Mobile transactions always give you the next level of competition for perfection. Consumers are getting more and more relied on the smart devices.

Leading the race of smart devices, smart phones have made an impeccable space in the lives of people.

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Not only the entertainment segment, but people are vigorously using the technology to buy and sell everything ranging from grocery to booking tickets for their weekend getaway.

What is a mobile wallet

A mobile wallet is a financial instrument that allows businesses and individuals to receive and send money via mobile devices.

It is a type of e-commerce model that is developed with mobile devices owing to their convenience and easy access. A mobile wallet is also called mobile money or a mobile money transfer.

Types of mobile wallet

There are many types of mobile wallet apps that differ due to their payment processes. We will see these mobile payments applications one by one.

  • The first type of wallet uses mobile service provider for fund transfer. In this, the users of the mobile wallet app can send and receive money with the help of the service provider.
  • Second type of wallets are those which provide various types of discounts via SMS with an OTP.
  • Third type of e-wallet application are those which offers mobile web payments.

The trends for the e-wallets have changed in the past few years since the incorporation of mobile communication service providers, and financial institutions.

Why you should develop one?

Easy accessibility

Using a mobile wallet for day to day transactions is really simple to begin with. Downloading the app and creating a user ID and password is all you need to do here.

It is as simple as logging in to your Gmail or Facebook account from your smartphone.

Simple to load money

You can add money to your wallet in easily via net banking, credit card or debit card.

Being able to store these details saves you from the hassle of entering these details every time you make a transaction and saves time.

Range of uses

Starting from bill payments for DTH, postpaid, data card and broadband to buying air, bus or train tickets, you can use an e wallet for a variety of transactions.

From paying at your local kirana stores to paying for your utilities like gas, water and electricity, the reach of mobile wallets has gone far and wide.

Split bill facility

Being able to split expenses with friends is another big advantage. Freecharge and Mobikwik users can split their bills simply by entering the amount and the number of people who are expected to pay their share.

These wallets will automatically generate a link which you can send to people who owe you money.

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Ensures timely payments

You can also make use of the auto pay facility to make future bill payments automatically, from your wallet balance on a predetermined date.

Incentives and promotions

Each wallet comes with its own set of incentives. E-wallets give plenty of money saving avenues through discounts, cashbacks, offers and free gifts.

You can benefit the maximum by going through their offer section and making optimum use of promo codes.

Quick transfer of funds

Money wallets have made sending and receiving money quick and easy. And on the top of that, currently there are no transaction charges levied for transferring money anywhere, anytime, thus making it a more preferable option.

According to a survey report, in the year 2016 32% consumers used the digital wallet as their preferred medium of payment, while 78% consumers said that they are aware of the service.

Mobile applications like PayTM, RuPay, Bhim and Jara have given a better ground to people.

Integrating mobile wallets for e-commerce apps had been for quite some time, however, money multi-utility mobile wallets have now become a need of era. The need now is to understand what exactly the users are looking for.

Industries that benefit from mobile wallet application?

It’s true that mobile wallet apps are generally associated with the financial sectors since the exchange of money is involved.

However, these can also be used as a money remittance app in various fields such as:


In the retail sector it can be either used for m-Commerce shops or as an addition to an existing mobile app.

Wallet apps in retail sector help the users to store vital information about their sales.

It also helps them to gain benefits from payments via loyalty cards, rewards, and coupons.

Financial establishments

These establishments provide users with many facilities such as debit card, credit card, and furnish customers with administrations.

Logistics, transportation, tech enterprises, and telecommunication companies

These companies are the major players in the financial segment.

The only odds that they face is of integrating various payment cards from different banks and financial institutes in the mobile wallet.

Understanding the user requirements

Before starting the e-payment app development process, it is important that you understand the user base and the digital payment app market.

There are different kinds of mobile wallets, you need to understand which will fit your purpose.

The list of online payment methods primarily include:

Online payment

This is the most common method of payment in which a user makes the payment through debit, credit card, and net banking.

This method involves digital payments to the merchant with the help of a payment gateway.

Point of sale (PoS) payments

POS system or a point of sale system is used to describe a system which includes various components such as hardware, software, analytics, inventory management, employee management and reporting.


It consists of a computer that operates on a POS software, barcode scanner, credit card reader, receipt printer, and an on-site sever.

