Building an E-Wallet App Like Skiply: A Complete Guide

Developing an e-wallet app like Skiply requires expertise in digital payment systems, smooth interfaces, and strong security features for transaction safety. RAKBANK powers Skiply as a leading mobile payment service throughout the UAE, allowing parents to use bank cards for rapid, convenient, and secure transactions at educational institutions.

Through this application, users can streamline their school payments, including tuition costs, uniform expenses, transportation bills, and book fees, eliminating traditional cash-based methods and complex banking processes. Skiply also includes features that simplify parent-school interaction, such as digitally signed event permission slips, electronic receipts, multiple bank card support, and an easy-to-use interface, all designed to enhance user satisfaction.

Skiply has established itself as a reliable and efficient educational payment system. It integrates secure payment gateways with financial compliance rules to offer parents a smooth way to manage school costs.

Let’s discuss the cost to develop an app in 2025 and how a fintech app development company can help you build an e-wallet app like Skiply!

Understanding the E-Wallet Landscape

What is an E-Wallet?

The software-based e-wallet system allows users to securely store financial details, account passwords, and payment information. The digital platform enables consumers to pay for online purchases and all digital bills and process payments within physical stores without requiring physical money or payment cards. These wallets let users connect multiple payment options, including debit and credit cards, bank accounts, and cryptocurrency wallets, to provide a smooth experience using digital payments. This convenience is designed to make users feel at ease and in control of their financial transactions.

How Does an E-Wallet Work?

The digital storage of users’ financial information is combined with rapid transaction management features that operate through various digital payment options in e-wallet systems. E-wallet users must start by downloading the application, followed by account registration, and then they can connect their payment resources. After installation, users can deposit funds by transferring money from their bank accounts or depositing funds through credit or debit cards and other third-party connection options. Payments can be processed through three mechanisms: NFC (Near Field Communication) for tap-and-pay functionality, and QR code scanning for instant payments and e-commerce purchases through online checkout procedures. The security measures adopted by e-wallets, including encryption, biometric authentication, and tokenization, offer complete security and protection from fraud during all transactions. This emphasis on security is designed to make the audience feel secure and confident in using e-wallets.

Benefits of Using an E-Wallet

The benefits of using an e-wallet are significant in modern digital systems. The most important advantage is the accessibility of transactions, as users no longer need to carry physical cash to make payments. Contactless payments enable fast transactions, reducing waiting time at checkout points. Advanced security levels are experienced through e-wallets, which use multi-factor authentication, fraud detection, and data encryption to safeguard customers from cyber theft. Users can enhance their financial control and management while receiving loyalty rewards because e-wallets offer expense tracking alongside budgeting tools.

The Rise of E-Wallets in the Global Market

The e-wallet industry shows strong growth patterns due to the increasing use of smartphones, expanding e-commerce, and shifting customer behavior. The market’s need for cashless transactions increased rapidly, mainly because digital financial services supply working alternatives to traditional banking systems. E-wallets are essential in financial inclusion programs that receive backing from businesses and governments worldwide through digital payment promotion initiatives. Mobile payment solutions will continue to gain popularity since they seamlessly integrate with everyday transactions, ultimately revolutionizing money management methods.

Key Features of a Successful E-Wallet App

For an e-wallet app to be successful, it must include several essential features that enhance user experience and security. These features include:

• Multi-Payment Support: Compatibility with various payment methods, such as bank transfers, credit/debit cards, and UPI.

• Contactless Payments: Support NFC and QR-based transactions for quick and easy payments.

• Strong Security Measures: Implementation of encryption, biometric authentication, and fraud detection mechanisms.

• Transaction History & Expense Tracking: A feature that allows users to view past transactions and analyze spending patterns.

• Bill Payments & Mobile Recharges: An integrated system for paying utility bills, mobile recharges, and other essential services.

• Rewards & Cashback Offers: Loyalty programs and discounts to encourage user engagement.

• Multi-Language & Multi-Currency Support: Catering to diverse users by offering regional language options and cross-border transactions.

