Mobile App Development

Cost and Must Have Features to Develop Secure E-Wallet App like Google Pay

Cost and Must Have Features to Develop Secure E-Wallet App like Google Pay

“Math, science, history, unraveling the mysteries

That all started with the big bang!”

This song from Big Bang Theory clearly reflects the evolution and the surprises technology has offered us over the years. 

Just have a look around, see how the world around has turned digital. From the simplest chores like switching on lights to the most complex jobs like flying an aircraft, technology can do everything for you. The techies have given innovative ideas real faces, and these faces are changing the way the world runs. Who would have ever thought there would be a time when cash or no cash won’t make any change? You can always make your transactions with just an active internet connection. Sounds great? 

Gone are the days when you could goof around with your friends and run away from paying the bills with the most popular excuse, “I forgot my wallet at home.” Your smartphone is your new wallet. 

Well, aficionados of E-wallet app development share here their experience of developing an app like Google Play.

What Is an E-Wallet?

Digital wallets are quite popular these days. It is a tool to store your money online and keep a track of the transactions done. Although the development of digital wallets extends beyond this definition, they are surely making our lives easier. The cashless society was in the picture for some time where people made payments via cards, net banking, etc. As time evolved and the technology advanced, the smart heads decided to bring in the picture an easier and a better mode of transaction “The E-Wallets.” 

This was a gift for the technotards who struggled with internet banking and could not trust card transactions. The digital wallets have made it easier for technically not so sound people to make transactions online without being involved in any kind of complex process. All you need to do here is download the app, link with your phone number, it will link to your account, and you can start the transactions right away. 

Google Pay and PayPal are setting up the standards for digital wallets with advanced features and secured functioning.   

Secure App!

When building an E-wallet mobile application, the most significant and valued feature is its secure and safe operating environment. Developers around the world use various web testing tools and bug-checks to ensure every penny is safe. 

Talking Numbers to Reflect E-Wallet App Expansion

The statistics by Statista reflect the proximity of mobile payment transaction value in the US in billion USD from 2018 to 2023. Estimated in 2023, the NFC and other contactless technologies can generate over 220 billion USD in transactional value. In 2018, the numbers were about 25.3% of the smartphone users in the US and were actively using these mobile payment services. 

Payment Methods That Changed the Transaction Process! 

When working on E-wallet mobile app development, the techies had to strive meticulously to bring on the screen a solution that adheres to the safety standards. The slightest error in the process would ruin up the game for the service provider and the customer. Developing such apps often needs precision, considering the risk of loss involved. Before we talk about the features and operations of such apps, let’s see what the various payment modes are:

Near Field Communication

The technology is quite similar to Bluetooth and RFID in its functioning. The technology enables contactless transactions via online wallets like Google Pay, Apple Pay, etc. The consumers paying online, need to bring their device closer to the merchant’s reader and make the payment.

It could function in three different ways:

  • Peer to Peer Transaction

Two devices that are NFC enabled can share the information safe and secure. 

  • Read/Write

The data is picked from any of the passive devices that cannot read the information on its own. 

  • Card Emulation

Used majorly by the merchants as this offers payment via any NFC device for contactless payment this remains a major concern here. 

QR Codes for Payments 

QR codes can easily be scanned via paper or screen and that is the major reason why they are used for transaction purposes. This is why most E-wallet applications have an in-built QR Scan code. 

To scan a QR Code, here are a few things that you need to take care of: 

  • The barcode that can scan QR codes
  • Any tab or smartphone that has an in-built camera

With continuous advancements, technology now has brought in the market various QR scanners that can make scanning codes online very easy. Just open the camera, place it towards your scan code, let it identify the code, and with the final notification you can make the payment. 

Your user would just have to make a few clicks for the final transaction. Most of the payment and banking apps use QR codes as a reliable source for trusted payments. 

Some payment and banking apps can process QR codes for bank transfers and payments. 

Blockchain Payments 

Blockchain technology has seen the light of the day in recent years. It ensures the investors fast, secure, and low-cost international payment services. The transactions are made via the use of encrypted ledgers. The ledgers here are trusted for transactions without involving any intermediaries like the banks or other financial institutions. The technology came into existence initially to support Bitcoin as a digital currency and later explored a few more aspects.  

Bluetooth Payments 

With Bluetooth payment methods, mobile payments have been made easier. With Bluetooth Low Energy batteries to support the transactions, the technology has been adopted by Apple, Android, Windows, and BlackBerry phones all support it.

If you want to go to a store and pay for the items with your phone, the sensors would detect the Bluetooth Low Energy technology. You would not even need to take your phone out of your pockets and the payment would be made. 

These are some of the prominent payment methods that any digital wallet app would utilize. Along with the payment methods, there are a lot more things that you need to focus on. The work process and the features play an important role in the popularity of the e-wallet app that you need to bring to the market.  

E-wallet App Working: Understanding Digital Wallets in Detail

For any app to reflect results that are expected from them, it is important that it gains popularity among users in no time. The two factors that would make your digital wallet app popular among the users are: 

  1. Ease of Functioning 
  2. Interesting Features 

Ease of Functioning  

If you enter the market with a mobile application that can be used easily, then the number of users over the app would surely increase. For virtual wallets like Google Pay, seeing demand at such a pace becomes quite complicated. Here’s how users can start using the app in just a few steps. 

