Mobile wallet apps have become increasingly popular in recent years, providing a convenient and secure way for users to manage their financial transactions. The adoption of these software programs is caused by their convenience for users and advanced security that makes mobile wallets more safe than traditional payment methods like cash or credit cards.

However, building a mobile wallet app from scratch can be a difficult task. In this article, we will consider how to build a mobile wallet app using a ready-made solution to save your time and resources.

Mobile wallet app industry overview

The mobile wallet app industry has been rapidly growing in recent years, as more consumers adopt digital payments and mobile devices become increasingly ubiquitous. According to a report by Allied Market Research, the global mobile wallet market size was valued at $1.04 trillion in 2020 and is projected to reach $7.58 trillion by 2027, growing at a compound annual growth rate (CAGR) of 28.2%. 

Mobile wallet market 2020-2030 (USD, Million) 

Source: Grand View Research

The rise of mobile wallet apps can be attributed to several factors, including convenience, security, and the increasing prevalence of contactless payments. With mobile wallet apps, consumers can quickly and easily make payments from their mobile devices, without having to carry cash or cards. These apps also offer enhanced security features such as biometric authentication and encryption, which can help prevent fraud and theft.

In addition to traditional payment services, mobile wallet apps also offer a range of value-added services such as loyalty programs, coupons, and budgeting tools. This has helped make mobile wallet apps more attractive to consumers and has contributed to their growing popularity. As the mobile wallet app industry continues to grow, it is likely that we will see continued innovation and competition in the space, as companies seek to differentiate themselves and capture market share.

What is a mobile wallet app?

A mobile wallet app is a digital application that allows users to store, manage and use their payment information for transactions on their mobile device. This app essentially turns a mobile device into a digital wallet, allowing users to securely store their credit/debit card information, bank account details, and other payment methods. 

With a mobile wallet app, users can make payments, transfer money, and manage their financial transactions without having to carry physical cash or cards. Mobile wallet apps also typically provide additional features such as loyalty programs, coupons, and budgeting tools to enhance the user experience.

How to create a mobile wallet app?

Developing a mobile wallet is a complex process that requires a range of technical skills and knowledge, including expertise in software development, security, and financial systems. In this guide we consider these steps from idea to launch that will tell you how to make a wallet app.

Discovery stage

Before beginning to design and develop a mobile wallet app, it is important to define the purpose and objectives of the future mobile app. This should include a clear understanding of what problem the app is trying to solve, and what specific benefits it will offer to users. This information will help guide the design and development process, and ensure that the app meets the needs of its target audience.

Compliance with legal requirements and standards

To create a reliable mobile wallet, it’s essential to ensure it is compliant with all the regulations. First of all, the software must comply with financial regulations such as Anti-Money Laundering (AML) and Know Your Customer (KYC) laws. Secondly,  as the mobile application accepts, processes, stores, or transmits credit card data it must maintain compliance with Payment Card Industry Data Security. It is also important to ensure that the app adheres to all relevant laws and regulations in the country or region it operates in, including licensing, taxes, and other legal requirements.

Market research

Another important step is market research, as it provides valuable insights into the competitive landscape and user preferences. This research should include an analysis of similar mobile wallet apps, as well as an understanding of the broader digital payments industry. This step can help you understand what potential users are looking for in a mobile wallet app. This can include features like security, ease of use, and integration with other apps.

Design phase

Choosing a design approach

One of the key decisions to be made in the design phase is whether to use a native or hybrid approach. Native apps are built using the platform-specific programming language (such as Java for Android and Swift for iOS), while hybrid mobile wallet apps are built using web technologies (such as HTML, CSS, and JavaScript) and can run on multiple platforms. The choice of approach will depend on a variety of factors, including the target audience and the app’s specific functionality and requirements.

Creating wireframes and prototypes

Once the design approach has been chosen, the next step is to create wireframes and prototypes of the mobile wallet app’s user interface (UI) and user experience (UX). Wireframes are low-fidelity representations of the app’s interface, while prototypes are more interactive and closer to the final product. These design elements should be tested with real users in order to ensure that the app is intuitive and easy to use.

User experience design 

User experience (UX) design is an important aspect of the mobile app’s design phase. This includes the overall look and feel of the wallet app, as well as the flow and functionality of the various app’s features. User testing should be conducted in order to ensure that the app is user-friendly and meets the needs of its target audience.

Development phase

Front-end and back-end development

The development phase involves building the app’s front-end and back-end. The development team should work closely with the design team to ensure that the final product is consistent with the wireframes and prototypes.

To get more information about technical stack for wallet app development, check this article.

Consider key mobile wallet features

Another crucial step in creating an outstanding digital wallet is to implement necessary end-users features. It may be an informative transaction history, valuable rewards or convenient budgeting trackers. For example, with SDK.finance mobile wallet software you can provide users with expense tracking, helping them control their spendings. 