Future Trends in E-Wallet Technology

The evolution of e-wallet technology advances through the adoption of modern technological innovations. Blockchain technology advances both security measures and the transparency of digital transactions. Artificial intelligence (AI) technology helps financial institutions by detecting fraud and providing users with personalized financial information, as well as offering automated chat support through bots. Cross-border payment systems have improved access, so users can now send money abroad at lower costs. Si-wallet businesses now address multiple financial needs by introducing new features such as investment management, insurance coverage, and buy-now-pay-later (BNPL) schemes for their customers. This stress on future trends is designed to make the audience feel informed and prepared for the future of e-wallet technology.

What is the Skiply App?

RAKBANK developed the Skiply app, a digital payment application that meets the specific needs of parents in the United Arab Emirates to make safe and secure school fee transactions. Users can pay their tuition, purchase school essentials such as uniforms and books, and cover other educational costs using any bank card. Through Skiply, parents can make school payments digitally in a simplified and cashless way while staying off campus.

Key Features of Skiply

• Tuition Fee Payments – Pay school fees directly through the app.

• Uniform and Book Purchases – Buy school essentials without standing in long lines.

• Transportation Fee Payments – Easily pay for school bus and transportation services.

• Signed Permission Slips – Approve school events and trips digitally.

• Multiple Payment Options – Supports credit/debit cards from various banks.

• Email Receipts & Transaction History – Track and manage all payments in one place.

Why is Skiply Popular?

The Skiply application streamlines educational payments by eliminating document-based transactions and physical visits to school administrative offices. The secure system provides encrypted payments with instant processing through secure gates, delivering a protected service that parents can use efficiently to manage their children’s school costs. Parents and educational institutions prefer the app because it supports the UAE policy toward digital payment solutions.

Steps to Develop an E-Wallet App Like Skiply

a. Market Research and Analysis

At its basic yet essential level, market research is the starting point for creating an e-wallet application similar to Skiply. Research helps users gain valuable information about their market demographic, requirements, problems, and desired preferences. Market research must include three essential elements.

• Identifying the Target Audience: The company must determine its app’s primary users because parents, students, general consumers, and businesses are different categories of app recipients.

• Competitor Analysis: An analysis of Skiply’s e-wallet app, along with Google Pay, Apple Pay, and Paytm, allows for the identification of market gaps, weaknesses, and advantages of existing platforms.

• Regulatory Environment: Conduct market research to determine relevant financial regulations in the target area and then design your app to satisfy all requirements.

• Consumer Preferences: Identify potential users’ payment habits, security concerns, and preferred payment methods.

Market research insights enable product developers to establish distinctive features, interface designs, and unique selling points that distinguish their applications from similar products.

b. Define the Scope and Features

Based on market research, outline the key functionalities your e-wallet app will offer. Some essential features include:

1. User Registration and Authentication

• Users can complete safe account registration and access through email services, phone numbers, and social media platforms.

• Multi-factor authentication (MFA) with biometric verification (such as fingerprint or Face ID) for enhanced security.

2. Account Management

• Users must have access to manage their profiles, followed by updates to detailed personal information, and the ability to add multiple payment options, such as bank accounts, mobile wallets, and debit or credit cards.

• The system should integrate with customer loyalty platforms and offer vouchers and cashback options to increase user activity.

3. Transaction History & Analytics

• Users should access an advanced transaction log featuring instant updates about every payment, refunds, and pending transactions.

• Users can use expense monitoring and budgeting tools to optimize their financial operations.

4. Notifications & Alerts

• The system sends payment confirmation alerts through push notifications, alongside SMS alerts, which provide payment verification and promotional offer information, as well as billing schedule notifications.

• Users should be able to control their notification settings, as the default settings could create spam.

5. Security Features

• The system uses end-to-end encryption to protect all user data stored in the database.

• Two-factor authentication (2FA) for additional security.

• AI fraud detection technology operates as a system to track possible fraudulent activities and financial transactions.

6. Payment Gateway Integration

• The platform enables users to make payments through bank transfers, credit/debit cards, QR code payments, and UPI.

• Integration with secure payment gateways like Stripe, PayPal, Razorpay, and Braintree for seamless transactions.

