Best Practices For Mobile Payment Application Development

The brick and mortar stores across the world are continuously adopting popular payment choices like Google Pay, AliPay, Samsung Pay etc. This trend is triggered by the pandemic which has changed the global commercial scenario. The world is moving towards a cashless economy and this trend will continuously grow over the coming years.

Mordor Intelligence did a research where they revealed that the mobile payment market will grow from $1449.56 billion in 2020 to $5399.6 billion in 2026. It is evident that the market is going to only flourish. Hence, if you’re considering get an e-wallet developed for your FinTech business, here are the best practices you should follow:

1. Know Your Compliances

Operating in the FinTech space isn’t very straightforward, especially when you’re dealing with monetary transactions. Although the compliances for digital wallets differ country by country, most of the compliances are very similar to each other irrespective of the geographical or political boundaries. Here are the commo FinTech compliances to name a few:

• General Data Protection Regulation Act
• Jumpstart Our Business Startups Act
• Automated Clearing House Association in the USA
• E-Sign Act
• Electronic Fund Transfer Act
• PCI Security Standards

2. Choose the Best SDK

The ewallet app development is a full-fledged software development process and SDKs (Software Development Kits) will surely make the development process faster, cost-friendly, and more structured. Following are some of the popular SDKs you might have to integrate into your e-wallet:

Mastercard Mobile Payment SDK - This SDK from Mastercard makes it easy for the developers to implement payment functionality. With Mastercard SDK in place, your e-wallet app will support both in-store payments as well as online mobile payments.

PayPal Mobile SDK - From the house of mobile payment pioneer, Braintree direct SDK is eligible for operation in many countries. For other countries, PayPal offers another SDK named as PayPal Native Checkout SDK.

• Other Mobile Wallet SDKs
• QuickPay Mobile SDKs
• SImplify Commerce Mobile SDKs
• Razorpay Mobile SDKs

3. Pick the Most Robust Backend Hosting

The hosting for FinTech applications is considerably challenging as compared to other standard mobile apps like learning apps or gaming apps. As the digital banking security is among the most crucial conce s in the FinTech space, it is essential for e-wallets to be hosted at the most secure place.

There are off-the-shelf SaaS solutions that make mobile wallet hosting a super-easy task. These solutions help developers save significant amounts of time and money. You can pick among the following backend hosting options:

• Google Firebase
• AWS Mobile
• Kinvey
• SashiDo
• Kumulos

Same Goes With Cloud

Same as the backend hosting, cloud solutions are also among the popular yet hacking-prone choices for e-wallets. For mobile payment apps, the best option is to go for hybrid or private cloud solutions that are the most secure.

Following are amongst the cloud options you can pick from:

1. Digital Ocea 2. Google Compute Engine 3. IBM Cloud 4. Rockspace

Don’t Build a Full-Fledged App At The First Place

In 2021, when software development is at its most efficient form, it is always recommended to build an MVP (Minimal Viable Product) first and then get user and market feedback. Accordingly, you should upgrade your app with new set of features and functionalities. It is an iterative approach to mobile payment application development.

Pick the Right Set of Features

If you want your mobile payment app to win over the competition, you need to make sure that it has the right set of features that your customers would require. You can pick among the following list of crucial features for your e-wallet app:

• Instant intra-wallet payments
• Bank transfers
• Third-party bill payments
• Card management
• Contactless payment capability
• Seamless onboarding
• Rewards, coupons, and discounts
• Bill splitting
• Automatic payments

What Will Be The Digital Wallet Development Cost?

Other than the costing of cloud and backend hosting service providers, your digital wallet development cost will majourly depend on the hourly rate of your FinTech app development partner company. The total development hours depends on the features you want to incorporate and the complexity of your e-wallet app.

The geographical location of your development partner plays a significant role in the calculation of digital wallet app development cost. However, to give a ballpark estimate, an e-wallet app with basic features will cost around $25,000 to $50,000.

Whereas, an e-wallet app with top-notch features such as online financial services and third-party bill payment will cost around $75,000 to $100,000.

Wrapping Up

For now, the only question that you should have unanswered is how to choose the right e-wallet app development company. I’ll answer it now. Although, doing a simple Google serch for “ewallet app development compnaies” will lead you to top 5-6 development companies, picking the right one among them is challenging.

You should ask the development company about their previous work on FinTech development. If they have developed an e-wallet before, you’re good to go with them. I would recommend you to get proposal from a few wallet app developers and then decide the best one among them.