In a society where physical currency no longer prevails, electronic wallets have emerged as the dominant force in the world of finance.
These digital wallets offer a convenient and secure method for conducting various financial transactions, from online shopping to bill payments.
According to Juniper Research, by 2026, digital wallets are anticipated to be utilized by over 60% of the global population.
Furthermore, the global e-wallet market is predicted to reach a staggering USD 489.3 billion by 2030, with a notable growth rate of 23.4%.
With such promising figures, it is no surprise that the demand for e-wallet app development services is currently experiencing a surge in popularity.
But have you ever dived into the developing peculiarities of an e-wallet app? In this article, Geniusee will accompany you on a voyage, quickly exploring the market trends, e-waller types, and expenses involved in creating an e-wallet app.
Why Is An e-Wallet Mobile App A Necessity Nowadays?
E-wallet mobile apps have become essential due to their numerous advantages and the rising global acceptance of modern payment solutions.
Users can securely link their bank accounts, conduct multi-currency transactions in-store and online, deposit funds, make QR code and NFT payments, and more. Here are some compelling facts that highlight the increasing adoption of eWallets worldwide:
- By 2024, over a third of shoppers will make in-store purchases using digital wallets.
- In the Asian region, nearly half of all point-of-sale (POS) payments are already made with e-wallets.
- The global e-wallet market is experiencing an annual growth rate of 28.2% (CAGR).
The Main Types Of e-Wallet Apps
The types of e-wallet apps can vary based on their purpose, features, platform, design, and complexity. Here we described the most common types:
- Closed e-wallets: These are custom solutions developed for specific companies, providing a single transaction channel for their customers. Examples include Walmart Pay, which transfers funds to the company’s account.
- Semi-closed e-wallets: These are used by business chains and partnering organizations within the same region. Funds are transferred to a single escrow account owned by the digital payment service provider. Paytm and Oxygen are great examples of semi-closed e-wallets.
- Open e-wallets: These platforms serve multiple independent organizations in one app and are connected to partner banking institutions. They receive funds transferred from users. Well-known open e-wallets are PayPal, American Express, Amazon Pay, and Google Pay.
- Cryptocurrency e-wallets: These apps facilitate cryptocurrency trading and other operations. They offer enhanced security and utilize platforms like Exodus, Coinbase, Electrum, etc.
Factors Affecting The Cost Of App Development
1. Development Platform, Screen Number, and Device Compatibility
Choosing the appropriate platform for your e-wallet app development is crucial. Developing separate apps for iOS, Android, and web platforms can increase costs. It’s better to consider leveraging JavaScript and cross-platform development to reduce expenses significantly.
2. Features and Application Complexity
The complexity and features of your e-wallet app play a significant role in determining the development cost. A simple app with basic functionalities will be less expensive compared to a feature-rich and complex app.
Factors like algorithms, data processing, security levels, infrastructure, hosting, databases, and third-party integrations can also impact costs. Strike a balance between functionality and user-friendliness, as increased capabilities and complexity can drive up the price.
3. Design and User Interface
Design and user interface (UI) are also vital factors impacting the cost of e-wallet development. A well-designed app with a user-friendly interface requires more time and effort.
A responsive, intuitive, and visually appealing UI enhances user engagement and retention. Testing and iteration, including A/B testing and user testing, are essential for improving design and user experience. Custom designs may incur additional costs compared to using pre-existing elements.
4. Third-Party Integrations
Integrating external services or APIs, such as social media log-in, payment processing, and location services, can add complexity and development costs.
Integration requires extra time for implementation and testing. Ongoing costs may be involved in maintaining connections to third-party services, such as subscription fees or usage charges. Pre-built SDKs or APIs are commonly used for integration.
5. Technology Stack
Complexity, required expertise, and availability of skilled developers influence development expenses. Common stacks like JavaScript or PHP may result in lower costs due to the availability of skilled developers.
However, using less common technologies like Rust can increase development costs. Additionally, incorporating blockchain technology adds complexity and specific requirements to the development process, which can impact the price.
6. Development Team
The development team, consisting of developers, designers, project managers, and QA testers, significantly influences the cost of e-wallet development.
Factors such as location, experience level, and team size impact the overall cost. Location affects hourly rates, while experienced developers may command higher rates.
Considering the development team’s cost is crucial for budget planning, and options like outsourcing or remote teams can provide cost-effectiveness.
7. Testing
Testing is vital for ensuring quality and security in e-wallet applications. However, it adds to the development cost due to the time and resources required for designing, executing, and analyzing test cases.
Bug fixing and security checking are additional expenses. Nonetheless, neglecting testing can lead to flawed or insecure applications, resulting in higher costs in the long run.
Ready to embark on the journey of e-wallet app development? Entrust your project to Geniusee, your experienced partner in creating cutting-edge digital solutions.
With our expertise in development platforms, UI/UX design, third-party integrations, technology stacks, and a skilled development team, we ensure a seamless and cost-effective process.
Let us bring your e-wallet app to life, empowering users with secure transactions and convenient financial management. Contact Geniusee and unlock the potential of the digital finance world!
