is basically the location where the team will be working for the development of the app.

Based on the location of the business, an individual can choose from any of the three categories mentioned below:

Offshore: The operators need their application or project to be completed in remote areas.

Onsite: When the team works in the office as demanded by the operators. All the developers must be present in the office and must have proper guidelines and their respective work.

Hybrid: As the name says, it is a mix of both onsite and offshore where the primary requirement is minimum time.

7. Cost Of Developing An E-Wallet App

Different companies have different charges which are mainly dependent on the country’s economy. Some charge as per the working hours and some charge as per resources and time.

In European countries, the price is $130 per hour, and in the regions like North America, the price is around $150 per hour whereas in Australia it is quite high with $190 per hour.

India is the most affordable country at a price of $20 -$ 70 per hour, which makes many App Development Companies hire mobile app developers from India.

The total cost of development of an E-Wallet Mobile app costs around $25,000 to $50,000 approximately and apps which integrate some different features like such as Paytm, then it can cost up to $100,000 to $150,000 extra.


Nowadays when E-Wallet Apps are making all the right noises, it becomes important for all of you to be aware of this aspect.

Taking this idea into consideration, here we have tried to provide you with an in-depth guide on E-Wallet App. It will give you an idea of its features as well as the cost.

If you still have any question or suggestion related to this blog, then feel free to ask them in our comment section.

Thank You.!

Disclaimer: We at eSparkBiz Technologies have created this blog with all the consideration and utmost care. We always strive for excellence in each of our blog posts and for that purpose, we ensure that all the information written in the blog is complete, correct, comprehensible, accurate and up-to-date. However, we can’t always guarantee that the information written in the blog correct, accurate or up-to-date. Therefore, we always advise our valuable readers not to take any kind of decisions based on the information as well as the views shared by our authors. The readers should always conduct an in-depth research before making the final decision. In addition to these, all the logos, 3rd part trademarks and screenshots of websites & mobile apps are the property of the individual owners. We’re not associated with any of them.

Harikrishna Kundariya

Harikrishna Kundariya

Harikrishna Kundariya, a marketer, developer, app lover, technology savvy, designer, co-founder, Director of eSparkBiz @Mobile App Development Company where you can Hire Mobile App Developer. His 8+ experience enables him to provide digital solutions to new start-ups based on app development.


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