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How to Reduce Digital Wallet Development Costs with Low-Code?

(9 min)
Peter Shubenok
Managing Director

The times of using bank accounts and visits to local bank officers to make a transaction are long gone. People are getting tech-savvy, and the massive adoption of mobile banking technology is another driver for payment digitalization. As a result, the $1-billion market of 2020 is poised to rise almost fivefold to reach $4.91 billion by 2026 – a not-that-distant future we’re going to witness very soon. 

Some more stats for proving that the future of payments is with mobile wallets are as follows: 

  • The present-day CAGR of the mobile wallet industry is more than 26%. 
  • In 2022, 89% of American users were resorting to mobile payments on a regular basis, and the penetration rate is expected to reach 100% in the next couple of years. 
  • The B2B sector is actively exploring mobile wallet technology for payments, contributing a significant share to the industry’s growth tempos. 
  • The number of people using digital wallets in 2022 was 3.4 billion, while in 2026, this figure is expected to reach 5.2 billion users. 

Yet, though having your own mobile wallet solution is definitely appealing, some businesses may find custom development from scratch too costly for their budgets. The process of building your wallet software may stretch for months, while the cost may readily exceed $100,000+, making it hard for startups to afford such luxury. 

Luckily, there is a solution to the problem of limited affordability – cost-effective wallet development with the help of the low-code approach. Since we at RNDpoint actively use low-code development in digital wallet projects, we’ve decided to explore the concept in detail here. It will familiarize you with workable ways to reduce digital wallet development costs and open a new range of business opportunities with proprietary payment software. 

low code development market scope

Understanding Low-Code Development 

If you keep your finger on the pulse of FinTech development trends, you might have already heard about low-code back-end development. In simple terms, it refers to the method of software development that requires minimal coding skills. No code low code platforms provide clients with a wide range of pre-built features and modules that can be combined in many ways to create customized software and ensure personalized user experiences. 

However, there are some notable differences in the use of no-code and low-code solutions. The former can be applied even by a complete coding rookie, while the latter requires a reasonable degree of familiarity with programming fundamentals. Though you have the full set of modules for a functional digital wallet, you have to code the customized features, unique flows, and wallet integration options you need.  

Advantages of Low-Code Platforms for Banking and FinTech

The no-code option is definitely more attractive for teams without programming experience, but it’s important to keep in mind that they lack the flexibility and versatility you might expect from a customizable payment solution. 

This way, low-code digital wallet platforms are much more popular among businesses dealing with banking and finance because they allow for customized combinations of pre-made components. As a result of using low-code facilities, you can build a fully customized digital wallet that meets your business needs and is consistent with your business identity. 

Low-code solutions enable a team with minimal programming proficiency to create effective, reliable, and safe wallets due to a number of benefits: 

  • Visual, intuitive development interfaces and integrated development environments (IDEs). 
  • Productivity tools for developers of all expertise levels. 
  • Embedded and automated testing and troubleshooting tools. 
  • Easy-to-handle integration options. 
  • Rule-based automation tools. 
  • Better compliance with KYC/AML standards. 
  • AI-enabled personalization features and interactive chatbots. 
  • Advanced data analytics. 
  • Instant app deployments in cloud environments. 
  • AI tools and features for service personalization. 

Due to these advantageous development features, banking and financial organizations can get more with low-code functionality. Many forward-looking, active enterprises choose a low-code variant to attain: 

  • Cost savings. Low-code solutions are much cheaper to implement than custom development. So, they are used as cost reduction strategies in software development for various purposes. They can help you bring the wallet development budget down x3-x5, making this project much more affordable. 
  • Agile development. Low-code banking software is flexible and adaptive to the rapid and dynamic market landscape. Thus, it enables modifications and updates without downtime or performance reduction, ensuring you always deliver top-notch payment services to users. 
  • Fast time-to-market. The use of rapid application development with low-code tools minimizes the project’s turnaround to approximately one month, giving you a chance to enter the market earlier than the competitors without quality or functionality compromises. 
  • Innovative software. Modern low-code platforms offer AI tools, cutting-edge analytical capabilities, personalization instruments, and API integrations. From simple digital wallets to huge cloud-based banking ecosystems, everything is possible with low-code solutions. 

All in all, low-code platforms reduce the complexity of banking software design and speed up app development to give businesses a vital competitive advantage in the market. They can boost the productivity of your development team without in-depth tech knowledge requirements. They reduce wallet development cost without quality compromises. Finally, they are scalable, flexible, and customizable to a large degree, offering banking and FinTech businesses a robust solution to all software needs. 

Real-Life Examples of Low Code in Fintech 

Low-code development is universally suitable for all digital industries, but it has also found many applications in FinTech. Real-life use cases for this approach in FinTech include: 

  • Quick and seamless onboarding of new wallet users with streamlined KYC procedure completion. 
  • Streamlining of microfinance operations. 
  • Quick and data-based decision-making on loan applications. 
  • Simplified cross-border payments. 
  • Improved operational cost-efficiency resulting from automation and innovative feature integration. 
  • Simpler global expansion of e-wallet and banking businesses. 

