eWallet App Development Cost: A Comprehensive Guide

In today's world, which is shifting more and more toward a cashless transaction, the desire to enter the eWallet app market has become far more common than one would think.

This trend provides a golden opportunity for investors like you.

The latest report suggests that the global digital wallet market will reach $590.2 by 2032 at a CAGR of 22.10%. What this means to you is that entering in eWallet business has a great profit potential.

For starters, before you embark on a journey, it's very critical to understand “How Much Does it Cost to Develop an eWallet app?’’

Well, the overall digital wallet app development cost can be somewhere from $20,000 to $100,000 or more. The range can change due to different factors.

This article will take you through the most influencing factors when considering the cost of creating an eWallet app to guide your financial decisions forward along with many other vital information that as an investor you should know.

Understanding the eWallet app

An eWallet app is basically a digital application in which the user stores, manages, and transfers money.

It would allow its users to make online transactions, like buying things from stores and paying bills online, in addition to making money transfers securely with a mobile or any other device.

eWallets can keep more than one payment source like credit or debit cards, bank accounts, and even cryptocurrencies.

Most eWallet applications also offer users loyalty rewards, transaction history, and budgeting tools so that users can have control over their finances.

In a cashless society, EWallets provide the most convenient means of handling financial transactions, with the added advantage of security features like encryption and two-factor authentication.

PayPal, Google Wallet, and Apple Pay have paved the way for a revolution in digital payments.

But before you dive headfirst into building your own eWallet app, there's one crucial factor you can't afford to ignore: the cost .

Average Cost to Develop an eWallet app

If you want to create an eWallet app like PayPal, you might be curious about, “How much does it cost to build an eWallet app?”

The eWallet app development cost can be somewhere between $20,000-$100,000.

Well, cost is affected by many factors such as features you want to integrate in your app, and the location of the development team. So, the cost can increase or decrease as per your requirements.

We will discuss all those factors that affect the overall cost to develop an app like the eWallet app.

First things first, it's just an estimate, to know how much would it cost to create an eWallet app, you should consult an experienced Mobile App development company like Techanic Infotech with all your requirements.

Now, before getting ahead, let's discuss the various types of eWallet app ideas available and the cost to build them:

Different Types of eWallet Apps & Their Cost

As the digital payment landscape continues to evolve, understanding the different types of eWallet apps is crucial for making informed decisions.

Each type offers specific features and functionalities that align with different users' demands.

In this section, we’ll explore the various eWallet app types, highlighting their specific characteristics and the estimated costs associated with developing each one.

1. Closed Wallets

Heard of Closed Wallet?

Well, closed wallets are tied to a specific merchant or service, letting you store funds for transactions only within that ecosystem.

Think of them as a digital loyalty card—great for rewards and promotions, but limited in scope.

You can expect a cost of around $15,000 to $30,000 to develop a closed wallet app, depending on the features you want.

2. Semi-Closed Wallets

With semi-closed wallets, you can make payments at various merchants while also enjoying features like bill payments and peer-to-peer transfers.

They strike a balance between versatility and control. The semi-closed wallet development cost typically ranges from $30,000 to $50,000 .

3. Open Wallets

Open wallets are your go-to for maximum flexibility!

They let you pay at multiple merchants and withdraw cash from ATMs, but they require strict regulatory compliance.

Because of this, looking at the cost to develop an Open Wallet can be between $50,000 to $100,000 or more.

4. Cryptocurrency Wallets

If you’re diving into the world of digital currencies, cryptocurrency wallets are essential for storing and managing your assets securely.

Given the complexity involved, expect cryptocurrency wallet development costs to range from $40,000 to $90,000 .

5. IoT Wallets

IoT wallets are a growing eWallet trend gaining significant momentum.

These wallets enable seamless interactions between connected devices, such as smart appliances, wearables, and vehicles, allowing you to make purchases or transfer funds with minimal effort.

You can expect the cost to create IoT wallets can be from $60,000 to $100,000 for a robust IoT wallet, depending on features and integrations.

So, these are some of the well-known digital wallet app ideas that you can look at as an investment opportunity. However the cost is a variable factor, and there are numerous elements affecting it. Get to know about them in the below section:

Key Factors Affecting Cost to Develop an eWallet App

As we already said, several factors affect the overall cost to build a digital wallet app. Knowing about those factors will help you to plan your budget better.