Integration of payment gateway

This step includes the integration of a secure payment gateway, as well as features such as encryption, two-factor authentication, and fraud detection. This may include integration with third-party services or APIs, the development of additional payment methods, or other features that enhance the app’s overall value proposition.

Security standards

To create a wallet app you must use robust security features in order to protect the users’ personal and financial information. The mobile wallet app can use biometric recognition ( fingerprint or face ID), or two-factor authentication that helps to prevent unauthorized access to your account.

Encryption and tokenization are two key security features used by mobile wallet apps to protect users’ sensitive payment information. The tokenization of payments is the effort to replace sensitive data, such as credit card numbers and PINs, with a unique identifier that can only be authenticated, decrypted and translated by the token provider. 

For example, when the user makes a payment with the mobile wallet application, the tokenization service provider creates a unique token or identifier for the card information, which is stored securely in its database, making transactions more secure. 

Quality assurance and testing

Prevention is better than cure, that’s why thoroughly software testing is one of most important steps in mobile wallet creation. Quality assurance and testing are critical aspects of the development phase, because they help to prevent any bugs or technical issues. 

In addition, you can use different types of testing to provide the users with a reliable mobile wallet. First of all, functional testing to check if the app works as intended, including the user interface, navigation, and transaction processing. Second step is security testing that includes testing for vulnerabilities such as data breaches, hacking, and fraud prevention.

It is also essential to conduct the performance testing that helps to verify if the app can handle different levels of traffic and user loads without crashing or slowing down. Moreover, testing provides feedback and insights that can help companies improve the mobile wallet. For instance, the SDK.finance mobile wallet platform is tested with JUnit, Arquillian and checked with OWASP security scanner. Our technical team checks the code quality with SonarQube, UpSource and FindBugs. 

Launch the application

Launching a mobile wallet app requires careful preparation and planning. This includes developing a marketing strategy, creating promotional materials, and preparing the app for distribution on app stores. The app should be submitted for review well in advance of the launch date in order to ensure that it meets all app store guidelines and requirements.

Ongoing development and support

Maintain and update a mobile app

After the mobile wallet app is launched, it is important to continue to maintain and update it in order to keep it running smoothly and provide ongoing value to users. This includes fixing any bugs or issues that arise, updating the app’s functionality and features, and ensuring that the app remains compatible with new operating systems and devices.

Get insights and optimize 

Analytics and user feedback are valuable tools for measuring the app’s performance and identifying areas for improvement. Wallet app analytics can provide insights into user behavior, engagement, and retention, while user feedback can help identify areas where the app can be improved or expanded.

Launch your mobile wallet app faster with SDK.finance software

SDK.finance offers a white-label digital mobile wallet solution to help you cut down on the time and costs of your mobile wallet app development. With our payment software you get everything needed for your app’s quick launch, effective scaling, and customers’ immense delight.

The mobile wallet app software empowers you to build an advanced application to meet your customers’ financial needs, thanks to its flexibility and modern technology stack. With SDK.finance mobile wallet solution you can provide the following features for your users: 

Check a demo video of the mobile Android/IOS application developed by our partner software development company, KindGeek, using the SDK.finance platform.

As a business owner you get the following features of using SDK.finance mobile wallet software: 

• Transaction fees and limits management

You can set commission types: flat fee, %-based, and different commissions for operations amounts within a specific range. It is also possible to control commission ranges: different commissions for operations amounts within a specific range.

• Currencies management

Control currency exchange rates input – manual or automated (from external feed) and manage the process of currency and issuer creation .

• CRM & customer support

Verify customer profile information and provide KYC-management. You get a default log of customer activity in the system and have customer accounts status management.

• Transaction history

Check all customer’s transactions in all statuses.

• Contracts management

Group fees and limits in a “contract” and create a set of tariffs for customers to choose from.

SDK.finance ewallet software is a powerful and scalable platform for your mobile application that provides connecting with third-party services through 400+ digital wallet API endpoints. The system processes thousands of transactions per second and withstand high loads without a hiccup that can improve user experience and boost turnover.

Our mobile wallet software serves as a reliable foundation for building a mobile wallet or a digital payment platform. Save at least 1 year of active development and lots of team resources with our core fintech system.

Conclusion

Building a mobile wallet app requires a significant investment of time, resources, and expertise, but can be a valuable tool for businesses and consumers alike. By following the steps outlined in this guide, businesses can successfully speed up  the app development process and launch a high-quality mobile wallet app that meets the needs of their target audience. 

You can also use the SDK.finance ready-made payment solution and launch your mobile application in a short time.

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• Source: https://sdk.finance/from-idea-to-launch-a-complete-guide-on-how-to-build-a-mobile-wallet-app/