How to Make a Mobile Wallet app?

Are you planning to create a mobile wallet app? With the total mobile payment revenue in 2015 being over US $ 450 billion, something which is expected to surpass US $ 1 trillion by 2019, there is a huge incentive for you to do so. Read more about this statistics in the Statista report “Total revenue of global mobile payment market from 2015 to 2019 (in billion U.S. dollars)”.

In this article, I will explain how to make a mobile wallet app. To start, I will examine the regulatory requirements you will need to know, before then going on to look at how to develop your own mobile wallet app.

Contents

Mobile wallet regulatory requirements
Mobile wallet app features
Top mobile wallet app examples
Mobile wallet application development – SDK options
Hosting your mobile wallet app backend
Managing your mobile wallet application development project
Mobile wallet app development cost

Mobile wallet regulatory requirements

You need to assemble a good legal team that has knowledge in this field before you even start the development process. Mobile wallet regulations vary extensively from country to country. Your team will need to be 100% up to date with the regulatory requirements in your country.

For e.g., read “Moblile Payments In The United States: How Disintermediation May Affect Delivery Of Payment Functions, Financial Inclusion and Antimoney Laundering Issues” to get more information about US laws relating to this. If you are based out of the UK, consult this UK Finance website.

If you are trying to launch a mobile wallet in India, you need to apply for a license with the Reserve Bank of India, i.e., the country’s central bank. Read “How to Apply for Mobile Wallet RBI License in India?” to know more. For any other country, please seek relevant information for your country.

In summary, you will need to be prepared to meet the Payment Card Industry (PCI) security standards however they might apply in your country. Visit the PCI Security Standards Council website to learn more.

Mobile wallet app features

In this highly competitive industry, you need to have a feature-rich mobile wallet to compete with the already established giants. The following are essential features in a mobile wallet app:

  • Prepaid order option: This is useful since customers don’t want to wait in a queue.
  • The app should provide an accurate real-time history of transactions.
  • Accept different forms of payment: The app should allow credit card, debit card etc. With cryptocurrencies emerging a popular alternative payment option, the app should accept them too, provided regulations allow it.
  • Multi-platform support: The app should work with all prominent mobile platforms and devices.
  • Rewards and loyalty point integration: Merchants’ existing loyalty and reward programs should also be available in the mobile wallet. When clients use the mobile wallet to pay merchants, they should continue to earn rewards and loyalty points.
  • An engaging and simple UI: In a highly competitive market, the importance of this can‘t be overemphasized.
  • Security: It‘s really the most important feature. With data security such an important issue for consumers, your mobile wallet app must offer industry-leading security.

Read more about these features in “5 Mobile Wallet Features to Keep Your Customers Satisfied”.

Top mobile wallet app examples

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Here are some leading examples of mobile wallet apps for Android or iOS apps:

Google Pay: This is an easy-to-use mobile wallet app that you can use for online shopping or to pay in physical stores. There is a peer-to-peer payment service called ’Google Pay Send‘. The security of the app is high thanks to its data encryption feature.

Cash App: It‘s another user-friendly app. You can exchange, send, receive, and request money. You can continue to hold the money received in the app balance, alternatively, you can transfer it to your linked bank account. Crypto enthusiasts can also buy and sell Bitcoins using it.

PayPal: Available on both Android and iPhone, it‘s an easy-to-use app. Send and receive money using it and manage all your transaction with its easy interface.

Alipay: An app created by giant Alibaba, Alipay is one of the largest payment apps in the world. Alipay currently operates in 70 countries.

Read about more examples in “12 Innovative Mobile Payment Apps”.

Mobile wallet application development – SDK options

I will describe mWallet app development using ’software development kits’ (SDKs). In this guide, I will mention a few SDKs, so that you can make as an informed choice as possible. Make no mistake, this is a full-fledged development project, however, SDKs will likely make the job a bit easier. I will explain the mobile backend aspect after I describe the SDK options.

SDK option #1: Mastercard Mobile Payment SDK

This SDK is from the giant financial services company Mastercard. The SDK includes a library of tools to help with the process of building a mobile wallet app. Additionally, it has a sample app, and also includes a testing simulator.

You can access the Mastercard mobile payment SDK here. This SDK supports solutions for the Mastercard Cloud-Based Payment (MCBP)-specifications only. This app will support in-store transactions as well as mobile online transactions.

You can develop Android apps using with this software. Firstly, you need to sign-up for the Mastercard developer portal here. View their SDK documentation here. You can access their quick start guide here.

SDK option #2: PayPal Mobile SDKs

These SDKs are offered by the financial services giant PayPal. Their Braintree direct SDKs allow you to build both Android and iOS apps. You can access the Braintree GitHub iOS SDK documentation here. The Android SDK GitHub documentation for Braintree can be accessed here. Check out the complete Braintree payment SDK documentation here.

Remember that mobile payment regulations vary from country to country. While in some countries, it is acceptable to use Braintree, in some other countries an alternative method is required. For such scenarios, PayPal also offers their PayPal Native Checkout SDK. This is a lightweight client-side integration, but looks and feels like the PayPal web checkout. Visit the ’PayPal Developer‘ portal for their complete API documentation.

SDK option #3: Simplify Commerce mobile SDKs

Simplify Commerce mobile SDKs allow you to build mobile wallet apps for Android, iOS, and ’Apple Pay‘. These are offered by Simplify Commerce.

With the Simplify Commerce Android SDK, you can develop a mobile wallet for Android. The SDK documentation provides step-by-step instructions. The instructions include steps to use the Google Pay API.

