When every business started selling its products/services online, the need for secure online payment became mandatory. Many online payment options like net banking, credit cards, and debit cards have been around for a long time.
But, digital wallets/e-wallet apps have gained an edge over other online payment options as they are handy, and one can use them for multiple purposes. A few well-known examples of e-wallet include Google Pay, Apple Pay, Samsung Pay, PayPal, and more.
Digital wallets allow users to store funds, make transactions, and track payment histories. They are a kind of software that one can incorporate in a bank’s mobile app or payment platform like PayPal.
Users can use digital wallets with mobile payment systems. That way, customers can pay for their online purchases via their smartphones. In short, the digital wallet allows customers a secure, convenient, and efficient method for virtual payments, tickets, gift cards, and whatnot?
In this digital world, e-wallets will boom and continue to be with us forever in the future, eliminating the need to carry a physical wallet. Read on to know more about e-wallets, their features, functions, and how much it will cost to develop an e-wallet app.
eWallet App Development Cost Estimation to Develop an App
What is an eWallet mobile application?
What is an eWallet mobile application?
A mobile wallet or an e-wallet is a kind of digital version of a physical wallet that allows you to add money to buy products/services online. Since people find themselves comfortable with cashless transactions, eWallet mobile applications are very successful these days.
How does the eWallet function?
An e-wallet is an application that allows users to transact money via digitized gadgets. With an e-wallet, one can transfer money instantly as well as securely. Yes, once the user receives money in their e-wallet account, it is acknowledged via SMS. Plus, one can pay money through various methods like internet banking, credit cards, or through ATMs.
Working Model of the eWallet app:
Knowing the basic features and functions of the eWallet app is mandatory to calculate its development cost. As we already know, an e-wallet app comes with two interfaces- User Interface and Admin interface.
1. User Interface Features:
Let’s first analyze and understand the features of the User Interface.
- Registration:
The first and foremost step to get started with any app is registration. The user needs to log in either with email or social media logins. Users may need to verify their account details as well.
- Account Details:
The next crucial feature of the e-wallet app is filling up the bank account details. The user will have to enter the bank details to perform transactions.
- Add Money:
The main feature of an e-wallet app is to have seamless money transactions. The users need to transfer the money from the bank whenever they want. Apart from that, the app should have an option for automatic payments.
- Transfer Money:
When the users want to perform a specific transaction, they should be able to transfer money to that particular user by giving their account number.
- Receive Payments:
The users can receive money from other users who use the same app. Payments are accepted and received through various methods like giving contact numbers, account details, or via QR codes of the users.
- Recharge Mobiles:
This feature fosters users to recharge their mobile phones. They can pay bills by using e-wallet money or using their bank account. Plus, the user can also make payments for other members, like paying their mobile bills and so on.
- Transaction History:
This feature will allow the users to know the transaction history that the users have made in the past. They can refer to the transactions whenever they want.
- Ticket Bookings:
With e-wallets, anyone can book tickets readily for train, bus, or flights. You neither need to visit the booking centers nor stand in long queues to get your tickets booked.
- Bank Transactions:
Users can transfer the money from their e-wallet to other users by giving their account information. And the receiver gets the money credited to their bank account instantly.
- Online Shopping:
Users can shop online with the e-wallet effortlessly. They can buy any products/services right from their homes.
- Discounts/Offers:
Who says no to discounts or deals? Having such a feature in an e-wallet app will enable more users to use your app.
2. Admin Interface Features:
Let’s see the Admin Interface Features now:
- Dashboard:
This specific feature allows the admin to use the application flexibly and maintain the user details. The dashboards are made configurable, allowing the admins to personalize according to their needs and interests.
- Discounts:
The admin can publish the discounts or offers whenever they want to.
- User Details:
The admin can track and monitor all the users registered with the app.
- Analytics:
Admins can track the net profits regularly. That will enable them with valuable insights about the business progress.
- Dismiss:
The admin will have full control to block the user if their etiquette is not promising.
Apart from the above-said basic features, an e-wallet app consists of some extra features as well. Let’s see those extra features now.
- QR codes:
QR codes enable the users to accept payments.
- Camera:
The in-app camera allows the user to scan the QR code and also enables the user to scan the required customer documents and upload them.
- Receipts:
The receipt for payments comes as digitized slips that one can send through email or text message.
You can even incorporate many other features into your e-wallet app if needed.
How much does it Cost to Develop an e-wallet Application?
To estimate the cost precisely, let’s see the salient features that contribute to the cost first.
- E-wallet Components:
The cost will vary depending on the components you want to have in your app. The more features you want to have in your app, the more price you will pay. But, if you are okay with basic features, the cost will be relatively lesser.
- Android, iOS, or Both:
If you want your e-wallet app on both iOS and Android, the cost will be higher for sure. But, incorporating your app on both of these platforms will let you not miss any users. However, in general, the iOS app development cost is relatively cheaper than the android app development.
- Location Matters:
Location plays a vital role when it comes to the app development cost. Yes, software developers from the United States will charge more than developers from Asian countries like India. That is why many corporate giants from western countries prefer Asian countries for their software and app development projects.
- Tech Stack:
Of course, what kind of technology you want in your e-wallet application will play a crucial role in the development cost. The more advanced technology you want, the more you need to pay from your pocket. Plus, development cost also depends on front-end and back-end development.
- Robust Database:
You would need to invest in the best database if you want your app to function. That will again add up to the cost.
Cost Estimation for building an e-wallet application:
An e-wallet app with basic components will not cost you more than $20,000 to $25,000. If you want to have more customized and advanced features, it might cost you around $100,000 apart from marketing and maintenance costs. Of course, the more advanced and complex attributes you want to incorporate, the cost will go up as well.
Final Thoughts:
Digital wallet/e-wallet is gaining attention and becoming a popular payment option among people nowadays. Yes, everyone prefers cashless and secure transactions that one can finish in a few swipes.
Digital wallets come in handy, allowing people to transact money with their friends, family and pay for their online purchases. So, owning an e-wallet app can be a profitable business that brings sustainable income.
All you need is to partner with a reliable mobile app development company that has vast experience in developing digital wallets. Cypherox Technologies is a reputed mobile app development company that has rendered several mobile apps for both iOS and Android platforms. Contact us to take forward your mobile app development project.
