In today’s business world, having an eWallet app has become a necessity. With time, consumer preferences for secure, fast, and contactless payments have increased, leading to the growth of the digital payment market. The global digital payment market is projected to grow by over $1.3 trillion, as per market statistics.
Today, using an Mobile Wallet Application is helpful in more ways than just paying for things. It allows customers to pay quickly and easily, which makes them happy and keeps them coming back. These eWallets do more than hold your money. They save you time, make payments smoother, and keep your data safe.
If the eWallet is user-friendly and secure, it attracts more customers, and they want to use it again, which means more business for you and a better connection with your customers.
Developing an eWallet not only streamlines transactions but also opens the door to numerous revenue channels. eWallet generates income using multiple ways, such as transaction fees, premium fees, and more. Also, cross-platform integration with financial institutions, eCommerce platforms, and loyalty programs helps businesses generate more revenue.
With an optimized strategy, an eWallet app can evolve into a financial services hub that can continuously engage users, enhancing business revenue. Nowadays, these digital mobile wallets have become a crucial part of our daily lives. So, what are you waiting for? If you are into the finance business, developing your eWallet can help you stand out and win the market.
Cost to develop aneWallet App.
Building an eWallet app is essential and can help you enhance your business. However, the entire mobile wallet app development can be a challenging process and can be costly. If you are a business owner looking to develop an eWallet app, you should stay aware of the cost associated with eWallet app development.
In general, the cost of developing an eWallet app ranges from $10,000 to $80,000. However, the cost is not fixed. It keeps on varying depending on business needs.
Factors Associated with eWallet App Development Cost
So, what are the factors that can add to the cost of your mobile wallet application? What is the budget required to build a secure and scalable eWallet app? In this section, we will discuss a few factors that can help you determine the cost of the mobile wallet app.
Complexity of App: If you are looking forward to creating a straightforward simple app, you will need a minimum investment of around $12,000 to $50,000. This budget can cover a single platform such as Android or iOS. This will cover basic features and functionalities such as user registration, basic security features, and payment processing capabilities. However, if you are looking to develop a high-end, cross-platform app with advanced features such as incorporating Artificial Intelligence models, you can expect a budget of around $50,000 to $100,000. This cost estimate can help you make informed decisions based on your feature requirements.
User Interface and User Experience: An authentic and user-friendly interface is the key to user retention. So, this step needs the attention and focus of all stakeholders. What story your website is telling the customers can help you make or break the deal. Hence, developing a high-quality UI/UX needs a good investment, increasing the cost of eWallet app development. The basic UI/UX with a minimalist design can cost up to $5000 to $10,000. While an advanced UI/UX with advanced animations, designs, and seamless flow, the cost of design can range from $10,000 to $50,000.
Security and Compliance: Security is something businesses can not compromise on. Hence, it is essential to focus on high-end security while starting with mobile wallet development. The cost of standard security features, including encryption and basic authentication, can range from $5,000 to $15,000. If you want to follow top-tier security measures, the cost can range from $10,000 to $50,000. However, if you want to know the exact cost of security, it is advised to contact the app development company.
Third-party Integration: If you want your mobile wallet to integrate with various external services, including banks, payment gateways, and identity verification systems, it can add to the cost of development. Each API integration works on a different cost structure, such as a flat fee or a per-transaction fee. If you are looking for simple integration with a single payment gateway and basic ID verification, the cost ranges from $3,000 to $8,000. However, if you want to incorporate multiple integrations, the cost ranges from $5,000 to $15,000.
App Development Team: When making an app, it's not just the developers who are involved. There is a whole team that includes designers, project managers, app testers, and more. Each person in the team has different skills and experience, so they get paid different amounts for each hour they work. This affects how much your eWallet app will cost. The bigger the team, the more money you will need to spend.
App Design: How your app is designed says a lot about how much you care about your customers. App design helps businesses attract potential customers and increase their user engagement rate. Also, for a successful digital wallet app, businesses must focus on UI/UX elements. Businesses should try to develop simple and interactive designs that communicate with the users and give them the required information. If you want a fancy and complicated app design, it will cost more to develop. You'll need to pay a designer to make the app look good and easy to use. This is also true for mobile wallet apps. The more complicated you want it to look and work, the more it will cost you.
Must-have Features in a Mobile Wallet Application
The features you offer to your customers become a deciding factor in your app’s success. Developing a successful eWallet app depends on market research. In case, you feel confused about the e-wallet platform, hiring a digital wallet app development company can be a better choice. Let us divide features into two panels:
- User Panel
- Admin Panel
Let us now discuss the best features that businesses must incorporate in both panels.
User Panel
The following are the features of the user panel:
Registration: The eWallet app must have an easy registration process that can help users register themselves to the application. Ensure that your user registration process is easy. It is often seen that users leave the registration process in between if the registration process is complicated. Everyone avoids the apps that are complicated to sign up for, as no one wants to go through a long registration process. Businesses can also offer registration options through social media accounts.
Send/Receive Money: The eWallet app should offer an easy way to send or receive money. The most crucial factor that bothers users is the money security. Ensure that you follow high-security procedures that can keep the money of users safe and secure. However, businesses can use multiple-level security based on the transfer amount.
Check Balance Status: One of the most important things in an app is that it should be convenient, and your users must find it easy to check their available balance. This feature helps users to check their balance anywhere at any time.
Adding Money Option: Ensure to give the option to add money directly using a debit/credit card. The user must have numerous options for adding money to their wallet. This flexibility helps businesses attract more users to join the platform and motivates existing users to continue using the mobile wallet app.
Back Accounts Integration: Integrating debit or credit cards into the eWallet app acts as a bonus point for the app. This gives users a sense of being valued. However, businesses must stay cautious while giving these features and ensure that the app is bug-free and should not cause users any trouble.
Admin Panel
The following are the features of the admin panel:
Profile Management: Handling the profile of users who are registered into your mobile wallet is a crucial feature. Admin should be able to track the everyday transactions of each user.
Dashboard: The dashboard must be easy to understand, as it is one of the most important features of the admin panel. It gives the entire information of users, including their accounts.
Support Executive: There are times when apps can face uninvited issues due to some technical error or any other reason. Sometimes, the payment gets stuck, or the customer can face constant failures in transactions. In such cases, the customer support executive feature can help the platform simplify the issue.
Conclusion
Developing an eWallet app can play a major role in growing your business. But before you start, it's important to know how much it will cost to develop the app and what factors can affect that cost. Also, as we mentioned above it is mobile wallet app development is a tiring and challenging process. So, hiring the best eWallet app development company can be of great help.
ToXSL Technologies is a leading eWallet app development company, renowned for offering the most secure eWallet apps for businesses globally. Want to learn more? Get in touch with our team today, and learn how we can help you enhance your revenue with a top-tier eWallet app solution.
