“The digital revolution is far more significant than the invention of writing or even of printing.”

– Douglas Engelbart

 

In today’s fast-paced digital age, the way we manage our finances and make payments has evolved significantly. Build an e-wallet app like Apple Pay has become an integral part of our daily lives, simplifying transactions and offering a secure, convenient alternative to traditional payment methods.

Apple Pay, one of the pioneers in the e-wallet space, has set the standard for secure, convenient, and contactless payments. But what if you dream of developing your own e-wallet app, one that can rival the likes of Apple Pay? Well, you’re in the right place!

This blog post will take you on an enlightening journey through the essential steps and considerations for creating your very own electronic wallet application.

Whether you’re an aspiring entrepreneur looking to tap into the thriving mobile payment market or a tech enthusiast keen on understanding the intricacies of app development, this guide will equip you with the knowledge you need to embark on this exciting venture.

So let’s begin.

 

What is Apple Pay?

Apple Pay is Apple Inc.’s mobile wallet and payment service. Apple Pay allows users to make contactless, secure payments with their Apple devices such as iPhones, iPads, Apple Watches, and Macs. Apple Pay allows users to link their credit and debit cards, which will allow them to pay at retail stores, apps, or ewallet websites that accept Apple Pay.

 

 

For added security, the Apple Pay e-wallet app uses advanced encryption and biometric verification, such as Touch ID or Face ID. Apple Pay is a popular digital payment system because of its speed, convenience and commitment to protect users’ financial data.

So, if you want to build an app like Apple Pay for your business, then you must contact an expert from a mobile app development firm.

 

Why Must Business Invest in Mobile Wallet App Development?

 

• Five out of ten respondents in the U.S. said they had used Apple Pay at a POS between April 2022 to March 2023. Three out of ten also stated that they had used Apple Pay for online payments during this time.
• Apple Pay is estimated to be used by over 500 millions iPhone users worldwide.
• Apple Pay Later was chosen by almost 20 percent of U.S. users between March and June 20,23, over direct competitors.
• Apple Pay users on iPhones will grow by 65 million in 2020.
• Apple Pay has a 92% market share, making it the most popular digital wallet.
• Apple Pay will have processed $6 trillion worth of payments globally in 2022 and generated a revenue of $1.9 billion.
• Apple Pay is now available in 76 countries, at 5,480 banks and over 90% of U.S. retailers.
• Apple Pay is used for 88% of digital wallet payments made in stores in the U.S., but digital wallets are only used to make 6% of debit payments made in the U.S.

 

How Does An Ewallet App Like Apple Pay Work?

Apple Pay, for example, is an eWallet that digitizes your wallet and streamlines the way you pay. You link your debit or credit cards to the app which then securely stores these details. You can make payments by holding your Apple device close to a contactless terminal in a shop.

App generates a unique one-time code to ensure that your card information is never shared with merchants. You can authorize payment using your fingerprint, face recognition or PIN code.

Apple Pay will automatically fill in your shipping and payment details when you are ready to checkout online. This eWallet allows you to send money directly from one person to another. Entering their contact details will allow you to do this. Now that you know how an app like Apple Pay works, you should now invest in fintech app development.

 

Build an Ewallet App like Apple Pay

 

 

It is a complicated process, requiring a wide range of technical knowledge and skills, such as expertise in security, software development and financial systems. So, you can seek help from mobile app developers for hire from a reputable firm. Now let’s have a look at this section that will show you how to build an Ewallet App Like Apple Pay.

 

1. Market Research

Market research and competitor analyses are usually the first steps in app development. You will need to determine what industry, target audience, and competitors you are targeting. You can conceptualize your app and discover your value proposition by conducting market research.

 

2. App Concept Finalization

The next to build an Ewallet App Like Apple Pay is to finalize the concept. The future of your app depends on this stage. Finalizing the concept for your future applications is crucial. You need to determine what makes your app unique and different from other apps.

 

3. Choosing App Development Company

You will need to hire an Android or iOS App Development company that has the technical expertise to build an Ewallet App Like Apple Pay if you lack it. Here are some tips to help you choose a reliable technical partner.

