Gone are days when people used to stand in long bank queues for money transfers and deposits! Now digitized solutions have changed the whole scenario and made it easier for people to make an online money transfer. For example, the introduction of the eWallet app development made life hassle-free for users and businesses worldwide. Now, people can expect contactless and fast transactions with the help of digital wallets.
This ever-rising demand has raised the competition, and as a result, more businesses are looking forward to developing an eWallet app like Payit, Google Pay, and others. So, it becomes quite challenging for businesses to create a unique eWallet app. If you are also one of them planning to create an eWallet app, this blog is a must-read for you. It sheds light on eWallet app development cost, features, tech stack, benefits, and more.
What Is An E-wallet App?
eWallet refers to a digital wallet used for making online transactions. The process of digital wallets is the same as online banking, as people have to add money to their wallets for further transactions. Also, the users can connect their bank accounts directly to their wallets. For making a payment, users can scan the QR code or enter the payee number.
All credit goes to the technological advancements that have given rise to digital wallet app development and made it easier to make hassle-free transactions in just a snap of fingers.
Latest E-wallet App Development Market Statistics
As per the Global forecast reports, the e-wallet app development market will grow at 15% CAGR with a turnover of around $2100 billion by the end of 2024. Experts have also predicted that, in 2021, around 1 billion users will have accessed contactless technologies, and now it has reached 1.15 billion users. This figure clearly indicates the demand and importance of digital wallets in today’s fast-paced world. The following graph showcases the rising demand for e-wallet app users from 2018 to 2023.
Simply, knowing the stats and importance of an e-wallet application isn’t enough to achieve success. You need to focus on incorporating the right set of e-wallet app features as discussed below.
Essential Features for Successful E-wallet App Development
Businesses planning to develop an eWallet app generally wonders, ‘What features should I include in my eWallet app?’ If you also have the same dilemma, don’t panic and consider the following features mentioned by the eWallet app development company professionals.
The users of the e-wallet application access this panel.
This is one of the essential features of a mobile application that enables the users to sign in to access an e-wallet app.
Bank Account Authorization
Here, users can add the bank account they want to use for online transactions and make instant payments.
This feature lets the e-wallet app users easily add money to their wallets for making transactions. However, as per the digital wallet app development professionals, you should use secure payment gateways to keep the app safe & secure.
Sometimes, users want to track how much amount they are left with. In that case, this feature of the e-wallet app comes handy. It helps the users to check their balance with just a tap.
Besides transferring money to others, users can also pay their bills and make other payments using this feature.
Apart from sending money, users can also receive online payments from anywhere. They simply have to share their account details with the sender and experience a hassle-free payment experience.
This feature helps users explore the latest offers or redeem points when making online transactions.
This feature comes in handy to keep track of monthly expenditures, including debit and credit. It helps the users to get a complete transaction history in one place. Users can also use an advanced search filter to get transaction history for a particular day.
The administrator of the e-wallet application accesses this panel.
This feature enables the admin of the e-wallet app to access all the registered users along with their profiles and information.
As an admin can easily keep track of all the users, he/she can also manage the profiles as per the activities.
All the new and upcoming offers, including referrals, rewards, and frequent transactions, are governed, managed, and monitored by the admin.
Analytics & Reporting
Besides keeping track of users, offers, and other activities, getting an insight into the app’s analytics also matters. So, enabling this feature during eWallet app development allows the admin to get better analytics and reporting of their application.
The feature enables the admin to manage all the contacts associated with the app while ensuring seamless app performance.
Add or Block Users
Not all the users are genuine and reliable enough. So, the admin can access the activities of the e-wallet app users and block them from using the application in case of an unauthorized payment process. On the other hand, the admin can also add new users depending on the current app users.
So, these are some crucial features of an e-wallet app for two different panels. Now that you know the major features to include while developing an e-wallet app, begin the process. But, remember that, every feature adds to the e-wallet app development cost, so make the additions accordingly.
eWallet App Development Cost Analysis
Well, there is no such fixed cost to create an e-wallet app, as it depends on multiple factors, and some of them are highlighted below. On average, the cost of e-wallet app development varies from $50,000 to $2,75,000, depending on the app.
|Cost in $
|The US Development Agency
|UAE Outsourcing Agency
The type of development platform you choose for your e-wallet app will greatly influence its cost. For instance, if you are developing an app for Android, it will cost you less than that of an iOS-based e-wallet app. On the other hand, if you want a mobile app for both platforms, you will have to pay more than other applications.