How to Choose the Right Low-Code Platform? 

The market for low-code development platforms is already broad and quickly expanding as the technology enjoys rising popularity. That’s why you can find it challenging to select the best provider for creating and launching your digital wallet. Here is a set of criteria you should always consider in the review and comparison process: 

  • Customization. Low-code development, though it presupposes the availability of pre-built modules and features, should still allow a large degree of software customization so that any business can tailor the design and functionality to their brand identity and customer expectations. 
  • Security. Low-code platforms should operate in accordance with rigorous cybersecurity measures so that the users’ funds and data are secure. Only robust shields against hackers and criminals can secure the project’s reputation and increase user trust. The minimum set of security standards to comply with includes ISO 27001, PCI DSS, and other banking-specific varieties. 
  • Interoperability. The low-code platform should suit your existing banking and payment infrastructure and exhibit a high degree of interoperability with popular systems and payment gateways. In other words, integrations and app extensions should be seamless. 
  • Scalability. The low-code platform you’re choosing should be able to grow together with your project, handling as many transactions as you need without downtime or glitches.  
  • Domain-specific features. Software development is industry-specific, with many nuances associated with every sector. This way, if you pursue a FinTech project, you need to check the availability of KYC/AML feature introduction, GDPR compliance, PSD2 encryption for transaction safety, and the like. 

ProcessMIX Low Code Platform for Digital Wallet Development 

As you start looking for digital wallet solution providers and want to take advantage of low-code development, we advise taking a closer look at our proprietary platform, ProcessMIX. It’s a specifically tailored solution for back-end development for a variety of use cases, including FinTech, wallets, and banking apps. Its capacities cover automation tools, business rules management flows, customized user onboarding features, and many more. You can create personalized banking service with the help of ProcessMIX with minimal turnaround and effort by utilizing: 

  • Chatbots 
  • Rule-based automation tools 
  • Smart client scoring algorithms 
  • AI-powered data analytics tools 

There is no limit to complexity when you use ProcessMIX; all created solutions seamlessly integrate with your existing banking infrastructure without friction or downtime. As a result, you enjoy better scaling, guarantee end-to-end compliance, and automate all business processes with the help of RPA technology. 

Our exclusive benefit is the AI/ML-powered BRMS system that allows effective business software maintenance with the help of rule-based automation tools. It all comes without vendor lock-in, as our clients receive the source code and enjoy full ownership of their ProcessMIX-based wallet software. You can upload the code to your Java repository and deploy your wallet on the ProcessMIX cloud to avoid engaging third-party providers like Amazon. 

All in all, by choosing ProcessMIX, you are guaranteed the following unique service advantages: 

  • x3 development acceleration. 
  • 50% development cost reduction. 
  • Flexibility and source code ownership. 
  • Project’s growth support from MVP to full deployment. 
  • Seamless integrations on ProcessMIX cloud. 

We already have successful cases of ProcessMIX usage in e-wallet projects. Our client received the functioning e-wallet 3.5x faster and 2.3x cheaper than custom wallet development would cost. This approach doubled the project’s revenue opportunities and yielded three times better operational efficiency with less effort. Thus, ProcessMIX is fully suitable for bringing down your wallet or Neobank development cost without quality and functionality sacrifices.   

processmix powered neobank

Low-Code Banking Software Development Trends 

As the modern banking and payments landscape is evolving fast, low-code development fits nicely into the trends guiding this industry. The drivers you should watch closely include: 

  • Automation. Operational efficiency is limited if some processes are conducted manually and require time for human consideration. Thus, today’s banking and FinTech industry players are obsessed with hyper-automation to speed up critical banking operations and remove human error. 
  • Service personalization and UX. Big data collected from customers can inform actionable steps for service personalization and maximize user satisfaction. These are the clues to retaining clients and attracting new ones. 
  • Digital-only services. The massive digitalization of banking services makes it easier to manage large volumes of data, protect customer assets and information, and attain greater productivity. 


The future of banking is in digitalization and automation, and it’s time to embrace the trends right now. By using low-code solutions for your wallet software, you can cut down on costs and achieve greater operational efficiency – a killer combo for a strong market advantage. With platforms like ProcessMIX, you don’t need a huge and expensive team; you can hire Java developers for a limited period or even deal with one expert to create a robust, functional app. Thus, we strongly recommend looking closer at low-code capabilities and trying them out to get your wallet solution faster, cheaper, and with minimal tech expertise. 


What are the main factors driving up the cost of digital wallet development?
How do low-code platforms speed up the development process for digital wallets?
What is the average cost of developing a digital wallet app from scratch?
How does a low-code approach affect the time required to develop a digital wallet?
What cost-effective security solutions are recommended for digital wallets?
What are the cost benefits of using pre-built components in digital wallet apps?
What will be the savings compared to developing a digital wallet from scratch?
How do low-code platforms handle compliance and regulatory requirements in Fintech?


Peter Shubenok
Peter Shubenok
Managing Director
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