Compare these graphics to see what Apple Pay, Google Pay, and Samsung Pay have been able to achieve in five years: It also seems that the mobile wallets from tech giants like Apple, Google, and Samsung outperform all other competitors in the space. the average annual spend per mobile wallet user is expected to grow to $2,439.68 in 2021.more than four out of 10 US smartphone users used a contactless payment system at least once in 2021.67% of retailers accept contactless payments at PoS terminals.40% of all US e-commerce payments will be handled via digital wallets by 2024.32% of mobile wallet users rely on three or more digital wallets.

Here are a few noteworthy facts speaking of the rapid growth of the e-wallet market: According to Finaria, the industry will grow to $2.4 trillion in 2021 (a 24% increase from 2020) and may reach $3.5 trillion by 2023. The COVID-19 pandemic made a huge impact on the mass adoption of digital wallets as with every other aspect of fintech app development.

How Much Does It Cost to Build Your Own E-Wallet App?.

Technologies Used When Building a Digital Wallet.

Examples of the Successful Mobile Wallets.

Mobile wallet development involves a lot of legal formalities and implies following strict security regulations, including Payment Card Industry Data Security Standard (PCI DSS).

The main types of e-wallets include open, closed, crypto, and mobile banking extensions.

To develop a mobile wallet with a sticky user experience, you must carefully consider the type of solution you want to build.

Digital wallets will rule e-commerce payments in the near future (40% by 2024).

In this blog, you’ll learn how to create a wallet app, some of the best practices, and what you need to win in this highly competitive niche. If you’ve identified a unique opportunity and want to create a digital wallet, you’re in the right place.

They fit in a smartphone (no need to carry those bulky physical wallets), provide more robust security (compared to flashing a credit card in public), and allow us to pay virtually for anything (and do so much more) from the comfort of our homes.

Build your own mobile app online