User Registration 

User interaction is the key for all Google Apps and Google Pay is no different from the trends. When you download the app the first step is to get registered on Google Pay. As mentioned, when working on a payment app like Google Pay, it is crucial the portal is secure. For a safe and reliable portal, it is vital to follow a carefully designed registration process. 

When logging in, users would need to mention all the required information, such as name, a mobile number that is linked with the bank account, email id, etc. Once the details are filled in and confirmed, the final step is to set up the account by verifying the OTP sent to the registered device. 

Authorize Bank Account  

After you have installed the app, the next step is to authorize your bank account. Simply enter the details, get the OTP and verify your bank account in a few clicks. 

Add Money to App Wallet 

Users can choose to add a certain amount to their online wallets if they want to make payments directly. They can choose any mode to add the balance, or can make payments directly via the app in no time through UPI Id.  This sounds like a great idea isn't it? A tap and the payment is made. 


You have your app installed and registered. Now let’s see what are the features that your app should have to make its functioning easier and more fun. 

Interesting Features E-wallet App Developers Can’t-Miss

Money Transfer 

Another important feature of building an E-wallet app is, to let users transfer money easily. They can transfer money from one account to another without struggling with a lot of details. If your user wants to make a payment all they would need to do is, either add the mobile number of the recipient or scan the QR code or they can use Beacon or NFC technology according to their convenience.

Accept Payments 

Exactly like you make payments, let your customers accept payments from others simply by sharing the phone numbers, or account details. The merchants can request money transfers or bill payments for quick transactions.  

Bill Payments 

Money transfer is just one of the tasks, there are a lot more things that your digital wallet app must learn to do. An app like Google Pay reminds you of the due bills with the amount to ensure there is no delay or disconnections. You can pay bills via fund transfer or mobile wallets. 

Shake off the stress in just a few clicks!

Balance Check 

Before we proceed with what payments are to be done and how things would be managed, it is important that you are aware of the balance in your bank account. You can always check for the bank balance using the digital wallet app for easy and confident transactions. 

Ticket Booking  

With the ticket booking alternative in your app, you can make things easier for your users. They can book any tickets be it air, train, or movie tickets from the comforts of their bedroom in no time.  Offering various services under one roof makes your app more reliable and popular among the target audience. 

Sending Money Back to Bank  

Another significant issue that needs to be addressed here is how to send your money back to your bank accounts. Simply enter the bank details and transfer. There could be a few restrictions here, but it makes things easier for the user to maintain the bank balance and review it in some cases. 

Offer Notifications 

You must come up with exciting offers to stay ahead of the competition and attract more users. So, ask your app development service provider to add this feature through which you can notify people about the latest offers and deals.

Multi-Language Support 

With multi-lingual support, you can always reach the top of the business. It would help you expand your business and reach a wider audience in a limited time frame. This would also make it easier for more people to connect with the audience.  

Invite Friends or Referrals  

You can ask your friends to download the app using your referral and earn bonus points. This is not only a well-tried and tested marketing strategy but also helps businesses build strong market value in less time. 

Transaction History  

In the hustle and bustle of our daily lives, we forget a lot of things. Remembering every small or big transaction through the month is difficult. The app can record and store transaction history for any references when required. 

These are a few significant features that any E-wallet mobile application must-have. Next, let’s see what could be the advanced features that you want to include in your product. 

Advanced Features to Include During E-wallet Mobile App Development 

  • Interactive Dashboard
  • Manage the Users
  • Manage Transaction Limits
  • Real-time Analytics
  • Block Users
  • Revenue Management
  • QR Code Reader
  • Data Synchronization
  • In-App Camera
  • Geo-location
  • Cloud Architecture
  • Virtual Cards
  • Wearable Integration

These features would make your app popular and help you earn better ROI in a few days. 

Technology Stack for E-Wallet

When talking about the cost of E-wallet development, it depends on the consultancy firm and their system companies that they miss on the technology and later the app becomes outdated soon. Reach to a reliable app development company that would provide you scalable, and flexible solutions in the latest trends. 

Nexmo: SMS, Voice and Phone Verification

Datastax: Data Management

Database: MongoDB, HBase, Cassandra, Postgres, MailChimp Integration

Payment: E-wallet, Stripe, PayUMoney, E-banking

Front end: Angular, JavaScript, JQuery, CSS, HTML5

Mandrill: Everything related to emails

Cloud Environment: AWS, Google Cloud, Azure, Salesforce

Real-Time Analytics: Spark, Big Data, Hadoop, IBM, Apache, 

GWT: Powerful Programming

ZBar bar code reader: Scanning the QR code

Cost of Development for E-wallet App

If you want to develop a basic e-wallet mobile application, it would cost around $25k to $50k. If you want to add more features to your application, all you need to pay is something in between $90k to $150k.

The cost is highly influenced by the features, functionalities, creativity, and other aspects of your apps. 

These Apps Are Great!!!

Digital is the new normal and with the outbreak of the COVID-19 pandemic, people realize how important it is to have a digital presence. Anyhow mobile app payment wallets are a great way to ensure there is no loss, more social distancing, and less human intervention. So, if you want to enter the market with some interesting information, trust a consultant and hire them today.

All the Best!

Keith Laurance

Keith Laurance is a technical content writer who has been working with the E-wallet app development team at Octal IT Solutions. Over the years she has researched about eWallet app development and promises to deliver the most reliable solutions. Other than researching tech-related queries, she loves to eat and read books. You can always find her in the nearby market buying quirky elements for her super cozy place.

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