How to build an eWallet App like PayPal?

  • By Jermaine Trotman
  • 23-01-2023
  • Mobile App Development
how to build an ewallet app like payPal?
The memory of carrying cash is slowly fading away with time as e-wallet development is the most popular topic in Fintech development. If you are interested in developing an e-wallet app like PayPal, you can easily explore the e-wallet market because it has excellent opportunities.
 
Moreover, the digital payment company PayPal was co-founded by Elon Musk before he preferred electric cars. He is solely responsible for the successful launch of PayPal. These digital wallets have made quick and super easy payments by which you can easily pay at restaurants, e-commerce apps, etc. It’s easier to do payments with e-wallet apps such as Paytm, Google pay and PayPal, etc. Also, e-wallet apps are safe and secure.
 
According to the reports, e-wallets will boom by 2023 and generate expected revenue of $4574 billion. And the global digital payment will reach $180.2 billion by 2026. The report estimates a 15.4% CAGR during this period. 
 
So, now is the best time to invest in an e-wallet app and successfully launch an e-wallet app like PayPal. If you have decided to build an e-wallet app like PayPal, read the entire blog!

Market overview: PayPal

Before you start your e-wallet mobile app development, look at some striking market stats that show how PayPal become successful. This will give you an idea of its growth.
 
According to reports, PayPal has continuously grown since the fourth quarter of 2021 which mean 13% growth every year from the fourth quarter of 2020. In the first quarter of 2022, several active users accounts on PayPal have marked around 429 billion.
Let’s look at the scope of e-wallet app development in the coming future.
 
  Worldwide North America Latin America Europe, the
Middle East,
and Africa
Asia Pacific
Digital mobile wallet 41.8% 23.7% 13.8% 24.6% 58.4%
Buy now pay later 1.6% 0.9% 0 5.8% 0.3%
Prepay 0.6% 0.9% 0.6% 1.3% 0.3%
Post pay 1.3% 1% 7.9% 0 1.6%
Other 0.6% 1% 0.6% 1.5% 0.1%
 
From the above table, you can get an idea of the popularity of e-wallet apps around the world. Now you can hire a mobile app development company and easily start your e-wallet development.

Brief about PayPal

Paypal is been in the market since 98’ and was launched by Elon Musk and his other fellows. In 2002, it was acquired by eBay but in 2015 it announced a public separation. After that PayPal gained huge success which includes 286 million active users worldwide. And today it becomes the widely accepted and used digital payment method. Moreover, it is easy to use, a faster, and an instant around-the-clock payment service provider which facilitates both online vendors and shoppers to have direct transactions of money. And the Information stored in the payment app is secured which makes this app reliable.
 
Usually, with PayPal, you can transfer a big amount of money or a small amount like $25. It enables the user to pay online and make direct payments at a fast speed. This is why many business owners need expert build a digital wallet app to build their e-wallet apps. In the next section, we shall be discussing how you can build an e-wallet app like PayPal.

How to build an e-wallet App like PayPal?

You can easily create e-wallet app like PayPal it’s easier than before. It is possible to build a safe and secure e-wallet app without any complex process. By following the steps mentioned below you can successfully build an e-wallet app like PayPal.

1) Market research

You can start the e-wallet development process with proper market research. This will help you in analyzing the scope of the e-wallet app and the risk factors related to the e-wallet. Moreover, do market research on your competitors this will help you in understanding their faults. And you can easily manage to overcome these faults in your development process.

2) Deciding features

By doing proper market research you’ll get to know about the features that you want to include in your e-wallet app. This will save you time and money. Just make sure that you decide on the right set of features and don’t include unnecessary features in your e-wallet.

3) Monetization

If you have invested in e-wallet app development you should expect earnings in some time. For this, you can charge a minimal fee for transaction-deposit and withdrawals. You can make money by collaborating with banks; they pay a small percentage to e-wallet companies for every purchase their customer make through the app.

4) Choose tech stack

With the help of the right stack, your e-wallet app's success is ensured. Just make sure you hire mobile application developers that completely understand your project objectives and goals.
 
Some common tech stack for app development includes:

iOS
 
- Programming language: Swift
- Networking: Alamofire
 
Android

- Programming language: Kotlin
- Networking: okHttp3

5) Hire developers

Now it’s time to hire dedicated developers. For e-wallet app development you’ll require an expert team of developers because e-wallet apps need strong security. Don’t forget to hire a UI/UX designer as the design is the crucial part of the e-wallet app.

You'll require the following developer team.
 
- UI/UX designer
- Web/ Android developer
- iOS developer
- BA
- Tester and DevOps engineers
 
Just make sure that you properly communicate with each member of the team so that you don’t have to worry about the small task. So hire dedicated developer and start building your e-wallet app like PayPal.

6) Front end development

Now ask your hired dedicated developers (UI/UX designers) to develop the front end of your website. Just ask them to not include unnecessary features in your app. 
 
Expert UI/UX designers know the importance of design elements in the app. They know how to attract users through design fundamentals. So don’t worry about this aspect of your app. 
 

7) Backend development

After completing the front-end development, you can start your back-end development. For a strong backend, you’ll require a strong database and server.

8) Testing

After the development it’s time to test the app, the app should be tested with the latest tools. This will help you to get the final result of your app. It will help you to fix bugs and errors in this stage. After resolving all the issues it's time to launch the app in the market. 

9) Deployment

After testing now your app is error and bug-free you could easily launch your e-wallet app in the market. 

10) Maintenance

Lastly, you have to maintain the app after completing the deployment process. Invest in maintenance services will help you in maintaining the life of your e-wallet app.

Conclusion

By going through the above blog you can easily pitch your e-wallet app idea to the mobile app development company. E-wallet apps are trending among users and building an app like PayPal is complex until you have the right set of team by your side. There will always be room for good e-wallet apps in the market. 
 
Usually, payment apps take time to grow the only way to find success is to start it now. It is an excellent time to develop an e-wallet app at this time. If you want to know more contact with e-wallet app development company. If you are looking to create an amazing e-wallet app I hope this blog is helpful for you.

Last Updated in January 2023

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Author

Jermaine Trotman

Jermaine Trotman is the co-founder of Nimble AppGenie, a market leading,  EWallet App development company but not limited to that. Firm is renowned for it's eWallet, loan lending, and fintech app development solutions.