Are you surfing the internet to find out how to create a wallet app for both Android and iOS? Well, the answer to getting this right for both platforms is here. Read this complete article to learn everything that you will need to build your own e-wallet.
A study by Mordor Intelligence revealed that in 2020, the mobile payment market was valued at $1449.56 billion. The study also predicted that the market would grow with a CAGR of 24.5% over the forecast period to reach $5399.6 billion by 2026. Brick and mortar stores across the world are continuing to adopt and integrate mobile payment solutions, with some of the most popular choices Samsung Pay, AliPay, PayPal, and WeChat Pay, to accept digital payments. With the pandemic, there has been lifestyle changes, and changes with the way commercial activities take place. The digital payment trend will continue to grow for several years or maybe over the decade.
With more and more people leveraging instant payment capabilities via their mobile devices, many retailers have started focusing on enabling contactless payments and offering loyalty cards, discounts, and gift cards to encourage consumers to pay via online means of payment.
Now we know that there is a global demand for payment apps, let’s get straight into how to build a digital wallet that meets the customer expectations in 2021:
First, Understand the Industry Regulations
Being compliant to FinTech regulations isn’t very straightforward, as there are several regulations. FinTech companies have to follow. Mobile wallet compliances differ country by country, and you will have to be 100% updated with the requirements in your market. I would recommend you to read my previously published guide on FinTech Regulations – Fintech Business Compliances – An Overview
In addition to the country-specific compliances, you’ll also have to comply with PCI (Payment Card Industry) security standards that apply in the market that you want to opt for.
Which Mobile Wallet Software Development Kit Should You Pick?
Here I’m mentioning several Software Development Kits (SDKs) to help you build your e-wallet app. Don’t misunderstand SDK with an off-the-shelf platform. E-Wallet developmentis a full-fledged development process. The SDKs will only make your job a bit easier. We’ll talk about the e-wallet mobile app development process after the SDK options.