Ultimate Guide to Digital Wallet App Development 

digital e wallet app development
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Digital wallets have now changed the way humans have done transactions for centuries. Now, you can easily send money, pay bills, buy subscriptions, and do any monetary-related thing sitting at home using such wallets. This technology is indeed the future, and smart people have already sensed this.

If you are here, it means you have also realized all of this and are now looking for a complete guide on digital wallet app development. Well, in the following guide, we have discussed everything in detail about digital wallet apps, along with the cost involved in it. 

So, let’s begin!

Digital Wallet App Development- Step By Step Guide

Making a Digital Wallet requires a lot of information and tough decision-making in advance. You will first need to know basic things like wallet terms, hosting, etc. Then, you must make some important decisions before you begin the whole process. Let’s read about them in the following step-by-step guide.

Decide Which Wallet App You Want To Develop

The first thing you should do before you begin the Wallet App development is to decide which type you want.

There are many wallet types, but the three famous ones are:

  • Closed wallet
  • Semi-closed wallet
  • Open Wallet

New to these terms? Don’t worry!

Closed Wallet

This type of wallet is for targeted audiences only, so the users are limited. It is developed for a specific store or business.

In this, the users can only do the transactions and nothing else (like paying utility bills). An example of a closed wallet is Walmart Pay.

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Semi-Closed Wallet

This wallet deals with the transactions with listed merchants. In this, you can also send money to other wallet accounts.

Venmo is an example of a semi-closed wallet.

Open Wallet

This wallet has a wide range of features. It establishes partnerships with the banks and allows flexible transactions. You can send money, pay bills, shop, and can literally do anything (money-wise). In addition, the details of both sender and receiver can be saved there.

One prime example of an open wallet is PayPal.

Do Market Research

When you decide about the wallet type, the next thing you should do is research the market. This will allow you to find out what problems people are facing with digital wallets and which features they would like in a wallet app. Make a list of all the suggestions you come across during the research and try to add every one of them.


When everything is decided, then create an App prototype. The first step of making a prototype is its UI & UX design.

It is critical to have a simple App interface. People are unlikely to use such apps that have complicated panels. Plus, the interface should be eye-pleasing and easy to navigate. All of this is done when you hire an expert designer.


When the App design completes, coding starts. This step is the most crucial one if you want to have a functional digital wallet. In this, all of the vital features are developed. Make sure you hire an experienced blockchain development company for startup.

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The features you should add are:

  • Option to link different accounts to the wallet
  • Fast payment transfer
  • Payment history
  • Push up notifications
  • QR scanning
  • Geolocation
  • Multi-Currency support
  • Multi-Language features
  • Chat support

The more features you add, the better the digital wallet will become. But it also means that the cost of development will be more.

Quality Assurance & Testing

When the coding ends, the next step is a Quality Assurance test. In this step, you check whether the App is working fine or not. In case any bugs emerge, you fix them in this stage.

In addition, a security test is also conducted to make sure the App can easily withstand any hacking or stealing attempt.


When everything comes out to be fine during the Quality Assurance test, you can launch the app. 

Also, if you want the app to succeed quickly, you should list it on both Google and Apple App store. All you have to do is provide details, screenshots, add keywords, and other relevant information.

How Much Will It Cost To Develop A Digital Wallet?

Well, there is no fixed amount for developing a digital wallet. It all depends on different factors, like:

  • Cost of Hiring App developer and design team
  • The platform you are choosing for development
  • Features you are adding
  • Security cost
  • Testing cost
  • Maintenance & marketing costs when you launch the app

According to an estimate, it will cost you around 20,000$ to 300,000$ to develop a digital wallet. Need a more precise estimate? Contact Owlab with your project requirements.

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Note that experienced professionals, features, better security systems, etc., will cost you more. But in the end, your hard work and investment will be worth it.

If you don’t have time and want to skip the hard work part, you can simply hire an agency to develop the e-wallet for you. They have a professional team, subscriptions, and tons of experience in digital wallet application development.

Final Words

All-inclusive, digital wallet app development process is a little complicated. It requires knowing about basic stuff and tough decision-making in advance. 

You will have to learn basic e-wallet terms and have to decide everything first. The decisions that are made first are- what type of wallet you want, how you are going to conduct market research, and which features you want.

Then, you begin designing and coding. After that, a Quality Assurance test is done, and if everything works out fine, the App is launched. 

Usually, it will cost you around 30,000$ to 300,000$. But in the end, your investment will be worth it as this wallet is the future!

We are Owlab, a StartUp software development company having profound expertise in fintech development. Contact us if you are looking for an experienced team of developers to implement your idea.

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Abhay Singh

Abhay Singh is a seasoned digital marketing expert with over 7 years of experience in crafting effective marketing strategies and executing successful campaigns. He excels in SEO, social media, and PPC advertising.