Do you want to know them? Then dive right below in:

1. App Complexity

One of the most important factors that influence the cost to build an eWallet app is its complexity. The features you decide to include in your app development affect your final costs. Here is what you may consider:

Simple features

If a simple eWallet lies in your mind, you can concentrate on basic functions such as:

• User registration and login: Safe account formation and access.

• Balance Monitoring. Users should be able to monitor their available balance anytime

• Peer-to-Peer Transfers; clients should be provided with a means of sending money to other clients very easily

Advanced Features

However, if you want to differentiate your app in a crowded market, you might consider adding advanced features, such as:

• Cryptocurrency Integration; users can buy, sell, and hold cryptocurrencies in your app.

• Multi-Currency: Capability to execute a transaction in multiple currencies, thus being lucrative for a universal audience.

• In-app purchases: From within the app, users have an option to buy something or services.

• Advanced Analytics: Introduce analytics that track user behavior, transaction history, and even engagement metrics.

And, if you are wondering how this affects the cost? Well, the more complicated the features are, the more cost to make an eWallet app.

Simply put, more complex functionalities might just push your budget a little further because implementing complex features may also require talented professionals.

2. Platform Choice

Now, let's talk about your target platforms. Do you want to build your eWallet for iOS, Android, or both? Here is an extremely brief overview of your options:

iOS app development

Choosing iOS app development services is likely to be more expensive as it's Swift or Objective-C specific.

The iOS audience tends to be richer, which means you can get better returns on your investment if you design for this crowd.

However, the process of development is usually streamlined, so it can turn out potentially quicker.

Android Development

Utilizing Android app development services is generally less expensive, but still, it has other challenges.

The range of devices requires massive testing with different screen sizes and operating system versions.

This can offset some of those cost savings when looking at long-term maintenance costs.

 Cross-Platform Development

Using such frameworks as React Native or Flutter, you can deliver for both by essentially writing one code base that can be achieved perhaps without much time or expense wasted.

Yet this will deny some of the more native functionalities, which may not give the best user experience you are trying to achieve. But, this will keep your cost under control.

From here, your choice should align with where your intended audience is most active.

3. Design and User Experience

UI/UX Design matters—especially for an eWallet app. A seamless, intuitive user experience is what will make or break your app.

A few of the most important design considerations:

User Interface (UI)

A sophisticated, catchy UI will require talented designers and add to your upfront expenses; however, it is very important to first impressions.

Trusting a good user interface builds trust with the user, so they are more likely to use your app.

User Experience Research

Investment in user experience research would be very rewarding. As the insights help you overcome various challenges during eWallet app creation . Doing user testing at the very beginning of the design process ensures that the created app meets the user's needs well.

It does add to the cost to develop an eWallet app, but the return on investment is much better because this leads to a more satisfied and retained customer base.

4. Security Measures

As eWallets handle sensitive information such as money, security comes first. Basic security provisions include:

• Data Encryption: Ensure user data is protected with sufficient encryption methods; thus, user data will be secure and protected.

• Two-Factor Authentication: The user account is enhanced by adding a second layer of security that prevents any unauthorized party from gaining access.

• Fraud Detection: Algorithmic capability to detect and prevent suspicious transactions indicates a smooth way of sustaining user trust.

A security breach could lead to significant financial losses and damage your app’s reputation. So, these are important to integrate into your app.

To balance costs, consider implementing security from the outset, leveraging cost-effective tools, and conducting regular audits.

By investing in robust security early, you can prevent costly breaches down the line, ultimately protecting both your users and your bottom line.

5. Integration with Third-Party Services

Most of the eWallets integrate several third-party services. These can further impact the cost to develop a digital wallet app.

Common integrations include loyalty programs and Bank APIs.

The integration of third-party services into the eWallet app can have a huge impact on the cost of development.

First, most of these services have other usage fees such as identity verification tools.

That is not all, though; integration complexities also require customized development work, which means the cost, efforts, and timeline shoot beyond any other means.

Additional long-term costs include the continuous maintenance and updating requirements to update integrations as often as necessary.

While third-party integrations may indeed greatly enhance functionality and user experience, these integrations will eventually increase the overall cost to build a digital wallet app, you need to consult with reliable partners so keep the cost in control and you don't regret it later on.

