In this post, we will discuss ewallet app development cost, which may depend upon many factors, including the features required, the platform (Android, iOS, or Both) as well as the location of the development company.
In a nutshell, the e-wallet application development cost may range between $60,000 and $150,000, depending upon above mentioned factors.
The world, where we live, is powered by technology. Everything from taxi booking, and shopping, to ordering food can be done just with a few taps on mobile devices. The rise of the E-wallet Mobile App Development has paved the way for easy accessibility of goods and services.
Smartphone technology and innovations have changed the way customers interact with brands. Mobile applications have brought most of the services into our hands, leading to faster economic growth.
Customer convenience and innovative product/service offerings are the primary goals of technological innovation.
We all have witnessed the growth the eCommerce sector has seen in the last decade. The same goes for the financial sector. Financial technology (Fintech) has seen an increase in the recent past and the investment figure will exceed $320 billion by 2030. While many financial institutions will realize the impact of technology, the mobile payment market seems to win the race.
Digital wallet payments are the major contributor to Fintech growth as the global eWallet transactions will reach US$80.08bn by 2024. To be noted, the total value of transactions in 2018 was USD 4,296 billion.
E-Wallet App Market – User Analysis
The mighty success stories of M-Pesa, Paytm, Samsung Pay, and others have been sincerely inspirational. Phonepay for instance, has 500 million registered customers according to data released in May 2023.
The same may be stated about different cell price apps too. However, if we look at the worldwide scenario, then WeChat Pay is way ahead with 600 million worldwide users, followed by Alipay having 400 million users on the board.
POS Payments Integration in eWallet Application Development.
There are four different ways to realize POS mobile wallet payments:
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NFC
Near Field Communication or NFC is the best solution for convenient information sharing or transferring funds. NFC allows the transfer of funds or sharing of information by just touching the phone with NFC receivers. Nowadays almost every eWallet app is using NFC solutions for contactless payment. One such example is Samsung Pay.
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QR Codes
QR codes are used by people to grab the contacts of people they regularly meet. Also, it is used to make payments with contacts that are not saved in the phone. For making payments, users just have to scan the QR code of the other person with whom they want to make a transaction. This is a smooth and simplified way of making transactions.
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Bluetooth or iBeacon
iBeacon is a Bluetooth Low Energy (BLE) technology, which was launched by Apple with iOS 7 for iPhone and other Apple device users. It is a creative and different way to provide users with location-based information and services. Beacons are cheap and use small transmitter devices to transmit the signal to the Apple devices which are in its range.
Similarly, Bluetooth also identifies nearby devices and makes the transaction fast and secure. These emerging technologies are used by almost every eWallet solution.
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Payment Apps
Payment Apps are the best eWallet solution suitable for business. These apps help the business dealer to partner with other dealers, helping them to transfer cash easily and effectively. Users can transfer a huge amount of money in a safe and secure environment without the involvement of any third party.
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Blockchain
This technology is used in most of the eWallet apps, as they provide a highly secure and immutable environment. The apps carried out by blockchains are mostly used by government organizations, as they often involve the transfer of huge money values.
Describing the Features of a Mobile Wallet App
Since there are two different panels in an eWallet App, the user panel and the admin panel, each panel has its own set of useful features. They incorporate features that enhance the performance of the app for the user as well as help the admin to manage the app.
The User Panel
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Registration/Customer Onboarding
Digital customer onboarding is so easy in many industries, but the fintech, and especially eWallet industry requires a set of processes to be followed. Customers have to submit and verify their identity for the KYC requirement for the regulatory bodies. An eWallet app shall have document uploading features within the app, and another option is for KYC to be accepted for verification via Kiosks.
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Connect Bank Account
Users can link their bank account by filling in the details within the digital wallet app. They can even register with a particular bank to make future payments.
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Add Money
Users can add money from the bank to the app wallet as needed. The add money feature can also be automated to eliminate the need to add money manually.
