How much does it cost to build own e-Wallet?
by AppClues Infotech AppClues Infotech is a Mobile Application Developm
Mobile payments and mobile e-wallets app are some of the most up to date and most agile developing industries on certain days. For examples are Google, Samsung, Amazon, PayPal, and Vodafone. These kinds of mobile apps have modified the way of life to the good side.
The mighty success stories of Paytm, Mobikwik, Phonepe, and others have been sincerely inspirational. Paytm for the case, has 350 million listed customers in step with the nowadays facts of May 2019.
So Yes, e-wallet app development is going to be our area of discussion in this answer. The people love this idea of digital payments via e-Wallet mobile apps or payment gateway models to carry out their day-to-day transactions. This way, they are also not required to deal with the hassle of carrying a big amount of cash with them, which is not a good idea, from the safety point of view as well. In the case of e-Wallet apps, it offers a more trustworthy ecosystem to make payments and at the same time, they are fast & secure.
A report by Statista shows that in the past few years, the revenue made by the world mobile wallet app market has climbed from US$450 billion to US$780 billion. Experts have also predicted that that 2019 there will be a growth in the numbers up to more than 1 trillion.
An Average Cost of Developing a Mobile e-wallet App
Cost also depends on the region from which you are hiring a developer. In some regions the development cost is high, but in other regions it is affordable. According to some reports, the UK is the most affordable for hiring developers.
The cost of developing a mobile wallet app with basic features the cost would be $25,000 to $50,000. But if you want to make your app more advanced and feature like Paytm, then it will cost you around $100,000 to $150,000.
Types of Mobile e-wallet Application
- A Retail Application
- A Dedicated Payment App
- PoS (Point of Sale) Payments
Features of Mobile e-wallet App
If you want to develop a mobile wallet app with more features, the cost will go above. If the app has NFC and iBeacon technology, the cost will increase even more.
- Bank Authorization
- Add and Check Balance
- Cash Transfer
- Pay Utility Bills
- Accept Payments
- Promotional Offers
- Transaction History
- Refer a Friend
- Single Dashboard
- User Management
- Contact Management
- Real-time Reporting
- Add or Block
Required Technology Stack
- Nexmo: For SMS, Voice and, Phone verification
- Payment: Braintree, PayPal, Strips, E-wallets, E-banking, PayUMoney
- Database: MongoDB, MySQL, HBase, Cassandra, MailChimp integrations
- Cloud Environment: AWS, Azure, Google Cloud, Salesforce, Cloud Foundry
- Real-Time Analytics: Hadoop, Spark, Big Data, Apache, Flink, Cisco, IBM
- Push Notification: Twilio, Push.10, Amazon SNS, Urban Airship, Map, AdPushup
- Datastax: For Data Management
- Mandrill: For Everything Related to Emails
- ZBar BarCodeR.cier: For Scanning the QR Code
Cost of Developing an eWallet App
The development cost depends on multiple factors. Some of the main factors which affect the development cost are mentioned below.
If you are developing an e-wallet app with basic features, then the development cost will be less. But if you want to incorporate some exceptional features, then the cost will surely rise. Such as
- In-App Camera
- Integration with Wearable Devices
- Push Notifications
- Digital Receipts
- Virtual Cards
Platform (Android & iOS)
Before developing the app, you must make it clear whether the app is for a single platform or multiple platforms. The e-wallet app development cost of the iOS app is comparatively lower than the Android app.
Cost also depends on the region from which you are hiring a developer. In some regions, the development cost is high such as Companies in Australia charge approx. $190 per hour, in Europe it is $130 per hour and the price in North America is approx. $150 per hour.
Are you curious to know more details read the following blog How Much Does it Cost to Make a Mobile Wallet App like Paytm in 2020?
Created on Oct 12th 2020 05:40. Viewed 83 times.