6. Location of the Development Team

The location of your development team can have a huge say in the total cost of eWallet app development cost.

If you pick a team in regions where living costs are higher such as the USA, their hourly rates will be higher as compared to regions like Eastern Europe or Southeast Asia.

However, do not forget there could be a time difference and other communication issues.

In a nutshell, the location where you intend to develop your digital wallet app may be quite crucial in balancing quality and cost.

Here is a quick breakdown of hourly rates to help you grasp a better understanding:

7. Experience Level of Team

The experience level of the developers creating your digital wallet app will directly impact the overall cost to develop a digital wallet app.

Experienced developers tend to command higher salaries for proven skills and knowledge.

While it is going to cost you more to hire a skilled, more seasoned team, it may ultimately save you time on the project, minimize errors, and polish the final product.

Hiring younger developers might save you money upfront, but it's going to cost you more time in development, as well as revisions upon revisions.

Thus, the right experience level selection of your team is a critical factor in managing the overall cost of your digital wallet app development.

8. Ongoing Maintenance

Ongoing maintenance is one of the most vital factors that can significantly impact the cost to develop a digital wallet app.

As soon as the application gets launched, it will need frequent updates and security patches besides added features to be relevant and functional in this competition.

One needs to work on such recurring maintenance as these add up over time.

So, employ a maintenance team or set aside a fund to periodically update so that your application runs well and meets the users' expectations. Otherwise, you may face unnecessary expenses later on.

Hence, planning for ongoing maintenance is essential while considering the overall cost of developing the digital wallet app.

As we laid the foundation of factors affecting the cost to create an eWallet app, it is time to know about how one can get an eWallet app built without breaking the bank.

Tips to Optimize the eWallet App Development Cost

Developing an eWallet app shouldn't have to be expensive!

Emphasizing collaboration and feature prioritization will allow you to get the best possible product without overstepping your budget.

Get to know about some tips through which you can save your cost to build an Ewallet app:

1. Prioritize Essential Features

You set your priorities on the must-have features that would make your e-wallet unique.

Do not try to overload the feature set immediately. Prioritize offering a product that works and meets basic needs first.

You could always introduce the needed feature later after getting feedback from the user.

2. MVP Approach

Launching the MVP will enable you to begin with just the minimum number of features that can be implemented in the first phase. This not only saves cost but also allows you to acquire user feedback early and helps you expand based on what your users really want.

The iteration approach can work its magic for a better final product.

3. Leverage Open-Source Technologies

Using open-source frameworks minimizes time and cost in developing an eWallet application.

Just make sure to dig into the security and support behind any open-source products you evaluate.

Utilizing open-source libraries can speed up development and salvage code that needs to be fully custom.

4. Negotiate with Development Teams

Don't be afraid to talk about the budget with potential development teams.

Many agencies are willing to negotiate and have ideas that will get you within your budget range.

Plus, even a good rate and terms may be available if you build a relationship with your development team.

5. Outsourcing vs. In-House Development

Let's talk about the advantages of outsourcing. Outsourcing is usually cheaper, even more so if you team up with development teams in countries with lower labor costs.

Just make sure to establish clear communication channels to ensure quality.

Weigh in the pros and cons of outsourcing versus in-house development based on your team's expertise and your specific needs.

But we will suggest to go for outsourcing from experts to get a robust and scalable solution.

We believe you have an idea to save some chunks. Now with that, as we said you need outsourcing experts to help you build an eWallet app. Our next section will guide you through that:

How Techanic Infotech can Help you Build an eWallet App?

Looking to build a cutting-edge digital wallet app?

Techanic Infotech is a market-leading eWallet app development company that has the expertise and resources to make your vision a reality.

Our team of skilled developers can craft a tailored solution that meets your specific needs and budget. From seamless payment integration to robust security features, we'll ensure your app stands out in the crowded market.

Let's revolutionize the way your customers handle their finances together. Contact us today to discuss your project!

Conclusion

In conclusion, e-wallet apps have revolutionized the way we manage our finances.

They offer convenience, security, and a host of features that make everyday transactions seamless. Be it making payments or sending money, these apps have become an essential part of our digital lives.

With continuous advancements in technology, we can expect e-wallets to become even more integrated into our daily routines, offering innovative solutions and enhancing our financial experiences. Now is the right time to enter the market and secure your position.