You can create a mobile wallet app for iOS with the Simplify Commerce iOS SDK. Check out their API documentation here. You can access their iOS ’Apple Pay‘ SDK documentation here.

SDK option #4: QuickPay mobile SDKs

QuickPay, the UK-based payment service provider offers mobile wallet SDKs for Android and iOS. Credit card, mobile payment, etc. are commonly accepted payment methods. You can sign-up for QuickPay here.

Access their mobile SDKs here. You can view their complete API documentation here. While they offer a free test account, you need to select one of their paid plans for processing real transactions. Check out their pricing plans here. Their pricing plans include integrations, fraud filter, virtual terminals, and subscription features.

Read How We Helped a Marketing Company to Build a Back-Office Custom Ads Dashboard

SDK option #5: Razorpay mobile SDKs

Offered by Razorpay, an Indian provider, this solution only works in a handful of countries but is a great example of a mobile wallet. If you are planning to take advantage of the fast growing Indian mobile payment market, or like their approach, the Razorpay Mobile SDK is a good option for you.

The company offers two major features. Firstly it allows for two-factor authentication which adds an extra layer of security. The platform also regularly updates its APIs to remain as cutting edge as possible. For more on this and to access their SDK and API documentation, head to the Razorpay Developer Hub.

Hosting your mobile wallet app backend

In this guide on how to make a mobile wallet app, we will also examine options on where to host the mobile backend. I recommend that you use a ’Mobile Service as a Backend‘ (MBaaS) provider when you build a mobile wallet app. It saves you crucial mobile backend development and management effort. You get a quick ’Time to Market‘ this way.

There are several MBaaS providers, and following are a few examples:

Check our guide “How To Choose The Best Mobile Backend As A Service (MBaaS)?” for more information.

However, mobile wallet business is a highly regulated one, besides, regulations vary across countries. Depending on where you are launching your app, you may need to ensure that the data remains within the borders of the country.

In such cases, you may not be able to use public cloud straight away since the servers may reside outside that country. You may need to explore a hybrid cloud solution, alternatively, you may need to rely on a private cloud. Therefore, you must engage a cloud service provider.

Following are a few reputed cloud service providers:

Check out our guide “Where to Host Mobile app Backend?” for more details.

Managing your mobile wallet application development project

While SDKs and MBaaS providers can make the development a bit simpler, it‘s still a complex application development project. You need to manage it end-to-end. Let‘s start with building a team.

Building a mobile wallet app development team

You need to build a team with the following skills:

  • Business analyst.
  • UI/UX designers: Note that UI gives the first impression to your users, hence, it must stand out. Designers should know modern mobile navigation designs well. Consult our article “Mobile Navigation Menu Examples”.
  • Android developers.
  • iOS developers.
  • 1 project manager.

The complexity of your mobile wallet app and your delivery schedule will determine how many designers, developers, and testers you need. You need to get a project manager with adequate knowledge of modern project management methodologies. Check out our guide “Top 7 Project Management Methodologies in 2018”.

A mobile app is a ’System of Engagement‘ (SoE). ’Agile‘ is a good methodology for SoE development, hence, I recommend that you use it. Check out our guide “How to Build an Agile Development Team?”.

Mobile wallet app development project execution and tracking

I recommend that you use the ’Scrum’ technique since it’s a well-developed technique within the larger ’Agile’ methodology. In this approach, you divide your project into ’Sprints’. You first build a ’Minimum Viable Product’ (MVP). It’s a functional product, with which you can get real market feedback. Subsequently, you will enhance the product and its features based on market feedback. You do this in an iterative fashion by undertaking multiple ’Sprints‘.

To execute a ’Sprint‘, you organize a cross-functional team. It‘s a team consisting of business analysts, designers, developers, and testers. The PM should perform as a ’Scrum master‘. Read more about it in “How to Build a Scrum Development Team?”.

At first, you build a ’product backlog‘. This is the list of features you need in your mobile wallet app. Subsequently, you plan your ’Sprint‘, by estimating the features requested in the product backlog. This way, you can determine the content of a ’Sprint‘, i.e., which features will go in which ’Sprint‘. This is called the ’Sprint planning‘.

When the work is in progress for a ’Sprint’, the ’Scrum master’ needs to be fully involved. To gather daily status from each team member, the ’Scrum master’ needs to conduct a ’daily stand-up meeting’. Here, each team member provides status, besides, issues and challenges are discussed.

After the work of a ’Sprint‘ is complete, you need to conduct a ’Sprint review meeting‘. This is where the team demonstrates the work. By this time, all features in that ’Sprint‘ should be ready. Once you get the feedback from the project stakeholders and they accept the features, that ’Sprint‘ is complete. However, you now need to conduct a ’Lessons-learnt‘ exercise, which is called the ’Sprint retrospective meeting‘.

To effectively execute and track such projects, you need to use relevant tools. There are quite a few project management tools available, like ’Trello‘, or ’Asana‘. Check out our guide “The 10 Best Agile Project Management Tools in 2018” for more details.

Mobile wallet app development cost

MBaaS providers and cloud services providers provide detailed pricing plans. You can visit their website to get an idea of their price, however, you need to hire mobile wallet app developers. Your project complexity will determine the effort, whereas your geography influences the per-hour cost for developers.

Depending on your local labor market, some skills may be considered a premium. You may need a higher lead time for hiring, and more money set aside as niche skills come with higher costs. If you need help to assemble a team, consider engaging a development company. Check out our guide “How to Find The Best Software Development Company?”.

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Aran Davies

Blockchain Expert | Developer | Writer | Photographer
Aran Davies

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