• Search online for ITFirms and Clutch.
• Portfolio and customer reviews
• Interviewing vendors
• You can also ask about similar projects and relevant experience

Some aspects of the screening process can have an impact on future cooperation. For example, the level and type of English that is spoken, the differences in time zones or cultures, etc.

 

4. Custom UX/UI Designs

The first impression of any mobile site is the interface. The first thing users see when they open an app determines whether or not they use it. You should pay attention to this aspect of development. The interface should have a lot of features, be easy to use, and look good.

 

5. Mobile Wallet App Development

Hire dedicated developers who will then convert your UX wireframes, UI mockups, and other designs into a functioning application and implement the features you need. Mobile wallets should be designed with security and scalability in mind.

 

 

6. App Launch and Promotion

It’s time to start thinking about the promotion of your app after you have launched it. Marketing strategy creation usually begins long before an app is made available to users. A comprehensive marketing strategy today includes many parts such as SMM (social media marketing), content marketing, paid advertisements, etc.

 

7. Ongoing Development and Support

The process to build an Ewallet App Like Apple Pay does not stop after the previous phase. You will need to keep working on your app if you want it to be a success in the long run. You may want to improve features and add new functionality after receiving the initial feedback from users. App development is a continuous process.

 

Key Features to Build an Ewallet App Like Apple Pay

Apple Pay is an Ewallet that offers users a secure and convenient way to manage finances and streamline transactions. Here are crucial features that your Ewallet should have to compete in the digital payment space:

 

 

1. Secure Registration and Authentication

Implement strong security measures, such as biometrics like face or fingerprint recognition. The use of two-factor authentication provides an additional layer of security.

 

2. Linking Payment Methods

Users can link multiple payment methods such as bank accounts, credit/debit card, cryptocurrency wallets, etc. you must take help from wallet app developers for payment gateway integration in your app. This flexibility ensures convenience and choice.

 

3. Contactless Payments

Allow users to pay with their smartphone or device by tapping it on NFC terminals. This feature increases the convenience of transactions in stores.

 

4. Peer-to-Peer Transfers

Facilitate P2P transfers easily between users. Users should be allowed to send money using email or phone numbers to family or friends.

 

5. Bill Splitting

Allow users to divide bills between multiple people. This feature is particularly useful for sharing expenses or dining out. If you want to integrate the future in your app, then you must contact a professional e-Wallet app development company.

 

6. Expense Tracking

Use expense tracking software to categorize, display and analyze spending habits. This will give you a better understanding of your financial health. Users can set up budgets and get alerts when they go over them.

 

7. Integrating Loyalty Programs

Allow users to store their reward points and link loyalty cards within the app. Encourage users to use your Ewallet as their primary payment method.

 

8. Digital Receipts and Transaction History

Users can be provided with digital receipts as well as a transaction history. Users can keep track of spending, dispute incorrect charges and manage their finances more effectively.

 

Advanced Features of an App Like Apple Pay

Now that you know the key features of an app like Apple Pay, it is vital to have knowledge of advanced features to build an e-wallet app like Apple Pay. so have a look:

 

 

1. Biometric Authentication

These apps use biometric authentication techniques like Face ID or Touch ID to ensure transactions are secure. Users can authorize payment using their fingerprints or facial recognition to add an additional layer of security against unauthorized access.

 

2. Tokenization

Tokenization is one of the most important security measures. The app creates a unique code or token for each transaction, instead of sending the actual card information during transactions. This token is completely useless for potential attackers even if it were intercepted. It reduces the risk of fraud.

 

3. In-app Purchases

These apps allow for seamless in-app purchasing. These apps allow users to pay for products and services without having to enter payment details every time. It not only simplifies the checkout, but it also creates a safe environment for app transactions.

 

4. Contactless Payments

Near Field Communication (NFC), a technology that allows users to make contactless payments, simply by holding their device close to a compatible terminal. This feature is convenient and aligns with contactless transactions. It promotes a faster, more efficient payment experience.

 

5. Multi-Platform Integration

Advanced eWallet applications often go beyond mobile devices. These apps may be compatible with multiple platforms. Users can make payments on smartphones, tablets, smartwatches, and desktop computers. This flexibility allows for a wide range of user preferences and also ensures that the payment system is accessible across all devices.

