e Wallet App Development Cost | Digital Wallet Application Development

e Wallet App Development Cost | Digital Wallet Application Development

(Technology Advisor)

April 12, 2022

We are most eligible to explain the e wallet app development cost as we have already developed 15+ crypto wallets and baking applications.

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Do you order foods online? Book a cab through any application? Buy apparel from online stores? Most of us do, and what about paying the amount? Do you prefer to pay the amount online or offline? Well, I guess most of us pay online because when we say it’s the era of digitalization and going back to the old method is not so cool. Most of us prefer to pay the amount of any product online, and the concept of automatic digital payments dominates the world. In current scenarios, people love to use multi cryptocurrency wallets or payment gateway for transactions. 

Undoubtedly, spending money developing mobile e-wallet applications will greatly benefit a company or startup. How do I ensure a solid and secure mobile wallet combination? That is the problem. Most companies face when they want to create a custom mobile wallet layout. In this blog, you will learn about the must-have features of e-wallet applications, how much the e-wallet app development cost, and how you can earn money by building the e-wallet application. 

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Let’s begin with the work of the E-wallet?

The e-wallet application allows the user on any particular platform to make the payment online for the convenience of the user and the vendor. The e-wallet transfers the amount directly into the bank account with a few taps. The e-wallet application is the alternative option for the credit/debit card or the cash payment. Apart from just the easy payment opportunity, the e-wallet companies make sure that the users use their wallets more and more. They also provide different types of vouchers and gift coupons so that the users get attracted to them. 

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How does the e-wallet work?

The procedure of paying through the e-wallet is quite simple. We have to register ourselves on the platform with the phone number and then link our account to the e-wallet. With the simple procedure, any user can make payments in multiple stores with the application available on their smartphone. 

It does not only help with the payment to the vendors but the technology. We can all send money to anyone we want to be linked with the same application.

The process of payment is simple and secure. The user can pay anyone in a few steps “type the amount and insert the security pin, facial recognition, or fingerprint to proceed to payment.

” Recently, there has been an increasing demand for the development of digital wallet applications. This is because about 48.53% of the world’s population owns smartphones. And the main contribution comes from people in the 1545 age group. These people are tech-savvy and prefer cashless payment methods.

What Are The Most Popular & Best Mobile Payment Options?

The e-wallet can have multiple ways for the payment and 

  • NFC (Near Field Communication)
  • Bluetooth and iBeacon
  • QR Codes
  • Sound-waves payments 
  • Mobile banking
  • Payment Mobile Apps

NFC: 

Near-field communication is one of the best technologies used to exchange information and transfer funds in a very convenient approach. Currently, most eWallets use NFC communication channels for contactless payments.

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Bluetooth and iBeacon: 

It is recognized as the companion for making the installments. The Bluetooth and the iBeacon advances offer assistance to make the installment exchanges exceptionally secure and quick. Today’s client community exceptionally much grasps these advancing advances. Mobile wallet app advancement groups can effectively work on apps that majorly work on Bluetooth and iBeacon innovation.

QR Codes: 

These sorts of installment strategies in the eWallet application are, for the most part, utilized for making installments with the people you as often as possible meet or the ones who are the portion of your office or social community. Such a mobile e-wallet app handle requires filtering the QR code of the other user’s smartphone, with whom you need to create exchanges in an extremely easy and disentangled way. A QR code is one of the foremost prevalent versatile wallet app highlights that one cannot miss.

Blockchain: 

An eWallet mobile application fueled by the blockchain is one of the advancing patterns for making installments. The reason is it is exceedingly secured and unchanging. Administrative organizations generally utilize these smartphone applications.

We have already developed the clone of the below apps

digital wallet application development cost
We have already developed the clone of the below apps

Advantages of Starting e Wallet App Development Business

The e-wallet application provides immense benefits for the more constant transactions or even the smallest transaction at the fingertips. 

  •  These eWallets are very secure because all the information stored is in a cryptive format. You can also set your password and biometric lock while using these apps for added security.
  • Users find it easier and easier to use these apps than paying with a card. Digital wallets provide fast and reliable money transfer options. You can also easily send money directly to your bank account.
  • By using those eWallet apps, customers can avail quite a few money-saving gives like cashback, discounts, and plenty of extra interesting deals.
  • These apps help users pay grocery invoices and help them book tickets, make phone bills, pay utility bills, and more.
  • You can also easily manage and monitor your monthly budget by paying through these apps.

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Must-have Features In An E-wallet

For the easy access and running of the e-wallet application getting well-structured features is the most important thing that each owner should be very careful about. To have the best platform, one should be very careful and have in-depth market research. 

If anyone is confused about the e-wallet platform, hiring an e-wallet app development company would be better. The software development company can be the best solution provider for every query. 

The must-have feature that should be available in the application are as follows: 

For a better understanding, let’s divide the features into two different panels 

  • User Panel
  • Admin Panel

Let’s see the best user panel one e-wallet application can have for being a popular and user-friendly application. 

User Panel

Registration

The application should have an easy registration process through which new users can register themselves to use the application. The registration process shouldn’t be complicated as that will lead to being the reason for the users to avoid the application. None of the users wants to go with the long procedure. The registration would be much easier if it included the registration process through the social media account. 