NFC tags

NFC tags are passive devices which means that it doesn’t need any power supply to function. Moreover, it’s only activated when it comes in contact with an active device.

The best part about these tags are that they can’t do any processing of their own, rather they are just used to transfer data to an active device. Let’s have a look at its functions in detail.

Scan & Read

NFC tags can be used to transfer information. You just need to put the NFC card or tag on the backside of your phone and all the information will get fetched and displayed on your device.

Write and Edit

Apart from scanning and reading the information you can also write and edit a message.

For that you have to scan the NFC tag by placing it on the backside of your device. Once you do it, all the information will be displayed and you can make necessary changes in it.

Scan & Pay

NFC system is just not for viewing and editing information. You can also make payments by using this technology.

put your credit cards on the backside of the phone. As soon as you place your card there, all the card’s details will get fetched and the payment will be made.

Peerbits has developed an Android app Flashtag which is based on NFC technology.

It’s mainly used for transferring and receiving funds via NFC technology. Moreover, it’s also used to retrieve additional information.

Peer-to-peer money transfer

In P2P payments digital money is transferred from one person to another via an intermediary, which is known as P2P payment application.

This type of payments can be received through PC and mobile device via internet. It provides an easy alternative to traditional payment methods.

iBeacons and bluetooth payment

iBeacon is the Apple’s version of Bluetooth based beacon concept. This technology allows you to broadcast and receive minute pieces of data within a short range of distance.

It’s used to improve shopping experience, tracking purposes, automation, loyalty programs, and classroom programs.

QR codes

A QR code is simply a two-dimensional square-shaped barcode which has encoded data stored in it. Usually, the data is linked to a website. QR codes are mainly used for advertising purpose.


However, it’s other applications include email list segmentation, social sharing, print media tracking, and connecting brick and mortar.

Mobile payments and wearables

The growing number of wearables are adding features like contactless payments with wearable apps.

Out of the aforementioned three, Point of sale technological solutions are considered as a major concern, as it is comparatively difficult to build.

Payment gateway for your digital wallet app:


There are a number of payment gateways available to integrate in a mobile wallet to help a user load and send money to and from his wallet with the help of his credit or debit card.

Stripe and Braintree are currently the most famous payment gateways in the market.

Key factors to keep in mind while developing mobile wallet app solutions

Here are some key factors that you need to keep in mind during mobile payment integration:

1. Function prioritizing

A mobile wallet application is basically a collection of different functions and features.

You need to be careful while integrating these functions and features, as they’ll be eventually making your digital payment app successful.

Do a thorough market research, learn customer expectations, demands, and the market trend prevailing before you build a mobile wallet app.

2. Security

Your digital wallet can only be successful if the customers can rely on its security structure.

The e-wallets require customers to store their card information or enter their passwords.

It is your primary responsibility to ensure their data security by using advanced technology methods.

In addition to standard safety and security mechanisms, you need to include technologies which are hard to decrypt.

3. Do not forget to include digital receipt

After every transaction performed by users, they need to have a confirmation about the success or failure of it. This is where the need for a digital receipt arises.


Irrespective of the amount they transacted, it is important that they receive a digital receipt of their transaction.

These digital receipts can be sent through email to the respective customer’s registered email address.

4. Reward points are a bonus

People like getting rewards. If you are willing to make your digital payment app sustain for a longer time.

If you are giving different leverages to your users, there’s no way that they’ll be abandoning your website in coming days.

However, you need to keep in mind that they can check their reward points whenever they want, and can redeem them in better ways. At this point, you’ll need to understand your target audience, their likes, and dislikes.

5. Keep them engaged

Share timely notifications with your customers regarding the new offers they have. Share customized coupons and deals with them to keep them engaged in your application.

It is often noticed that users abandon an application after its first use. Keeping them notified with latest offers and discounts can help you in keeping them engaged in your digital payment app.

6. Selecting development partner

A mobile app development companies can help you with e-payment app development in an efficient manner.

They are well worse about the recent technology developments and trends and can assist you in building a better solution.

However, before finalizing a development partner, you need to thoroughly study their profile, and check if they have done similar projects in past. Learning these will help you come with a better digital payment solution.


Mobile wallets are no longer just a trend they have become a need of the time.

However, to relish the benefits of this fast evolving market, you need to ensure flawless implementation of facts and features.

Do the necessary market research to build and app for mobile wallet solution.

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