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Transfer Funds
Users can transfer a certain amount of money by entering the receiver’s account details or mobile no.
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Accept Payments
Users can also receive payments from other users. By sharing their corresponding wallet details via QR code or mobile number, users can accept payment.
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Mobile Recharge or Pay Bills
Users can also recharge their mobile phones or pay bills directly from the app in a convenient way. They can directly pay any third-party bill through the app by using their wallet balance and bank balance.
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Transaction History
The app keeps track of all the past transactions made by the user. Users can search for a particular transaction with some advanced filters.
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Bill Payments & Recharge
Users can directly pay any bill through the app and in addition to this they can also do recharges of mobile, DTH, etc.
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Booking Tickets
This feature allows users to reserve their train, bus, and flight tickets easily with the help of an eWallet App, just by entering the trip details like date, time, and destination.
Users can enjoy a hassle-free booking experience by avoiding long waiting times in the queue while booking movie tickets, or other events directly within the app.
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Bank-to-Bank Transfer
eWallets allows users to transfer or send money directly to the bank. Just by entering the account number details of the receiver, money can be directly transferred to their bank with just a few taps.
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Paying for Taxes or Insurance Fund
Such features allow users to easily pay their insurance premiums as well as income tax and sales tax via eWallet Apps.
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Online Shopping for Grocery & Other Products
eWallet Apps are making the lives of humans more flexible and reliable by allowing them to shop for groceries and other products like electronic devices, apparel, household items, cars, and bikes without having to leave their homes.
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Exciting Offers
Since the competition is higher, you may have to provide discounts and offers from time to time if you want to attract more customers. Displaying discounts and offers under a separate category will attract more customers.
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Multi-Language Support
Users can choose their preferred language according to their familiarity. Providing support in languages such as English, Chinese, and Arabic will help the user to use the app more easily and flexibly.
Check this in-depth – A Complete Guide for Secure and Robust eWallet App Development
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Invite Friends
Users can earn special gift cards, promotions, and huge discounts on every transaction by referring the app to friends. Users can also invite their friends to send and receive funds. This helps the user to transfer funds easily instead of having to ask for their bank details every time.
The Admin Panel
Dashboard
Admin can keep track of all the details and information of users registered with the app. The dashboards should be configurable so that the Admin can personalize them accordingly.
Offers and Discount
Admin provides the latest offers and discounts to users. He also provides offers related to referrals, rewards, etc.
Manage Users and Contacts
All the users and contacts that are associated with the app are tracked and monitored by the admin.
Real-Time Analytics
Admin keeps a track of the profits, transactions made, offers availed, app usability, and other details directly from the admin panel.
Block Users
According to the behaviour of the user, the admin can block or dismiss the account of a user from the app. Similarly, they can also add new users to the app.
Some Additional Features
Apart from these basic features, there are some additional features that will make your app more reliable and flexible to the user.
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USSD Payments
While not every eWallet app would require this feature of making payments, some eWallet apps that are targeted to markets like the African region will require USSD payment options as well. The reason is, that these markets don’t have many smartphone users, in fact, the majority of the population have feature phones. Therefore it becomes very useful to have a USSD payment option with your mobile wallet app development.
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QR Code Reader
Users can scan the QR code of the receiver to make the transaction fast and easy. This technology is very convenient and most used among the users.
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Virtual Cards
Users can easily create a virtual card like their usual credit/debit card. These virtual cards allow users to carry out transactions easily without entering the details every time.
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In-App Camera
This built-in feature will allow users to scan the QR code easily. Also, users can upload their KYC documents and selfie using the in-app camera.
Check this in-depth – How to Make an E-Wallet that Your Customers Love
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Digital Receipts
Generating digital receipts of all the transactions and allowing users to share these receipts with an app, by email, or SMS.
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Push Notifications
This helps in keeping more user engagement on your app. They can be kept updated with new features, discounts, and offers via SMS or emails.
