How Much Does It Cost to Develop an App Like Skrill?

Do you want to build an App like Skrill? Don’t worry—you aren’t alone.

Many investors are seeking ways to develop secure and highly interactive e-wallets that will allow users to make payments and other transactions.

But, before you make the big decision, one stand-out question is, “How much does it cost to develop an app like Skrill?”

The Skrill-like app development cost can be $10,000 to $40,000+ depending on features, platforms to be used, and how secure the app has to be.

This is just a ballpark figure, there are a lot of factors that decide the overall cost.

In this blog post, we will take you to the factors that determine the Skrill clone app development cost to help you understand what your custom digital payment solution will cost you.

What is Skrill?

Let’s start with something basic, “What is Skrill?”

Skrill is an e-wallet app through which people can pay merchants, family & friends, and make payments globally.

Another one is multi-currency support, as well as such services as issuing prepaid cards, online purchasing, and secure money transfers.

The simplicity, reliability, and security make Skrill one of the most suitable payment options for both private persons and companies.

Skrill has become very popular because people make more use of the internet for making transactions. Therefore, this has interest from users as well as entrepreneurs to create an app like Skrill.

As people’s need for reliable, fast, and easy payment methods continues to rise, developing an eWallet app is a great opportunity in the sphere of fintech.

Average Cost to Develop an App like Skrill

Curious how much does it costs to develop an app like Skrill.

Skrill-like app development costs can be between $10,000 and $40,000 or more.

However, the answer depends on different elements like the features that you need, the platforms you wish to cover, and the developers you are willing to work with.

Features including multiple currency support, heightened security, and user interface compatibility across different platforms will add to the costs.

Here is a table explaining the cost to develop an eWallet app :

So, we suggest you take the help of a proficient mobile app development company to develop a reliable, great-performing app that will suit your business needs without exceeding your budget.

While talking about factors, now is the right time to get to know them in detail.

This is what our next section will be.

Factors Affecting the Overall Skrill Clone App Development Cost

Based on what has been discussed above, cost is going to be affected by several factors when it comes to developing an app like Skrill.

To finalize the cost, it’s important to understand these factors so you make the right choices for your app.

Here are some key factors to consider:

1. Features and Functionality

The more features there are in your app, the greater the cost of its development.

Integrating basic features including fund handling, & wallet management is affordable.

However, complex features such as multiple currency support, the ability to detect fraud, and notification features enhance the difficulty and cost.

Even the number of eWallet app features and their customization altogether affect the overall cost to develop an eWallet app.

So, decide accordingly!

2. Operating System (iOS, Android or Both)

The price of your app depends on the platform that you adopt for the app development.

You can go for Android app development services or iOS app development services . As a warning, it is more expensive to launch an app for either iOS or Android than for both.

A cross-platform solution guarantees compatibility with both operating systems but takes a longer time in development and more resources.

The platform selection affects users, the application, and future maintenance requirements. Most importantly, it affects the cost to make an app like Skrill as well.

3. Design Complexity

eWallet App Design is also a crucial part that affects the cost to create an eWallet app like Skrill.

A basic layout that doesn’t require much creativity is cheaper, while, a stylish layout that cultivates the company’s brand and has active components is pricier.

Ultimately, high-quality animations and UI are eye-friendly, but they take more time to design and need more money compared to the more basic techniques and designs.

Many people are willing to spend more money if it means getting a better and more pleasant user experience.

4. Development Team Location

Overall cost also depends upon the location of the development team.

Although, you can hire from a huge developer pool. But we suggest hiring from offshore locations such as the Philippines or India, where the developers per hour rate is lower & cheaper.

However, the major difficulties include communication and other coordinating issues such as differences in time zones.

Make sure to overcome this issue before you take up with them any further.

5. Third-Party Integration

As much as Third Party Integration is one critical element that affects the overall cost to create an app like Skrill.

Be it payment gateways, integrating banking systems, or even adding a crypto wallet, these integrations improve your app’s functionality.

As much as, they add functionalities to your app but are followed by more codes, security layers, and testing.

The more the complexity of integration and data – for example, using blockchain or real-time transactions – the more the cost to build an eWallet app like Skrill.

However, do not be so scared by the extra investment that you would shun the entire opportunity.

These integrations are what make your app as flexible, secure, and qualified as you need to be in today’s financial technology industry.

6. Maintenance and Updates

Once your development project is complete, the work is not over.

The next phase is to maintain the app and ensure it runs smoothly.

Bug fixing, making security updates, and deploying new features are all constant occurrences that need investment.

App running costs are related to server hosting, user support, and handling updates on current platform versions.

Basically, the more feature integrations you incorporate into your app, the higher the maintenance cost will be in the future.

7. Testing

If your app has more features or is complicated, the testing time will be more than the app which is simple and has fewer features.