Send/Receive Money

The e-wallet application should have an easy procedure for sending or receiving any amount. But the crucial factor which bothers each of the users is the security of their money. Keeping the money safe and secure should be the priority for any application. But at the same time, the procedure should be a user-friendly and easy procedure. One can put multiple-level security based on the transfer amount as the solution.

For example:

Suppose Mike wants to send the amount between $1- $100, then the application can ask for just the pin for the transfer. If the amount exceeds $100-$1000, the application can ask for the fingerprint and the pin. The application should be very careful for more than a $1000 transaction. In that case, the application can go for the OTP & fingerprint, which provides ultimate security to the account. 

With such a multi-level transaction method, the account will also be satisfied that their money is safe with the e-wallet application. 

Check Balance Status

The user should easily know about the available balance in their account. This is the most basic and necessary feature that each e-wallet application should have for the users’ convenience. With this feature, the user can check the remaining amount available in their account and wallet anytime they want to.  

Adding Money Through Debit Or Credit Card

The wallet should have the option to add the money to the wallet through the account directly or through the debit/credit card. The user should have multiple choices for adding money to their wallet. The more option an application will provide to the users, the more the new users will join the platform, and the previous ones will use the wallet again and again. 

Bank Accounts Integration

Integrating debit or credit cards into the user’s wallet can also be a bonus point for the application as this can provide extra power in the hands of the users. The e-wallet application 

Companies have to be quite cautious with this particular feature. 

Transactions Details

The users usually search for their transaction history to track their expenses. The application can add the feature to get the transaction history in the form of p[assbook or Pdf. which can be helpful for the users. Any e-wallet application cannot avoid this feature as this helps the user track their expenses and be aware of their expenses. 

Wallet Money To Bank

The feature of adding back the amount to the bank account can be a good option one application can add for the convenience of their users. The option of adding back the amount can be either totally without commission, or one app can keep the feature with some amount of charges, either fixed charges or the charges based on the amount of transfer. 

Offers

The e-wallet company can also provide discount or cashback offers to attract users. Apart from cashback, the company can also offer discounts or coupons for other tie-up companies. 

And can generate commission from the companies when the user purchases through the coupon. This helps the application and the user to build loyalty between each other. 

Referral 

Can add the feature of the referral coupon so that if any of the existing users will invite their known and they’re known will download the e-wallet from that code, both the users will receive a discount coupon or any special gift from the company side. This helps build a strong relationship between the user and the en-wallet company.

Reviews 

The reviews & the adding the rating feature are necessary for making the app successful. Through the reviews and ratings, the company gets to know what its users think about its services and the problems its users are facing. And can improvise the service platform. 

Admin Panel

Profile Management

Managing the profile of the users available on the platform is the must-have feature that should be available to track the everyday transactions of each of the users. 

Dashboard

The dashboard is the most important feature for the admin panel as it tells everything about the user’s information and details of the account.

Support Executive

Some uninvited issue comes on the platform because of a technical error or any such reason. The payment gets stuck or faces continuous failures in transactions. In that case, the customer support executive feature can help the platform resolve the issue of the users.

App design

App design is just as important as writing code. The design of the app attracts users and enhances user engagement. Also, for a successful digital wallet app, you need to focus on its UI / UX elements and make it as simple and interactive as possible. However, the more complex the design, the higher the cost of designing the app. You need to hire a UI / UX designer to design your app and see the navigation and graphics. The same applies to the development of mobile wallet apps. The more complex the design you choose, the more you will have to pay.

App development team

Developers aren’t the only ones working on a project. An entire team of designers, developers, project managers, app testers, etc., is working on the project. Based on their experience and skills, their hourly wages are different, which makes a difference in the overall cost of your eWallet app. The larger the team, the higher the cost.

Cost To Develop A Financial And Online Banking App?

What Is The Digital Wallet Application Development Cost?

Here in the below table, you can get the overall idea. 

#Development Time (Hours$/HourAndroidiOS
User PanelA$20$15,000 to $ 25,000$ 18,000 to $ 30,000
Admin PanelB$20$19,000- $46,000$25,000- $55,000
App MarketingC~$5000~$7000

We are here to provide you with an estimate of your wallet software development cost. Costs vary depending on your needs and additional features. Above we have already described all the factors that can differentiate total cost. If you want to change the basic e-wallet app, it will probably cost more. 

 Based on the above factors, the total cost of developing an e-wallet app for the Android platform will be around $15,000 to $25,000, while for the iOS platform, it will be around $18,000 to $30,000. Developing a cross-platform e-wallet app costs about $ 15,000 to $ 40,000. These cost assessments refer to the e-wallet app with basic functionality. As your needs change, so do the above factors, so the total cost will vary.

Below is a spreadsheet depicting the team-type cost of developing an e-wallet mobile application.

Engagement ModelCost
In-house team$90,000
The US development agency$150,000
Ukrainian outsourcing  agency$70,000
Freelancers$35,000

If you are developing e wallet mobile app for your future business, make sure you choose the best crypto wallet development company only. Hiring freelancers or an experienced company is always risky.

What is the cost to develop a digital wallet application?

The wallet app development cost may range between $15,000 and $50,000.

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