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Integration with Wearable Devices
Integrating your app with wearables will help the users to monitor the payments by just looking at their wrist. It will make the app more convenient to use, and will define a new approach for making payments an easy process.
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Financial Institutions Regulations
Before developing an eWallet App you should have some knowledge of banking rules and regulations about online transactions. Since you are developing an eWallet app, you are among the financial institutions. You must read all the terms and conditions according to the rules of the government. You may also have to provide some security documents to the government as per their guidelines. The most important thing is that your app must not contain any illegal functionality.
Tech Stack Requirement for eWallet App Development
The Cost of Developing an eWallet App
The ewallet app development cost depends on various factors. Some of the main factors which affect the digital wallet app development cost are mentioned below. (The exact estimates are stated after the features)
eWallet App Features
These are the primary factors that affect the digital wallet development cost. If you are developing an app with basic features, then the payment app development cost will be less. But if you want to include some advanced features, then the cost will surely rise.
Platforms
Before developing the app, you must make it clear whether the app is for a single platform or multiple platforms. The e wallet app development cost of the iOS app is comparatively lower than the Android app. However e-wallet apps developed are usually for both Android and iOS.
Region of the eWallet Developer
The eWallet app development cost also depends on the region from which you are hiring a developer. In some regions the payment app development cost is high, but in other regions, it is more affordable. According to some reports, the UK is the most affordable for hiring mobile app developers.
Ewallet App Technology Stack
The digital wallet development cost also varies depending on the technologies used to build the eWallet application. Every technology and platform has its own advantages and disadvantages. It is suggested to consult with the eWallet development company to build the best architecture for the application.
Average Cost of Developing an eWallet App and Website
Since apps and websites are two different things, the cost of developing a website is much less than application development. The functionality of an app is exactly not the same as a website. The features of the app are much richer when compared to a website.
Ewallet App Development Cost
The development of the app basically depends on the number of man-hours required. The cost or resources per hour differs according to the company region. Companies in Australia charge approx. $190 per hour, in Europe it is $130 per hour and the price in North America is approx. $150 per hour.
Developing a basic wallet app will cost around $25,000 to $50,000 and apps with advanced features such as online services and bill payment integration (like Paytm and M-Pesa) will cost approximately $75,000 to $100,000.
We at eBizneeds have a team of experienced eWallet developers, with a digital wallet app development cost of approximately $15-$25 per hour. At this hourly rate, we deliver best-in-class eWallet apps that are loaded with future-proof features.
e-Wallet Software Development Cost
There are a number of factors that affect the cost of e-Wallet software development. Some of the common factors are features, complexity, and platform of development. Apart from this, the development firm and their pricing model are also some crucial aspects that affect the development cost. The average digital wallet development cost will lie around $30,000 to $50,000.
E-Wallet Website Development Cost
Since the features of a website are not as rich as the app, the development of an eWallet website requires less time and less employee involvement. Therefore the cost is also significantly less when compared to the e-wallet app development cost.
We can provide you with a pre-built website like Paytm with all the basic and required features at a cost of around $30,000 to $40,000.
Conclusion
In the modern era, mobile payment applications have completely changed the behavior of people while paying for goods and making cash transfers. From the electricity invoice charge, and account stability tests to money switches, many things are being paid via the help of mobile money. At this time, developing mobile wallet apps is a splendid concept for a startup and enterprise.
With a prototype to change the scenario into a world where no cash is required in hand, eWallets have enhanced the economic and financial sectors of many countries. Paytm, Monese, Google Pay, PayPal, and M-Pesa are some of examples of how eWallet apps are successfully ruling the market.
Naveen Khanna is the CEO of eBizneeds, a company renowned for its software development and IT Consulting services. By delivering high-end modern solutions all over the globe, Naveen takes pleasure in sharing his rich experiences and views on emerging technological trends. He has worked in many domains, from education, entertainment, banking, manufacturing, healthcare, and real estate, sharing rich experience in delivering innovative solutions.