Overall, the development platform is one of the major factors affecting digital wallet app development costs.
Coming to another important factor, i.e., the size of an e-wallet app. For instance, if your e-wallet app is small in size, the features, time, and efforts will be comparatively less, so you will have to spend less on development.
On the other hand, if your e-wallet app is complex and big, it will definitely require more features, time, & effort, which adds to the ewallet app development cost.
Again, coming to one of the primary factors influencing the cost of the e-wallet app is the location of the digital wallet app development company. The cost of e-wallet app developers varies as per the location, and thus it affects the cost greatly. For instance, when you hire dedicated developers in UAE, you will have to pay less than hiring mobile app developers in the US.
So, if you do not have much budget but need quality e-wallet app development services, it is suggested to hire UAE developers.
Like development, focusing on your app’s UX/UI is a must for success. So, the type of design you choose for your e-wallet app will influence its cost. The more features you will include, the more complicated the design will be and the higher the cost. Keep the app’s design simple yet intriguing enough to grab the users’ attention.
So, if you want to keep your mobile app’s design simple and appealing, include fewer features and functionalities.
The last yet another crucial factor affecting ewallet app development cost is the hiring model that you will choose. Generally, three hiring models are available, i.e. –
If your e-wallet app development process requires all-day support from the developers, go for the full-time hiring model. Rest, you can choose between part-time or hourly e-wallet app developers. The best advice is to hire dedicated developers in UAE as they take less hiring costs than developers from other regions.
Tech-stack for eWallet App Development
Depending on the type of e-wallet app, mobile app developers use different tech-stack to develop a successful application. Here is a quick overview of the basic tech stack used during digital wallet app development.
- Debian: For Operating System Database
- Nexmo: For SMS, Voice, and Phone Verification
- PayPal: For In-app Payments
- Datastax: For Data Management
- GWT: For Powerful Programming
- Twilio: For Push Notifications
- Cloud Environment: Amazon AWS
Real-time Analytics: Hadoop, BigData, Cisco, IBM
These are some factors and tech-stack affecting the digital wallet app development cost. Every factor mentioned above leaves a huge impact, so keep these points into consideration while developing an e-wallet app. Developing a successful application will benefit you in the long run. Some of the major benefits are highlighted below.
Amazing Benefits of Investing In Digital Wallet App Development
Businesses can leverage the power of digital wallet app development to bring high revenues and business profit to the table. Want to know the perks of having a digital wallet app for your business? Continue reading!
Expanded Customer Base
While running a business offline, it becomes difficult for businesses to generate huge profits, but online services can make it possible. The same is applicable for digital wallets as they enable all-scale businesses to reach their customers in just a blink of an eye.
A well-developed, feature-rich, and highly secure e-wallet app allows companies to be perceived as reliable partners, which ultimately helps to increase the customer base.
As you develop an e-wallet application, you need to keep exceptional security protocols in mind. Include fingerprint access, two-factor authentication, biometrics, and other open banking security measures to enhance your application’s data security.
Improved Budgeting & Analytics
A well-developed e-wallet app generates structured reports that show specific transactions for streamlined app insights. The app also helps to improve the budgeting of digital wallet services while benefiting businesses in the long run.
These benefits are strong enough to recite the success of digital wallets in today’s time.
E-wallet applications have come a long way, enabling users worldwide to make fast and hassle-free transactions online. Today, organizations that want to take their operations to a whole new level are stepping into eWallet app development and hiring the best e-wallet app developers. We hope that this blog is helpful enough for you to get an idea of e-wallet app development cost, features, and benefits.
Now that you’ve got an insight into everything begin the digital wallet app development process without delaying further. Get in touch with a leading mobile app development company in UAE and remain assured of getting a secure app in hand.