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Top 6 Key Points for Developing Secure Digital Wallet Apps

The proliferation of digital wallet apps in a smartphone-dominated market is no surprise. It is fuelled by instant payments, underbanked markets, and the general lure of being able to make payments without carrying a lot of cash.

Apple Pay and Google Pay are extremely popular in the Asian and North American markets (Statista). Several other wallets are trying to grab a market share in this highly competitive market. With the world moving towards contactless payments, you too can develop a digital wallet app for your business. 

However, planning the app is as important as executing it. This article will take you through the key aspects you should consider when planning your most secure digital wallet. 

Benefits of Digital Wallet App

As a business thriving to produce an app, you should know the benefits of entering the digital wallet segment.

       1. Move to Being Cashless

People will be carrying their phones everywhere. By adding wallets to the mobile, you are empowering them. at the same time, the need for cash or card is reduced, which makes payments easy

        2. Reduces Frauds

As the data within the mobile wallets are incredibly secure and encrypted with the best software, it becomes difficult for fraudsters to identify the card or other details. As a result, the card number is not transferred to the payee when you make the payment. Every wallet is secured by biometrics and other features, making it difficult to fall prey to vulnerabilities. 

         3. Include Multiple Payment Options

You don’t need to restrict adding money to wallets using cards alone. You can choose from multiple options and integrate their APIs with the wallet. This makes shopping and payments fruitful and enabling for the customers. 

          4.  Better Checkout

It improves the checkout processes significantly. At the end of their shopping, the customer need not add details or connect their cards for checking out. They can use wallets and simplify the payment system.

We have seen how empowering digital wallet apps can be. Let’s look at some of the factors you should consider when developing the application. 

Critical Tips for Developing a Digital Wallet App

Here are some non-negotiable factors you should consider before taking the plunge to develop a wallet app.

  1. The Problem Being Solved

There are several digital wallet apps in the market, and the numbers are increasing. So, why are you developing your application? What will make your wallet different from others? Apple Pay was limited to Apple devices alone; that’s why Google Pay was launched so that it could take care of all devices other than Apple-run ones. 

Defining your solution is an important step, whether it is a simple gap in the existing problem or an altogether new one. It helps with marketing the app and knowing your relevant target market. 

  2. The Target Market

There are two ways to look at this: the audience and the competition. Your market is your entire landscape that comprises everyone who can help you build the winning app solution. 

Let’s begin by understanding the audience. So, who is your target audience? Do they consume digital wallet apps? If yes, how do they use it? Learn more about their spending habits and wallet behaviour. 

Once you have studied the target audience, know your competition. Is the competitor app solving a similar problem? Are they enjoying a good audience in the target market? What makes them tick? What are they doing to increase engagement?

       3. The Frontend Design

Your users are likelier to connect with your app through the interface. That’s why you should pay more attention to the demands of the interface. When planning the frontend design, you cannot ignore the experience demands of your application. 

From the data you collected by understanding your target audience, check how they consume an application. What are some of the no-go areas within the app? How do the majority of app customers hold their phones while completing transactions?

Knowing how they complete input tasks on these apps is equally important. You should define the interface components well before you begin execution. 

    4.  The Must-include Features

Choosing the features right at the start plays a pivotal role in ensuring a smooth app experience. Here are your must-include features for the digital wallet app.

  • User Registration: You should take the user through a proper signup process. Make sure the registration is crisp yet takes into account all details needed.
  • Balance: Users should be able to check their balance as and when needed from the application
  • Cross-platform Compatibility: It should provide support across platforms such as iOS and Android
  • Payment Method Integration: Make sure to go beyond cards (debit and credit) to allow integration of payment methods that serve ease. It is essential for the user to feel good about paying through your apps.
  • In-app Bill Payments: Make the app usable for the customers by allowing them to complete bill payments through the app. allow recharges as well from the app
  • Rewards: Gamification can be rewarding. It would help if you used rewards and discounts to make users use the app more often.
  • Recharges: Make users recharge their account balance using the most-suited payment methods.
  • 5. Plan your Security  


Building the most secure digital wallet app is important, and you should develop a security-first strategy. 

There are a few things that you need to consider when planning your security.

  • It is vital to implement coding practices that are encrypted and secure. The app should monitor all activities to identify frauds. It should keep logs of all the use cases (geolocation, the payments done, etc.)
  • The APIs and web servers should be secure and completely encrypted. 
  • Two-factor authentication within the application is a must-have to ensure completely safe solutions.
  • You can use QR codes to identify the user and complete payments. This will ensure your payment goes to the right person.
  • You should encrypt the transaction data completely. End-to-end security will help prevent vulnerabilities.
  • Tokenization within the application can increase security. It will keep the transaction data such as card numbers and other aspects secure.
  • 6. Determine Payment Type

The digital wallet can fall into multiple payment categories:

  • P2P payments: The customer can transfer the amount through the phone
  • Online Commerce: They use online payment ways to complete the transaction
  • POS: The QR code scanning or other ways the stores can accept payment. 


Building a secure digital wallet app requires thorough planning, efficient execution, and a defined budget. It is a good idea to choose an excellent team to create the best digital wallet app for Android or iOS. To include cross-platform compatibility, outsource it to a leading cross-platform development company.

Research plays a pivotal role, followed by consultation and quick requirements gathering to choose your technology partner.  

Read Also: Develop a security first strategy

Elorabrown Blogger & Admin


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