This translates to high costs of testing.

Every feature requires a lot of testing to see whether all the components will run smoothly and this has an impact on the development timeline.

The more complex the app, the higher the level of difficulty when searching for the bugs and eliminate or rectify.

Thus, if you want to achieve the perfect result, you need to prepare that testing is going to influence your cost to make an app like Skrill.

We hope you got a better understanding of the cost part. Now, as much as it is important to know about the factors, it is a must to know about the time taken to develop an app like Skrill.

How Much Time Does It Take to Develop an App Like Skrill?

If you are curious to know how long will it take you to develop an app like Skrill?

Quite frankly, it varies depending on factors such as range, the tech stack of an eWallet app , and the selected platform.

On average, the time to create an eWallet app like Skrill can go from 3 to 6 months as well as 6 to 8+ months for an advanced version.

Here's a rough estimate of the eWallet app development time it might take for different stages of development:

From this, you can well understand that developing an app like Skrill is based on many details.

The time it takes can depend on the additional features you need, such as wallet integration, security measures , or international payments.

If you are interested in the cost to build an app like Skrill, you should know that the cost factor affects the time as well.

In this case, more time implies more resources, therefore, the more the complexity of the app, the more the cost.

But do not worry, the money invested in the development will guarantee that you obtain a beautiful App with an elegant interface!

To be assured of the app, you need amazing revenue models in an app like Skrill, this is what our next section is about:

Monetization Strategies for Apps Like Skrill You Should Consider

One of the huge challenges in the eWallet app is to consider the right monetization model for your app.

As easy as it sounds, when it comes to reality, you need some effective monetization models that will help you make your app profitable.

1. Transaction Fees

One of the simplest ways to monetize an eWallet app like Skrill is through charging a transaction fee. Any transfer of money, payment, or withdrawal made through the app can come with a small charge.

It is a scalable model designed to evolve as your user base increases, but the real trick is striking the right balance – high enough to generate revenue and profits, but low enough that users will not be turned away.

2. Subscription Plans

The use of subscription plans provides an almost succeeded revenue model where the user has to pay a particular fee for additional services.

It is possible to provide the core feature set without charging for it but to provide additional meaningful and valuable features, you need to charge a fee.

This model is effective especially if you provide substantial value for the features you lock in the premium package, thus maintaining users’ subscriptions’ profitability in the long run.

3. Freemium Model

The freemium model is useful since it provides users with basic services and charges for those that have extra features.

This is so helpful, particularly in pulling in a huge number of customers or users of your app from the free version that you can then easily turn into paying customers.

For an eWallet app like Skrill, the paid extra services could mean a higher overall transaction limit or an ad-free experience that allows monetizing a growing audience base.

4. In-App Advertisements

Advertisements can be placed into the App so you can be paid without having to collect money from your users.

One can offer the user banners, interstitials, or video ads and make money on view/ click.

However, the users do not need to be buried in ads because this will be discouraging to the user’s experience.

Be careful not to overdo ads but make sure you place them to generate enough revenue for your app.

5. Affiliate Marketing

By promoting the services of various businesses within your app, you can sign up for affiliate marketing in exchange for commissions.

For an eWallet app, you could suggest other financial products or services, and you get a cut from their sales or subscriptions.

This model puts an extra source of revenue without explicitly asking your users to do something or even providing them with a bill to pay.

6. Currency Conversion Fees

If your eWallet app is going to deal with cross-border transactions, you can lure transaction fees every time users exchange one currency for another.

This is quite a standard and lucrative strategy, especially for such apps as Skrill which is international.

They are relatively small and do add up significantly with a large number of users and frequent transactions, thus increasing your application’s revenue.

So, these are some of the monetization strategies for an eWallet app . They are proven and effective strategies to ensure that you not only meet the cost of developing an app like Skrill but also make some decent revenue.

How Techanic Infotech Can Help You Make an App Like Skrill?

So, are you planning to create a digital wallet app like Skrill? Then, we are here for you.

The concept of digital wallets and eWallet apps is on the rise and it is high time to strike the iron while it’s hot by creating an app like Skrill.

At Techanic Infotech, the best eWallet app development company , we pride ourselves on building customized payment solutions that are secure, expandable, and most importantly user-friendly.

You can rely on our professional team because we know the technical know-how to create an eWallet app like Skrill with a secure payment gateway and strict security requirements.

We use the market needs analysis to create an app that will effectively be a breakthrough in the market and useful to users in the long run.

Let’s collaborate to make something unique!

Conclusion

Wrapping up, it is possible to state that the development of an app like Skrill can become a great opportunity to enter a growing market with digital payments.

However, the cost of developing such an app depends on various factors such as features to be included, design, platforms to be used, and other external components.

By having this in mind and planning well in advance, you can have a secure, scalable, and user-friendly eWallet App.