Mobile wallet apps, or eWallets, are virtual payment systems where individuals can perform money transactions under robust security. The idea behind eWallet app development is to support cashless payments and enable quick money transactions with no location or time constraints. Today, businesses partner with eWallet application development companies to create mobile wallet app solutions that improve their business transactions, revenue, and many other aspects.
Businesses with an online presence have seen the benefit of a custom mobile eWallet application in terms of customer retention, repeat visits and purchases, and overall growth. If you plan to create a custom eWallet mobile application, this article will help you find the vital factors that affect the mobile wallet app development price.
Why should you build your E-Wallet app?
Digital wallets have been trending for years and have increased during the COVID-19 pandemic. More customers started to use them to complete contactless and cashless transactions. Research Dive states that the global mobile wallet market will likely register a revenue of $46,006.0 million by 2028, at a CAGR of 18.9% over the forecast period from 2021 to 2028.
Mobile wallets are gaining popularity quickly for several reasons:
- Increase the conversion rate: E-wallets are an easy way to increase conversions on mobile devices. In a study by ComScore and PayPal, 86% of respondents said they would be more likely to purchase their phones if they could pay with their e-wallet. The reason is simple: consumers using e-wallets don't have to input any credit card information or type in their address, so it's faster and more convenient than entering payment information.
- Reduce abandoned carts: About one in three customers hesitate to shop online due to the fear of credit card data theft. Moreover, about 15% of customers abandon carts due to payment security concerns. The provision of different payment options can solve this problem: e-wallets are known for their security and simplicity of usage when it comes to transactions.
- Make the refunding process easy: in case of transaction cancellation, consumers can refund their costs in a few clicks. Digital wallets make this process fast and easy.
- Simplify loyalty programs: Digital wallets are becoming an increasingly popular solution for simplifying loyalty programs. The most famous example is Starbucks, which uses its retailer wallet to offer features like rewards programs, coupons, mobile order-ahead, and custom marketing.
- Low transaction fee: When customers use a debit card, they are charged an extra fee to cover the cost of processing the transaction. E-wallets are focused on facilitating transactions rather than storing funds. Therefore, they offer lower transaction fees compared to other payment options. With this payment, methods users can receive and send funds instantly. Moreover, such apps also support a wide range of currencies, so customers don’t have to lose money on conversion rates every time they want to make a withdrawal.
- Increase revenue: Companies can increase their revenue by increasing sales, adding other sources of income, and increasing the amount of money each sale produces. As we already mentioned, e-wallets simplify those processes and significantly impact them.
Factors that influence E-Wallet app development cost
It’s pretty hard to predict the final cost of your app development precisely as an e-wallet is a complex system, and there are many factors that impact the final price. Building a budget-friendly app is a priority of many companies, and for this reason, they often consult a software development company to get the estimated cost price. We understand that each client has their vision and requirements for the app, so the price can vary depending on many aspects.
Here we will discuss key price impact factors:
Design is one of the main factors influencing mobile wallet app development costs. In our article “Step-by-step guide for digital wallet app development,” we explained why custom and professional UI/UX Design is critical to outstanding in the market. Essentially, it directly impacts the user experience. Hence, if you want to attract more consumers, the product should have an aesthetically pleasing and interactive user-friendly interface.
At Eliftech, we ensure that interaction with the application is smooth and enjoyable and the product's design is user-centered.
Size of App
Another factor that determines the development cost is the app's size. If the number of pages is less, the number of features will be less. Thus, the overall price of the app will not be high. But you should find a balance between simplicity and complexity. As new technologies appear, expectations of users grow, so it’s important to include basic features and additional ones to make your app competitive on the market.
Number of platforms
Besides the size of the app, the number of platforms and the type of platform affect the price too. The app development platform you choose changes the technologies directly impacting the price. For example, if you select the most popular operating system for smartphones – Android, it will take more time to develop an app because it requires more code. Projects for Android are usually written in Java, which is a more verbose language than other ones.
Obviously, you can choose more than one platform for app developers to target more users worldwide.
