An auto rickshaw driver sleeping in his rickshaw

Spelled variously as Wallah / -wala / -vala or -ala, vālā, it is one productive suffix which is attached to various words to derive newer meanings in Indian languages including Hindi, Urdu, Bengali, Punjabi, Oriya and also English . 

Hindi-Urdu vālā वाला comes from pālaka पालक (Owner/Keeper in Sanskrit) via pāla पाल (owner/keeper in Pali /Prakrit). This suffix vālā वाला has two important functions

1) Adjectival relationship with nouns e.g. ऑटोवाला (auto rickshaw driver) चायवाला (tea seller), दूधवाला (milk man) etc

2) Agentive force with verb e.g. चाय बेचने वाला (tea seller), राजेश दिल्ली जानेवाला है (Rajesh is about to go to Delhi.)

The second function is loaned to Hindi-Urdu by Telugu verbal base -vāḍu. Our humble vālā वाला is also evident in proper names such agarwal अग्रवाल (आगरा + वाला), प्रागवाल (प्रयाग + वाला).

Here is the entry on वाला from R. S. McGregor – The Oxford Hindi-English Dictionary (1993)

वाला-vālā <pāla-1. w. nouns and adverbs (these compounds stand in a general adjectival relationship to a following noun, expressed or understood). 2. w. verbs (these compounds have agentive force). — , m. the room upstairs.ऊपरवाला कमरा, m. a villager. गाँववाला, m. master or owner of a (or the) house; घरवाला, f. wife. घरवाली, m. the boy wearing a hat. टोपीवाला लड़का, adj. & m. belonging to Delhi; a Delhi man. दिल्लीवाला, m. box-man: a peddler. बाक्सवाला, m. a fifty pice stamp. – पचास पैसेवाला टिकट, I am about to go; I am going, on my way. मैं जानेवाला हूँ, m. a resident; a citizen. रहनेवाला, m. pl. the students learning Hindi. [A. ], m. U. father. [A. ], f. /valda/. U. mother. [A. , dual], m. pl. U. parents. [S.], adj. हिंदी सीखनेवाले विद्यार्थी

This vālā वाला is also available in Bengali as Wālā ওয়ালা as in সিনেমাওয়ালা (cinemāwālā) or as olā  for example in dudholā (milkman), pāhārolā (guard), riksāolā (rickshaw driver)

In Punjabi language place names frequently use  walā / walī  to associate places/ villages / towns with a prominent personality from that place for example NihalSingh-wala, Khanwali, Baba Hussainiwala etc.