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Top 8 Tips to Develop a Powerful and Secure Mobile Wallet Application

With the changing landscape of the e-commerce industry, it is crucial that you too evolve. The current scenario emphasizes investing in a mobile wallet application irrespective of the industry and size of your company.

It is the age of the internet and smartphones, and the new generation loves being digital, carrying cash is an old trend. That is why if you want your business to have an advantage on users and succeed, it is crucial that you build a wallet app.

Moreover, the trade pundits are stating that by 2022, the global revenue of these digital payment solutions will reach $14 trillion. In 2019, it has the potential to reach $1 trillion. With these numbers, it is imperative for an e-commerce business amongst others to launch a successful wallet app like Apple pay, Google pay, PayPal, Paytm, and so on. WhatsApp, the messaging giant has already understood the importance of this app and is working day and night to launch its own mobile wallet app soon.

Mobile wallet payment apps

A wallet app is an application that provides the option to link and store various payment methods like credit/debit cards or digital money. The app can have loyalty points, coupons, and other features depending upon the wish of the developer.

It is a great idea for businesses who want to target more users. A study shows that there are more mobile users than bank users. A wallet app can help you target them.

Which industry will gain more if they build a wallet app?

E-commerce & Retail:

They can store the entire payment information on such apps like bargains, coupons, and so on.

Financial firms:

They can integrate cards with the app, and provide numerous services to their customers.

Telecommunication firms, grocery business, and Transportation industry:

These are using these apps to provide their customers with multiple services. Booking tickets, paying bills, or shopping groceries online and paying digitally is becoming a new trend.

But the application won’t gain customers if they are unsafe or weak. An unsecured app can make the customer lose a lot of money. Hence, as a developer, you have to follow some tips to ensure your digital payment solution app is secure and efficient.

Tips to developing a powerful and secure mobile wallet application

1.   Research

The first step to develop a secure and powerful wallet app is to research. It is best to research your customers so that you know what they want from such an app. Also, dig into the history of other wallets, and find out what is working for them and what is not. Learn from their mistake and make the best version of your app.

2.     Decide what payment types you want your app to support

There are numerous methods to pay online, but the most common ones are:

  •   Online commerce payment: where customer can pay online.
  • Mobile P2P transfer: where customer can transfer money using mobiles.
  • Point of Sale: when a customer wants to use a mobile to pay at a store.
  • Decide which payment mode you want for your app and then go from that.

3.     Wearable support

If you really want to build a wallet app that is powerful and futuristic, make sure that it can support wearables like Apple watch and Android wearable.

4.     NFC technology

NFC is a remote contactless technology having a range of 10 cm. It can provide users with a means to pay safely at a PoS device using a smartphone. It is a versatile and powerful technology that you can include in your app.

For security

5.     QR codes

These QR codes are special services that can encrypt data, develop code, and add a picture of the code on the receipt. It will ensure that the customer gets a QR code on their screen to pay from their bank. It will secure the payment process.

6.     End-to-end encryption

It is a secure and robust technique for completing a transaction using a wallet app. It starts to encrypt data as soon as you use your phone for payment up to the authorization page.

7.     Tokenization

It is an advanced technology that makes the payment secure with the aid of a reliable connection. In this, the buyer is not required to give the card details for the payments, and it remains encrypted. The encryption looks like a random number which is known as a token.


It is best if the developer adds the option to reject a password which is too weak or small when the user is signing up for the wallet app. It will ensure that the app is used only by the user, and a strong password can protect sensitive details from fraud shopkeepers.

You can also add the option to use fingerprint or thumb impression as a password.

Other methods to secure the app:

  • Proper handling of sessions
  • While listing of applications
  • Transport layer security and so on.

Final thoughts

To build a wallet app that is secure, powerful, and easy to use, remember the above points. Keep it simple as common men will use it and not a developer. So, keep the needs of your customers in mind if you want to develop a successful digital payment solution.

Written By

Shahid Mansuri Co-founded Peerbits, one of the leading mobile app development company USA, in 2011. His visionary leadership and flamboyant management style have yield fruitful results for the company. He believes in sharing his strong knowledge base with leaned concentration on entrepreneurship and business. Being an avid nature lover, he likes to flaunt his pajamas on beach during the vacations.

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