Digital Wallet App Development — Definition, Steps, Examples, Costs
In recent years, there have been incredible technological advancements. One area that has seen maximum transformation is ‘money transfer’. The traditional ways of doing payments have been overtaken by digital wallets.
As per Statista, digital wallet apps like — Google Pay and Apple Pay are expected to grow double from 2020 to 2025 in America. However, there is great potential in the Asian market as well, so if you are planning to invest in the technology market, then digital wallets are a great option.
In this blog, we will guide you all about the digital wallet development process. Let’s dive into the details.
What is a Digital Wallet?
A digital wallet is a software-based system that allows businesses and individuals to make transactions electronically. This financial tool totally eliminates the need of carrying money or cards, all you need is your smartphone and you are good to go.
Step-By-Step Guide for Digital Wallet App Development
Conduct Market Research
No matter what business you begin with, market research is the first step to do so. It is important to understand the business needs, do competitor analysis, find technical requirements, and more. Also, you are aware of who your target audience is and their needs to analyze them better. Once you’ve got all the required information, you need to plan an effective development strategy.
Next, you need to think of ways to find how your users will interact with the app.
This stage of wallet app development will determine how your users will interact with your app. A mobile UI/UX design will provide you with the design mockups, wireframes, animations, illustrations, and more. It will help you analyze how your app will look in real life to your end-users.
The Development Phase
Once you have finalized the design, the next step is to create the right code for your application. This step is crucial since you have to think of the right tech stack, features and functionality list, third-party integrations, and more. Once everyone is set in the development phase, the app then goes to the testing department.
App Testing and Launching
The testing and quality assurance team then begin the testing process to find out the issues and bugs that might hinder the app’s performance. Once all the functionalities are tested in this stage, the app is then set for launch in the app version in the market.
3 Popular Digital Wallets For Online Transaction
One of the most popular digital wallets these days is Google Pay. The app facilitates faster payments through the tap and pays feature. The secure app features high-tech security and doesn’t share your debit or credit card number during payment, instead, it creates a virtual account that allows you to make easy transactions.
Another popular digital wallet is Apple Pay which enables transactions on iPad, iPhone, Apple Watch, and Mac. It allows the ‘tap n pay’ option to do payments and is secured with a high-tech wireless chip that allows fast and secure transactions.
This digital wallet allows customers to pay for products and services worldwide using their Amazon accounts. It is a cloud-hosted payment gateway with some popular e-commerce platforms for integrations like — OpenCart, Shopify, and 3DCart.
What Is The Cost Of Digital Wallet Development?
The cost of digital wallet app development relies on several factors like — business, features, functionalities, and the types of services it provides. The cost might also vary on the platform you select — iOS, Android, or other platforms.
If you wish to build a robust digital wallet app, then contact our team. Our tech experts are well-versed with the latest tools and techniques, and can help you build your dream app — The Right Way!