Technologies that are used in E-Wallet app development
One of the primary aspects that affect the cost of e-wallet mobile app development are technologies used during the building process of applications.
- NFC (Near Field Communication) – helps quickly transfer money if the devices are close to each other
- QR Code – users can scan the code and pay
- MST (Magnetic Secure Transmission) – generates a magnetic signal similar to that of a traditional payment card when swiped that allows making a transaction quickly
- Bluetooth and Beacon technologies - to enable payments to individuals who are within close proximity
- Blockchain technology – developed to initiate the cryptocurrency for a better understanding of this topic, you can check “Step-by-step guide for digital wallet app development,” where we analyzed those technologies, important things to consider, and team composition in detail.
Experience of the Development Agency
The digital wallet development process is not a task just for one developer. Building a unique and customized app requires a full-fledged team that consists of project managers, business analysts, UX/UI designers, mobile developers, frontend and backend developers (if you want to make a website or a desktop app), quality assurance engineers, and other team members if needed. Everyone uses their expertise in their respective field. Also, remember that experts can do their job faster and better than people with less experience. The more experienced professionals are, the more it will cost to develop the app.
The main aspect of the final cost of digital wallet app development is the location of the company developing your app. Essentially, it depends on the average rates of workers per hour.
For example, here are the average rates for application development:
- North America – $80- $150 /hr
- Eastern Europe – $40-$65 /hr
- Ukraine – $25-$30 /hr
Ukraine’s IT market has been gaining much attention for the last few years because Ukrainian companies can build superior products inexpensively.
ElifTech has extensive experience creating digital wallet apps for iOS and Android platforms. For instance, the Class Wallet app we developed is a payment solution for educational organizations, which eliminates many manual processes, simplifies the work, reduces transaction costs, and enables real-time transactions monitoring. The product has quickly grown to state-level contracts and keeps scaling and expanding its business in the US.
Crucial features of the E-Wallet mobile app that influence the cost
The price of building a mobile app is usually determined by the features you want to include. If you are looking for fundamental features, your development team will need fewer hours to build them, and hence the cost of development will be lower. On the contrary to them, complex features in a mobile app require more development time. This, in turn, leads to higher app development costs.
However, as we mentioned, the feature set makes your app different from competitors. Hence, you need to decide on some additional features that meet the demands and requirements of users, and our dedicated team will help you with this challenge.
For a better understanding, it would be great to categorize the essential features of a Digital Wallet App into three groups:
- The User Preference Features
- Features Important for Admin Panel
- Additional Features
User Preferences Features
The average cost of developing an E-Wallet app
The total cost of a digital wallet app development also depends on the type of platform you want: iOS or Android, and whether it’s a simple design or has animations and custom elements. iOS app development takes approximately 780 – 1050 hours, and for Android, it’s about 890 – 1220 working hours + Backend 1100 – 1550 working hours.
The development time depends on the factors above. Basically, if the product has very simple features and technologies, we will need less time to build it. Building basic user preferences features will take 130-140 hours, features for the e-Administrator Panel – about 120 hrs, and extra features about 80 hours, depending on their quantity and complexity.
Also, the price can be higher depending on the design of your app: a simple design (with standard, platform-specific elements) is quick to develop and has a low price tag, whereas a sophisticated design with animations will cost you 20-50% more.
A Digital wallet is an excellent platform for integrating various exciting features and solutions. Most apps have only limited basic possibilities like money transfer, card management, and order history. That’s the reason why businesses need unique custom e-wallet apps that will meet their demands.
If you are interested in calculating the cost of your digital wallet app – write to us
ElifTech is a leading digital wallet app development company. We specialize in creating custom digital wallets that include unique features and technologies to meet all your business requirements and exceed your expectations! Our team has extensive experience working with financial software products, so we know exactly how to create the best solution for your needs.
We are flexible in our cooperation model, and we understand that every business has unique goals and demands, so we constantly adjust our offer to your budget and requirements.
Contact us today to learn more about our services!