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Top 5 Mobile Banking Platforms 2021

Mobile banking industry is one of a few to keep growing tremendously despite all the challenges the world is facing in 2020. The growing trend is very much similar across many regions leading to a great demand on technology and solutions. This situation often leads to inappropriate decisions in terms of the resource and product planning. Digital banking or wallet applications often appear to be simple and straightforward, and that's true if we consider the consumer side which was intentionally built this way. However, this “simplicity” often leads to an underestimation of the entire product in terms of cost-to-build. There are not many agencies and entrepreneurs who did a chance to work with production digital banking products to clearly understand what should be “under the hood”. 

To help organizations that are looking to build mobile banking products, we’ve identified to 5 vendors in this space based on customers’ reviews, product functionality, security and compliance certifications, additional services provided. 

1. Seamless Distribution Systems

Seamless Distribution Systems is a market leader in the Nordic countries, with a wide range of finance and consulting solutions. Listed on the Nasdaq First North Premier Index, the company has 50 years’ experience and operates across 50 countries. It develops, delivers and manages software transactional systems. Seamless has built up a valuable market expertise by focusing on doing business with established companies. It has not yet incorporated AI or Blockchain into its solutions.

2. Velmie

Velmie is a FinTech company with banking and mobile payments solutions crafted for startups and SMEs. Offers multiple setups of mobile wallet platforms to handle p2p payments, money transfers, ecommerce loyalty programs, company payroll and more. Portfolio includes multi-curency blockchain wallets and country-wide mobile payments systems integrated with central banks. 

Velmie is specifically focused on emerging markets, providing localized products in Africa and Latin America.

3. Softspace

Malaysian fintech player, Softspace, has developed a sound reputation in Asia for its payments platform and Fasspay wallet. The company, founded in 2012, has impressive experience, with 20 financial institutions in 11 countries using its solution. The company does most of its business in Asia and deals primarily with enterprise customers.

4. Cellum

Cellum was founded in Hungary in 2000 and has since moved its headquarters to Singapore. It offers white label mobile wallet solutions to the banking, commerce, telecom and transportation industries. It is PCI-Certified and has built strong partnerships and a solid reputation since inception. It embarked on a major international expansion in 2011 and now has subsidiaries in Europe, US and Asia.

5. Obopay

Obopay was established in 2005 and offers digital payments and banking platforms, including mobile wallets. Its mobile wallet comes with a card, P2P payments, loyalty schemes, membership cards, and international remittance and savings. It is a huge enterprise linked to a proprietary banking platform.

How to choose a white-label wallet vendor

When choosing a white label vendor, there are certain criteria that are important to consider because the long-term success of your mobile wallet will be determined by the vendors ability to deliver to your evolving needs. Critical considerations include:

  1. Microservices architecture. Even if the starting point is the same for all clients, every company will develop at its own pace and will adapt the wallet over time to meet its customer needs. By developing a branded mobile wallet solution using microservices, companies are able to easily adapt and scale the technology over time for increased usage or a growing number of users without having to change the underlying architecture of the wallet.

  2. Customization. The vendor should be able to customize the solution to your exact specifications. Many technology providers sell wallets “as is” or provide APIs so that companies can plug in additional functionality. But this is not ideal because it does not offer the end-customer a wallet that has been carefully designed for them.

  3. Capacity. The vendor should be able to easily scale its development resources up and down when needed so the customer does not need to hire a huge team of dedicated developers.

  4. Technical support. The vendor should offer a flat monthly fee for hosting and technical support so that the client can focus on its business, knowing that the wallet is being supported by the developer and will function effectively.

  5. Integrations. The vendor should have the experience and capability to handle all types of integrations with the clients’ systems. The vendor should also be equipped to test and train users so that they are comfortable using the wallet and are in a position to make full use of all the functionality it offers. Preferably, the white-label mobile wallet provider should have a local presence to oversee the integration of the software.

As you can see there is a lot to consider when deciding which provider to contract within the development of your branded, customized mobile wallet. However, it is well worth doing your homework properly at the beginning of the process because this will set you up for long-term success with your employees or end-customers.




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Paul Shumsky

Paul Shumsky

Technology Advisor


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10 Sep 2019



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