 

Examples of Popular EWallet Apps

 

Ewallet Apps	Available Platforms	Download	Ratings
Google Pay	Android | iOS	1B+	4.1
Paypal	Android | iOS	100M+	4.2
AliPay	Android | iOS	10M+	2.6
Cash App	Android | iOS	50M+	4.6
Walmart Pay	Android	50M+	4.7

 

1. Google Pay

 

Google’s mobile operating system Android allows users to pay with their mobile phones and leave their wallets behind. This e-Wallet app development lets you connect different cards such as MasterCard Visa American Express and others. An app like Google Pay is compatible with Android and iOS and has over 100 million users.

 

2. Paypal

PayPal’s digital solutions wallet are the most popular in the world, with over 392 millions users. One-Touch allows you to make online payments as well as payments at offline locations with your smartphone.

This online payment app like Paypal is available on both Android and iOS. By entering an email or mobile number, users can easily send money to family members, friends or businesses. This is a great way to split a bill or pay for services.

 

3. AliPay

 

 

You need look no further if you’re looking for the biggest name in mobile wallet apps. Alipay, the world’s largest payment app created by Alibaba Group, is available in over 200 countries. Over a billion people use the system daily. Alipay is a financial ecosystem that offers more than just payments. It also provides wealth management, microloans and insurance options.

 

4. Cash App

 

 

Cash App, a mobile payment app for peer-to-peer payments, was developed by Square, Inc., in 2015. The platform allows users of the service to send money via mobile phone. Cash App was the original name of this service. In 2018, it was rebranded from Square Cash. The eWallet mobile app can be downloaded on iOS and Android. Its popularity stems from its simplicity and ease-of-use.

 

5. Walmart Pay

 

Walmart has also developed its own payment system. Walmart Pay allows Walmart customers to make purchases in Walmart stores by using their mobile devices. Walmart Pay is accessible through its mobile app for iOS and Android.

You must know that an app like Walmart is available through the Walmart mobile app on iOS and Android. Customers can scan the QR code using their mobile application at the checkout, and they will be charged the amount due via the payment method associated with their Walmart account.

 

 

Cost to Build an Ewallet App Like Apple Pay

The cost to build an e-wallet app like Apple Pay depends on a variety of factors, such as the features and functionality it offers, the location of digital wallet app developers, the type and size of the app, etc. You should consider the following factors to determine your digital wallet app cost:

• The platform on which your app will run.
• The features and functionalities your eWallet will provide to the users.
• The technology stack and tools used to build the application.
• The level of maintenance required for the app testing stage.
• The location of your mobile wallet development company.

The cost of mobile app development like Apple Pay is between $10,000 to $25,000 on average. For more advanced features, the price can go up. It is best to consult an experienced Mobile app development company to find out the exact price of building an app similar to Apple Pay.

 

Conclusion

Creating an eWallet like Apple Pay requires a thorough approach. Each step, from designing an intuitive interface to implementing robust safety features, is vital.

The prospect of creating an app can be exciting. However, the journey to get there can be complicated. Consider hiring an on-demand app development company and payment solution provider to help you navigate the path.

 

FAQ

1. How Much Time Does it Take to Build an e-wallet App like Apple Pay? 

The time it takes to develop an eWallet like Apple Pay can be influenced by the complexity of the app, its features and resources. It can take anywhere from 2-4 months up to a year with the planning, design and development involved.

 

2. What Technologies are Involved in Building an Ewallet App? 

The technologies include mobile app frameworks, secure payment gateways, Near Field Communication for contactless payment, and backend data processing systems.

 

3. What are the Security Considerations When Building an eWallet App?

Security is paramount in e-wallet apps. Implement robust encryption, two-factor authentication, secure storage of payment data, and regularly update security protocols to protect user information.

 

4. How Do I Maintain and Update Ewallet Apps to Stay Competitive?

You should regularly release updates to enhance security, add new features, and improve the user experience. Listen to user feedback and adapt to changing market trends.

 

5. How to Protect Your Ewallet App from Fraudulent Activity?

To protect your eWallet app from fraudulent activity, employ robust authentication methods, encryption, real-time transaction monitoring, and user education about security best practices.