Wallet App development - how to develop a mobile wallet app cost effectively and quickly

Digital wallets are a huge innovation in the financial services sector and companies are scrambling to be part of the action, yet they quickly realise that building such apps can be a very expensive and time consuming project.

And the market is moving so quickly. As the use of mobile wallets takes off, the emphasis has switched from just building a functional app, to creating digital wallets apps that are adaptable and convenient for every age group.

Users are increasingly looking for additional convenience and instantaneous transactions, whether that's quicker payments, inclusive insurance fees, or robust POS payments.

What companies now realise, is that digital wallets require a full-fledged team that can design and formulate apps which not only perform various duties, but do so reliably.

Yet few companies have the experience, or resources to get their own digital wallet created.

One solution is to use a white-label digital wallet, coupled with mobile wallet development software, which is where a company like HolyWally fits in.

HolyWally offers a full turnkey solution, ensuring a customized, secure and seamless experience.

It’s fair to say that the large, multinational companies and big brands, such as Apple, handle their wallet app development through in-house teams of experts including graphic designers, backend developers and QA engineers. These teams go through several steps to produce a digital wallet app for it's consumers that are aligned with their requirements and are usually only effective with the company they are designed for.

Mobile wallet application development process

The process created by HolyWallet includes a number of key steps that means that the app is built correctly and securely.

Firstly, security procedures need to be considered. Just like a normal bank which requires a customer's sensitive information to begin their account, the mobile wallet app also asks the user to enter their personal sensitive information. However, it depends on the app to secure that information. And customers need to trust the app’s robust data security structure.

The mobile wallet software company needs to ensure that the financial data and passwords entered by users stay safe. For this reason, the HolyWallet mobile wallet app development team employs a number of industry-leading technologies and strategies to create security mechanisms that do not decrypt easily.

Also, some two-factor authentication methods, and biometrics, are set up in the digital wallet app to ensure security and keep breaches away even if the wallet is being accessed on multiple devices.

Then comes transaction receipts and tracking. The coding behind mobile wallet app development ensures transactions are smooth, instantaneous and accurate, fulfilling the core purpose. Also, they add a feature which means that after every financial transaction, a confirmation status is provided. A digital receipt system is formulated that promptly notifies the end customer if the transaction made was successful, or not.

These notifications can also be sent to the receiver and to the user’s enrolled email address, or mobile phone as SMS updates. These features in a digital wallet app development helps make it unique and trustworthy.

Moving onto global regulatory compliance, in order to have a successful experience in digital wallet app development, keep in mind that an app provider has to work by the applicable local and global banking, and the relevant e-commerce laws and regulations. This makes an app more blended, which reduces risks even if making online transactions. Having an experienced team which have some know-how about the legal banking framework and procedures, is equally important as having an experienced developer. This guarantees transparent transactions.

Then there’s the matter of having the right development team to do the job. Building a viable mobile app was never a simple task, as it requires experts from various niches who apply their expertise in building the mobile wallet software.

Given that, let’s look at how an organisation initiates building a mobile wallet app development team and what skills it should include:

● a business analyst to consider all aspects of the business such as user requirements, admin setup, the merchant panel and logistics handling;

● 1-2 UI/UX designers for a smoother user experience: The user interface builds up the first impression for users. And most importantly, it enables transactions and other payments for the user. Moreover, the UI/UX designers keep in mind the trending and latest navigation options for wallet development software;

● Android and iOS developers make separate modules for both companies and their operating systems. These backend developers design and formulate the wallets separately to launch for both operating systems so that they gather a larger audience. These developers can be two, or three, for each version as it needs cross checking and multiple modes;

● a project manager to run all the tasks smoothly and within the given time period. One who has knowledge of project management within a financial services project and it's various methodologies;

● a finance manager to look after all the finances and allotment of profits;

● QA engineers check the mobile wallet software in different ways and techniques to approve the app.

HolyWally - a far better alternative

The complexity and customization of the mobile wallet development and the project’s time limit will decide how many designers, developers and engineers and testers it requires. All in all, the cost to have a mobile wallet software developed as a stand-alone will depend on these factors.

It's also sobering to note, it can cost anywhere between US$100,000 and US$1m for a company to design and build its own digital wallet, and twelve to twenty-four months, from start to finish. Use a white label solution, and the budget will come in at anywhere between US$10,000 and US$100,000, with a two to four months timeline.

Yet, it's not just about the cost. A company should consult a competent white-label digital wallet app development company for formulating a robust digital wallet with fine architecture.

HolyWally is one of the best out there, helping them avoid all the havoc that is created by hiring a number of premium service experts in specialized niches and then having to explain to them the task. Whereas HolyWally puts forward a professional approach and produces a highly customized and efficient digital wallet consisting of the latest features and technology.

In short, HolyWally eliminates all the fears of abandonment, late submission and low quality work, as it delivers a furnished digital wallet within the delivery of a schedule.

Is now the right moment?