7. Bill Payments & Mobile Recharges

• The app allows users to pay for utility bills, school expenses, mobile recharge services, and subscription fees.

• The app uses automated systems that send users payment reminders, making their experience more convenient.

8. Multi-Language & Multi-Currency Support

• Providing multi-language support for a broader user base.

• Enabling cross-border transactions with currency conversion features.

These features will ensure your e-wallet app is user-friendly, secure, and versatile, making it a strong competitor in the digital payments market.

c. Choose the Right Technology Stack

The choice of technology stack plays a crucial role in determining the performance, security, and scalability of the e-wallet app. Consider the following technologies:

1. Front-End Development

• React Native or Flutter for cross-platform development on iOS and Android.

• Swift for native iOS development.

• Kotlin for native Android development.

2. Back-End Development

• Node.js or Django for handling server-side operations.

• Spring Boot (Java) for enterprise-grade applications.

3. Database Management

• PostgreSQL or MongoDB for secure data storage.

• Firebase for real-time data synchronization.

4. Payment Gateway Integration

• Stripe, PayPal, Braintree, Razorpay, or local banking APIs for secure and fast transactions.

5. Security Frameworks & Tools

• OAuth 2.0 and JWT for authentication.

• SSL/TLS encryption to safeguard transactions.

The correct technology stack will improve application performance, user experience, and security, and provide options to scale up in the future.

d. UI/UX Design

To achieve its goals, an e-wallet application needs a successful user interface (UI) and a good user experience (UX). A visual design that is easy to use attracts users, allowing them to stay longer and maintain their connection to the platform.

Key UI/UX Considerations:

• Clutter-free and straightforward navigation.

• Dark mode and customizable themes for better accessibility.

• One-click payment options to reduce friction during transactions.

• Simplistic design elements combine with exciting colors to reduce fear during financial operations.

• Users should find e-wallet apps easy to use because proper design allows them to complete transactions efficiently without confusion.

e. Development and Testing

• Development starts after the completion of design choices and technology selection. It is most effective to create the app through successive development stages.

1. Build a Minimum Viable Product (MVP)

• The application should develop its essential functionalities, starting with user registration, payment processing, and transaction recordkeeping.

• Launch the MVP to test user response and gather feedback.

2. Conduct Rigorous Testing

• The unit Testing function verifies that every feature operates separately.

• Integration Testing: Tests the interaction between different modules.

• The User Acceptance Testing process relies on real users to evaluate usability through practical testing sessions.

• Security testing checks for vulnerabilities, such as data leaks and fraud risks.

f. Compliance and Security

Since an e-wallet handles sensitive financial data, it must comply with industry standards and government regulations.

Key Compliance & Security Measures:

• The company upholds PCI DSS (Payment Card Industry Data Security Standard) standards to ensure the safe management of card payments.

• GDPR (General Data Protection Regulation) compliance for protecting user data.

• KYC (Know Your Customer) & AML (Anti-Money Laundering) regulations for legal compliance.

• The organization performs regular security audits to identify vulnerabilities, which the teams then fix.

Ensuring compliance builds trust among users and protects the business from legal issues.

g. Deployment and Maintenance

Once the app is thoroughly tested and meets security standards, it is ready for deployment.

1. Launch the App on App Stores

• Submit the app to the Google Play Store and Apple App Store, ensuring it meets their guidelines.

2. Monitor Performance & User Feedback

• Use analytics tools to track app performance, user behavior, and transaction trends.

• Gather user feedback to continuously improve features and fix bugs.

3. Regular Updates & Feature Enhancements

• Release periodic updates to introduce new features and optimize app performance.

• Keep up with emerging payment trends, such as crypto payments and Buy Now, Pay Later (BNPL).

By focusing on continuous improvement, security, and user experience, your e-wallet app can remain competitive in the market.

Challenges in E-Wallet App Development

E-wallet app development may face several challenges that need to be addressed:

1. Security Concerns

Since e-wallets deal with financial transactions, cybersecurity threats like hacking, phishing, and data breaches are significant concerns. Solutions include:

• Using AI-driven fraud detection to monitor suspicious activities.

• Implementing end-to-end encryption and multi-factor authentication.

