How To Build A Digital Wallet For Your Business – 2024 Guide

If you’re a business owner, you are aware of the importance of proper cash flow. Now, if you’re still using actual cash to do business, you might want to look into changing that up. In 2024, it would be much simpler to use a digital wallet for your business. It would be more convenient and efficient, and it would certainly help your business in many different ways.

Now, there are many different digital wallets out there. Services like Apple Pay or Google Pay are one of the most popular, but if you’re really about your business, you’ll want to build yourself a digital wallet, specially designed just for you and your company’s needs.

Now, before we get into that, we want to make sure you know what a digital wallet is. So, let’s get right to it.

What Is A Digital Wallet?

To put it simply, a digital wallet is nothing more but a regular wallet, only in electrical form. Basically, a digital wallet is an app that will put all of your finances into one spot, eliminating the need for carrying multiple credit cards, cash or a wallet altogether.

In most cases, a digital wallet is used to pay for things in various stores, both online and physical. However, the scope of the digital wallet extends far beyond just that.

There are many complex digital wallets that allow you to add coupons, vouchers, tickets, boarding passes, send or receive money, invest in the stock market or into crypto, manage multiple accounts, and so much more.

When you consider all of this, it’s hard not to see all the benefits a digital wallet could have for your business, but more on that later. Now, let’s take a look at how you can build one.

How To Build A Digital Wallet For Your Business?

How would you build your wallet? Well, it’s hard to do it all by yourself, so you’d probably want to hire a team of developers to do it for you, so let’s start there.

Hire A Developing Team

First of all, you’re going to want to find a reliable team of developers to get this whole thing started. You’re going to sit down and have a talk with them, explain to them your thoughts and ideas and have them come up with a plan on how you’re going to execute this. Now, this might seem like an easy step, but in most cases, this takes a while. You could even spend a couple of months on this part of the project alone.

The Developing Process Starts

Once you’ve got all of that figured out, it’s time to get down to business. The first order of business for the developing team is to develop a UI/UX, so you can see how your digital wallet will look. The reason why you do this first is that you want to have a good idea of how things will work, what will go there and off of it – you’ll get down to building a body that’s going to run that UI/UX. Once again, this process could take months to develop, so stay patient.

After you’re done with UI/UX, it’s time to code the app and create your digital wallet. In most cases, this process will last about 2-3 months, depending on the project’s complexity, so, at this point, you’re almost a year into the project.

Getting It Certified

Now that you’re done with creating both the front and back end of the app, it’s time to get it certified. This process could also last a couple of weeks, maybe even months. You see, you can’t just develop an app that’s about to hold all of your assets in one place and then just begin using it. So, you’ll have to wait an additional couple of weeks to obtain the necessary certification.

It’s Time To Test Things Out

Upon getting your certification, you’re almost at the endpoint. Now, all that is left to do is run a pilot test for a few weeks, possibly two months, and check whether everything works perfectly, fix some minor bugs if they exist and so on.

Only after all of this, which could easily last for about a year and a half, are you ready to launch your new custom digital wallet. And oh, this whole process will usually set you back anywhere from $100,000 up to a million, possibly even more.

Considering all of that, maybe you should look for an alternative option? Well, you probably should and here’s one.

Using A Digital Wallet Platform

If you don’t want to spend so much money and wait for over a year for your new digital wallet for your business, you should probably think about using a digital wallet platform, suggests www.holywally.com.

The main difference between this and the previously mentioned method is that you would be using an already existing template and a program that’s going to be adapted to your needs, which would make the process a lot faster and a lot cheaper.

In this case, you’re eliminating the first step, which is looking for a developing team and you’re going straight to business. Now, you will lack some creative freedom, that’s for sure, but then again, you’ll get the exact same product that will do the exact same thing, for a fraction of the price and a lot faster.

Why Should You Use A Digital Wallet?

Now, we understand that you are interested in building a digital wallet for your business; otherwise, you wouldn’t be reading this, but still, we just wanted to outline a couple of the advantages digital wallets have over traditional ones.

• Convenience – Nowadays, we’re always using our electronic devices such as phones, laptops or tablets. Having an opportunity to use these to transfer or receive funds wherever you are, makes a digital wallet very convenient.
• Speed – There not much to say here, other than the fact that the transactions done over digital wallets are pretty much instantaneous.
• Security – Digital wallets are one of the most secure ways of dealing with financial transactions. All of your money or personal information will be encrypted and safely stored, so you won’t have to worry about anything. And with so many levels of security authentication nowadays, even if someone stole your phone or a laptop – they wouldn’t be able to use your digital wallet.

Conclusion

As you can see, building a digital wallet isn’t easy, fast or cheap – but it’s doable. Hopefully, one of the methods we’ve mentioned sit well with you, and we hope that you begin developing your new digital wallet for your business as soon as possible.