How Much Does It Cost To Develop E-wallet App?

The emergence of e-wallet apps has revolutionized the way consumers shop. These digital wallets store payment information and allow users to make purchases both online and in person, providing unprecedented levels of convenience. Businesses are taking notice of the potential of the e-wallet market, which is projected to grow at a CAGR of 26.67%. However, creating an e-wallet app that truly resonates with customers demands significant time and resources. In this blog, we will explore the essential features that any successful e-wallet application must possess, the e-wallet app development cost, and how businesses can generate revenue from it.

Features of an e-wallet app

An e-wallet app has two distinct panels: the user panel and the admin panel. Each panel has its own set of features that increase the app’s functionality for both users and administrators.

Now, we’ll look at the key features of each e-wallet app panel.

User Panel

• Registration

The application should feature an easy registration process through which new users can sign up to use the application. The registration process should not be complex, as this would cause consumers to avoid the application. No user wants to go through the drawn-out process. The process would be much easier if it incorporated it through the social media account.

• Transfer money

The e-wallet app should provide an easy way to transfer and receive money. However, the most important issue that each user is concerned about is the money’s safety. In other words, the priority for any application should be to keep the money safe and secure. At the same time, the technique must be user-friendly and simple. A solution for these issues can be multiple-level security based on the transfer amount.

• Check balance status

The user should be able to easily check their account’s available balance. This is the most basic and essential function that any e-wallet program should provide for the comfort of its users. This feature allows the user to view the remaining balance in their account and wallet anytime.

• Add money to wallet

The wallet must have the option to add 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 options an application provides to the users, the more new users will join the platform, and the previous ones will use the wallet repeatedly. 

• Bank account integration

Integrating debit or credit cards into the user’s wallet is always a plus for the app. It allows users to seamlessly transfer money, especially in situations when they need to pay quickly. Users can pay like with their own bank account and don’t need to go through one extra step of adding money to their e-wallet to pay. 

• Transaction history

Users typically look for their transaction history to track their spending. The e-wallet should be able to export transaction history as a passbook or PDF. This can be helpful for the users.

• Offers

To attract consumers, the e-wallet provider can offer discounts or cashback deals. In addition to cashback, the company may give discounts or vouchers to other tie-up businesses. Then, these businesses may pay a commission if the user applies the coupon to make a purchase. This promotes loyalty between the user and the application.

Admin Panel

• Profile management

Managing the profile of the platform’s users is an essential feature that should be provided so users may make necessary changes, like their user name, profile photo, personal information, etc., on the app. 

• Dashboard

Managing the platform’s user profiles is a vital feature, allowing users to track their transaction activities with a quick glimpse. 

• Real-time analytics

Real-time analytics offer users valuable information and analysis regarding their spending patterns and investment progress and even give a forecast based on their insights. Thus, users can improve their financial strategy.

• Customer support

Some unexpected issues may occur due to a technological mistake or other reasons, causing the payment to become stuck or continue to fail in transactions. In that case, the customer support executive feature can assist the platform in resolving the users’ problems.

• Verification & authentication

Satefy is the first and foremost issue users consider when using an e-wallet. Robust authentication methods, such as PIN generation, fingerprint, facial recognition, and even two-factor authentication, must be implemented to avoid unwanted access to the e-wallet account.

Factors that influence e-wallet app development cost

The cost of developing an e-wallet app depends on many factors, and this section will explain each of them in detail.

1. Features of the app 

This is one of the most significant factors in determining the cost of an e-wallet app. The more features an app has, the more time and effort it will take to develop, which can increase expenses. You must carefully and clearly define the structure of the app so that it has enough complexity and functionality to provide smooth operation and a simple user interface.

2. Development platform

When creating your e-wallet application, a pivotal decision regards whether it will be designed for sole or numerous platforms. While developing an iOS app usually entails lower costs than developing an Android app, many e-wallet can operate on both platforms. In case you’re hiring software development services, it depends on your software vendor.

3. Tech stack

The expenses required to create an e-wallet can be greatly influenced by the technology utilized in its development. The cost of development hinges on various factors, such as the intricacy of the technology employed, the level of expertise necessary to work with it, and the availability of skilled developers.

4. App design

The design and user interface of an app has a significant impact on its usability and visual appeal. Yet, achieving a good design and user-friendly interface demands additional time and effort, which can result in higher development costs.

5. Third-party integrations

To enhance the customer experience, e-wallet apps can incorporate third-party integrations like social media log in, payment processing, and location services. Nevertheless, incorporating and testing these features is time-consuming and may result in increased complexity and costs. Additionally, it’s worth considering the ongoing costs associated with maintaining the connection to third-party services, such as membership fees or usage charges.

6. Developer team

A full development team typically comprises designers, app testers, business analysts, quality analysts, developers, and project managers. 

The overall cost of assembling a development team is influenced by various factors, including the team’s experience, location, and the size of the required workforce.

• Location: Developers in different areas or nations may have varied hourly rates based on the cost of living and the demand for their expertise. For example, developers in the United States or Western Europe may have higher hourly rates than those in Southeast Asia.
• Expertise level: Developers with more expertise and specific skills can charge higher hourly rates.
• Team size: The number of team members needed for a project will also affect the development team’s overall cost. A larger team is usually more expensive than a smaller one.

When calculating the budget for an app development project, it’s critical to consider the cost of the development team since it can have a big impact on the overall cost of the project.

7. Update & maintenance

Updates and maintenance are important aspects of e-wallet creation that might affect the overall cost. Frequent upgrades may be required to ensure that the app remains compatible with the latest technology and security measures, which can raise the development cost.

Cost estimation for e-wallet app development

Developing a simple e-wallet for Android can cost anywhere between $19,000 to $46,000. If extra features are required, the cost may range from $75,000 to $160,000.

On the other hand, developing an iOS app may cost between $25,000 to $55,000. An advanced version of the app beyond the standard functionalities may cost beyond $1,000,000 to $1,500,000.

Furthermore, the more modifications you require on the app, the more money you’ll have to pay. Also, the simplicity and complexity of your app determine whether it will be expensive or not.

Conclusion

E-wallet apps provide business owners with an effective means of upgrading their financial services. However, such financial efficiency is achievable only when business owners carefully approach e-wallet app development and work with experienced developers. While the cost of development may vary, investing in transformative technology is a wise decision for those looking to stay ahead in the fierce fintech industry. By embracing cutting-edge financial solutions that prioritize customer satisfaction, companies can thrive beyond in the future.