2. Regulatory Compliance

Navigating the complex financial regulations of different countries can be difficult. To ensure compliance:

• Work with legal experts who specialize in fintech regulations.

• Regularly update security protocols to align with new laws.

3. User Trust and Adoption

Convincing users to trust and adopt a new e-wallet can be challenging. Solutions include:

• Offering welcome bonuses, cashback, and referral incentives.

• Partnering with trusted banks and businesses for credibility.

• Running educational campaigns on digital payment safety.

Cost Considerations for Developing an E-Wallet App

Let’s explore the cost to build a fintech app with a mobile app development company in Saudi Arabia!

The cost of developing an e-wallet app like Skiply depends on various factors, including the app’s complexity, platform choice, security requirements, and the development team’s location. While some businesses opt for a basic version with core functionalities, others prefer an advanced solution with AI-driven security, blockchain integration, and multi-currency support.

1. Factors Influencing Development Cost

a. Features and Functionalities

The cost largely depends on the app’s features. Essential features like user registration, account management, transaction history, and payment gateway integration form the backbone of any e-wallet app. Additional enhancements, such as AI-powered fraud detection, real-time spending analytics, and biometric authentication, can increase development time and investment.

b. Platform Selection

Deciding whether to develop a native app for iOS and Android or opt for a cross-platform solution impacts the budget. Native apps offer optimized performance but require separate development for each platform, increasing costs. Cross-platform frameworks like React Native or Flutter provide a more cost-effective approach by allowing a single codebase for both platforms.

c. Technology Stack

A robust tech stack ensures the app’s efficiency, security, and scalability. Back-end development, database management, and API integrations for payment gateways contribute to the overall expenses. Choosing the right combination of technologies is crucial to balancing performance and affordability.

d. UI/UX Design

A seamless and intuitive design enhances user experience and increases engagement. The complexity of the UI/UX design, including interactive elements, animations, and personalized interfaces, determines the effort and cost involved in the design phase.

e. Security and Compliance

Since e-wallet apps handle sensitive financial data, security is a top priority. Implementing encryption, multi-factor authentication, and fraud detection mechanisms adds to the development cost. Additionally, compliance with industry regulations, such as PCI DSS and GDPR, requires further investment to ensure data protection and legal adherence.

f. Development Team Location

The location of the development team plays a significant role in cost variations. Hiring an in-house team in regions with higher development costs may require a larger budget. In contrast, outsourcing to skilled professionals in the cost-effective areas can help optimize expenses without compromising quality.

g. Maintenance and Updates

Post-launch maintenance, including bug fixes, security updates, and feature enhancements, is an ongoing investment. Regular updates ensure compatibility with evolving technology and user expectations, contributing to the app’s long-term success.

Striking the Right Balance

While the investment required for developing an e-wallet app can vary, businesses must align their budget with their goals. A well-planned approach, prioritizing essential features while allowing room for future upgrades, ensures a cost-effective yet high-performing solution. Whether opting for a basic version or a feature-rich application, focusing on scalability, security, and user experience will lead to a successful digital wallet that meets customer expectations.

Conclusion

The successful development of the e-wallet app Skiply demands strategic organization, a deep understanding of user needs, robust security measures, and compliance requirements. Users who make digital payments require an effortless transaction platform that delivers fast speed while providing high security. Each component of the development process requires exact execution to build successful e-wallet applications.

A compelling e-wallet application must support quick financial transactions, be easy to use through real-time alerts and tracking features, and implement multi-layer security measures. The app achieves better reliability and user trust with new technology like AI-powered fraud detection and blockchain integration.

A structured development process that addresses challenges ahead of time, combined with constant innovation, will enable the creation of an e-wallet application that stands out in today’s digital economy.

Let’s Build Your E-Wallet App Together!

Are you ready to transform your e-wallet app idea into reality? At Techugo, an e-wallet app development company in Dubai, we craft secure, scalable, and user-friendly fintech solutions that redefine digital payments. Connect with our team of experts today and take the first step toward launching a powerful e-wallet app that meets modern financial needs.

Get in touch with our mobile app development company in Dubai today!