Mobile Digital Wallet App - Case Study United Kingdom

The Pain

Let’s face it - managing money online can sometimes be a hassle. Have you ever ordered food with a group and friends and needed to send money to the person that paid? Cash is fading out slowly, most people only a few euros or dollars for small stuff. Online banking accounts are not a big help either, as money sent through it almost never reaches your friend instantly. Don’t even get us started on topping up these accounts, most give you a very limited number of source.

Thankfully, new technology is making payment processes easier, faster and safer each day. Your physical wallet is slowly becoming obsolete and making the switch to digital - that’s where Wallety comes in. 

With Wallety, you can top up your digital wallet from almost any source (bank account, crypto etc.) and you can have full control over those assets afterwards. There is no transfer delay, so you can stop worrying about splitting the bill when ordering in a group! What’s more, it uses the latest security standards to give you peace of mind that no one else can tamper with your money.

Creating a Centralized Wallet

To test his idea with potential users, the client was looking to create a fully functional MVP through mobile app development.

Wallety has fast loading central HUB through which users can interact with different features offered by the app. The major point of it is the ability to bring in money and digital assets. We’ve made it possible for users to add funds by connecting their bank account or credit cards. You can also add owned cryptocurrencies, for easy asset management. 

These funds needed ways to be managed. The most used feature is a transfer function, which we’ve developed around the contacts you have on your phone already. It recognizes them and can be selected for payments or payment request links. Just click the contact, type in the amount you want to send, and voila - the person has received it!

What’s more, you can create your own virtual debit card. What that means is that Wallety generates the codes that can be found on a traditional card and can be used as a real one for all types of online payments you want to make. Among other things, these types of virtual cards are a safety net for paying through sites which might not have the best security, providing a safe environment to your main balance.

Topping it all up, you can see all the transactions and payment which you’ve made, automatically tagged into categories such as groceries, entertainment, etc. These analytics are broken down by days of the week and month. You can also download a detailed  transaction report of specified time periods.

Putting the tech in FinTech

To build an awesome MVP, our team had to develop the app starting with no technical specifications, just the design wireframe. To make it happen, we’ve adopted an agile software development approach - we first defined what the MVP needed to do, and prioritized features in the development process.

Beside the technical pains, administrative ones such as budget and timeframe also constrained us. We’ve used our experience of a digital product studio to make a proper product strategy. 

First of all, Wallety is a digital wallet. We needed to create a hub which receives digital monetary assets without any issues. That means having safe and reliable databases is a big must. Through MongoDB, we managed to create clusters of databases which interact flawlessly between each other and updated fast to account for changes in the wallet.

To make sure Wallety runs smoothly on people’s phones, we’ve built it using a native app development technology - React Native. Being a favorite of ours when it comes to mobile app development, this framework adapts to all phones to provide optimal user experience at every step of the way. React native also brings various benefits for the project owner as well. The major one is lowering the cost of development - one developer can build apps for both iOS and Android due to the cross-platform technology that is easy to maintain. Last but not least, React Native enables us to develop fast (the core of an MVP) and have an excellent app UX.

In the end, we eliminated all unnecessary features and to bring more value to the core ones. We managed to cut more than 30% of the budget through this and went all in to improve the core ones. Based on market research, we have concluded that cryptocurrency will be in high demand in the near future, so we have improved some of the functionalities regarding the crypto wallet. By eliminating so much of the requirements, we haven't just saved some money, but also have launched the app faster.

Our responsibilities

With just the design and no clear technical specifications, our team delivered a fully functional MVP for Wallety well within the budget and time limits.

We set up strategic workshops and effective daily calls to keep work on track and focus on narrowing the scope of the MVP to deliver the actual most valuable features for users. Due to this, the whole product development ran smoothly and with minimal revisions, resulting in a bug-free final product - a benefit of working with a digital product studio. This was a great win for software companies in Romania.