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Wallet Mobile App Development: Must Have Features & Cost Consideration

The way back to 2007, the term mobile payment was alien to the world. The human beings were relying on the inconvenient way of carrying hefty cash in the pocket followed by the process of internet banking along with credit and debit card payments which moved past the conventional norms of cash exchange for purchasing the goods and service they want or need.

The dawn of digitization brings some promising ways- e-wallet, mobile wallet, or online payment apps to make the payment easily, quickly, and securely with no fuss. The evolution of wallet mobile apps is not just enabling the people to carry out any transaction just in a few taps while creating wallet wars as the plethora of players entered into the wallet mobile app development landscape to monetize and offer the best customer experience.

It makes perfect sense to build a wallet mobile app. Before digging further, let’s take a quick glance at what the wallet mobile apps are:

The wallet mobile app is home to several digital currencies like- national concurrency, or cryptocurrency and the real-life digital version of the cards including a membership card, or loyalty card that enables transactions through a safer network in a fast and convenient manner.

The users are just required to load the money through any of the linked bank accounts to make payments.

Yes, it’s that simple. But, the mobile payment app should complement the user experience that merchant is attempting to create.

Here’s the list of must-have features:

  • User registration to create an account.
  • Bank accounts or credit accounts authorization before linking them with the app.
  • The ability to check account balance and add money.
  • Enable sending and receiving the money.
  • Making payment for the utility bills in an automated fashion.
  • Capability to use offers such as discount coupons, loyalty points, or personal funds’ return.

The basic list of features is essential to satisfy the users, but to win the competition and catch more eyeballs, enriching the app with a unique set of advanced features is important. Below are the additional features that merchants can add:

Become payment-type agnostic and highly flexible by providing support for all forms of digital payment, including ACH, bitcoins, credit card, debit card, or loyalty under one roof.

Support for loyalty cards where the users are rewarded for the loyalty they show to the app. With the virtual loyalty card, they can view the loyalty points earned, loyalty points redeemed on the purchase, and the available loyalty reward offers.

Make it compatible with all the devices and operating systems to enhance the user outreach and let the users pay with the mobile wallet regardless of the type of the phone they have.

Wear the user lens before integrating any feature in the wallet app because the users are the real hero of the app and if the features interfere with the experience, they just bin the app. Craft the app that performs at speed, streamlines the transaction and improves the buying experience.

Security is the topmost concern that deters users from adopting mobile wallet solutions. The app must be password-protected or biometric authentication-protected, and the mechanism should be employed where the OTP is sent to the linked number during the transaction and the information can’t be read by other devices or apps. Using the cloud system and impeccable data management, the chances of fraudulent activities can be prevented.

With Geo-targeted push notification facility, when the users click the active geo-tags on the map, they will get the notifications for the campaigns launched by the stores.

The budgeting feature, where the users can view and track the spending in the form of charts or graphs so that they can manage expenses, curbs the high spending and plan their savings better.

The integration of social sharing, in-app messaging, or chatting option to promote app interactions.

Now, you are familiar with the functionalities to integrate into the wallet app that caters the need of various demographics. However, engineering the comprehensive app certainly delights the users, but it comes at a high cost. Either you should start building an app with fundamental features or add the advanced features that become a perfect fit for the app and make it popular.

It’s time to decode the actual cost of developing an app and the factors impacting the cost of developing a mobile wallet application:

Multi-Platform support

As the number of platforms to publish the app increase, the cost will certainly uplift as the developer’s efforts, time, and the cost will surge in writing the code for every platform. Besides, the app development cost for the Android platform is higher as opposed to iOS due to device fragmentation issue where the lines of code written and tests executed for the range of devices will augment.

Design complexity

The design takes the driver seat in creating the indelible impression on the user’s mind, engaging them, and retaining them forever. As you move from simple design to graphics-rich design, in addition to the inclusion of advanced design techniques, the spikes in the development cost will appear.


Undeniably, as the number of features in the app increase, so will be the development cost. Based on your budget, decide whether basic features to keep or you want to make the app unique with the addition of ornamental features. You can go MVP way and then upgrade the app with extra features.

Developers cost

Ultimately, the developers will be the one who engineers the app and their hourly rate depends on the geographic nation they belong to. For instance, you will get the wallet mobile app developed in India at the cost of $30 to $50 per hour; in the USA, it will be around $100 per hour; in Australia, $150 per hour; in Europe, it’s around $120 per hour.


Building mobile wallet app with basic features costs around $15,000 to $20,000, and the
price would go up as the more features are included. Create a profitable plan
where the app with optimal features bring business benefits and wow the users.

Written By

Patel Nasrullah Co-founded Peerbits &Yelowsoft, one of the leading web development company USA, in 2011. He devotes his time in inspiring young leaders to take the leap of faith. With the experience of 10 years in Web and App development, he now gives full attention to the enterprise by offering mobility solutions about the strategic planning and execution

1 Comment

1 Comment

  1. Robert william

    May 1, 2019 at 1:40 pm

    Thanks for providing an informational article on wallet mobile app development, features & cost consideration. Well explained by you on a list of features.

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