eWallet App Development Cost: What You Need to Know

You have a business idea of developing an eWallet app, but you are asking yourself, “How much will it cost?” You're not alone.

The cost to develop an eWallet app can go from $20,000 to $150,000+, depending on many factors including features, platform, security, etc.

If you are thinking of developing a basic digital wallet or complex mobile payment solution, knowledge of cost is a must.

So, Hold that thought.

We are about to tell you in this blog, the key components of the eWallet app development cost and which directions must be followed to keep the cost in check.

Read till the end to find out how much investment is required.

What is an eWallet App?

An eWallet is an application where you can hold money, transact, and participate in payments right from your phone.

It saves on the use of physical cash or a card, which also aims at security and ease. From instant payment to requests of peer-to-peer transfers, to storing of loyalty cards, eWallet technology has revolutionized the handling of finances.

It costs a lot of money to develop an eWallet app depending on features, security, and platforms, but a worthy investment for any company that wants to improve the customer experience.

And if you are willing to innovate, then this is the time to build an eWallet app because the market is showing that it is worth the effort.

Is this Worth Investing in Such a Market?

 One of the few questions that you might have “Is it truly profitable to invest in the eWallet app?” Yes, it is!

These market stats will tell you the real picture & help you make better decisions.

• The size of the e-wallet market is expected to grow to US dollars 140.6 billion at a compounded annual growth rate of 21.49 percent between 2023 and 2028.

• Among the segmentation of the global e-wallet market, the proximity technology segment enjoys the largest market share in the year 2023.

• The remote technology segment is projected to have the highest CAGR of 28.6% during the same period because of the increasing acceptance of communication networks for making cashless payments.

• Asia Pacific is currently leading the growth in the market and will control 32.7% market share in 2024.

These figures show a clear picture of the eWallet industry which currently boasts over a billion users and operates in a market that is worth trillions.

However, as far as investors and businesses are concerned, there is a number that deserves extra attention, and that is the cost.

This is what exactly we are going to talk about in the next section.

Average Cost to Develop an eWallet App

Wondering “How Much Does It Cost to Develop an eWallet app?”

If you want to know about the eWallet app development cost, let us start by. For the basic version, you need to pay $20,000 around. Whereas, if you add some features & complexities, then the cost can increase to $150,000 or more.

Occasionally, it can be more. All Depends on the degree of complexity of features you are willing to pay for: therefore, it is flexible.

Here’s a simplified version of to cost to build an app:

Now, to analyze the overall eWallet app development cost without knowing the specifics of the project is almost impossible.

So, let’s find out more about the cost in the next section:

Factors Affecting the Cost to Develop an eWallet App

Let’s be honest: Without knowing the factors, straight jumping into development is like building an app without a blueprint.

You might end up with something, but it probably won’t meet your expectations or last long.

So, to make a better decision about cost, let’s talk about the factors:

1. Features & Functionality

Features are one of the most common factors that affect the cost to develop an eWallet app.

A simple wallet, which has fewer features including credit card storage and payment, is going to be cheap to develop.

However, options like supporting cryptocurrencies, P2P transfers, and incorporation of reward programs in the app, will make overall costs higher.

The higher the solution requirements, the more effort and cost are required for the solution implementation.

2. Platform Selection

The cost to build an eWallet app primarily depends on the platform you decide to work with.

For Native App Development, you can pick Android App Development services or iOS App Development services.

 If you choose the option to build your app for the iOS and Android platforms, you’ll have to be ready to spend a bit more as you are creating two distinct apps.

Selecting one target platform will reduce expenditure, however, it will reach fewer users, and it will also contribute to increasing the eWallet app development cost.

If you want to have larger audience then you can opt for the cross-platform app to reach users but that sometimes may affect the quality.

Although, the final decision is always where your target audience is located most.

3. Security

When it comes to eWallet apps, app security is a major concern.

If you make sure that there are high-quality measures involved including encryption, 2FA, & biometric login options, this would greatly increase the overall eWallet app development cost.

Although the above features improve user trust and secure sensitive financial data, they also come at the expense of time, experience, and resources needed to implement them.

This means that you’ll want to implement the level of security appropriate to your eWallet app’s target audience and requirements to make it as effective as possible but not pricey.

4. Design and User Interface

One common factor that affects the overall cost to make an eWallet app is the app design.

Basic layouts are cheaper than customized, elaborate designs since they are easier to develop.

If you crave sophisticated designs, interfaces with smooth animations, and unique icons, then you will have to dig deep in your pockets.

Although, having a good design is good because this is what going to attract your users, so make sure to hire a dedicated UI/UX team leading to better user satisfaction.

So, make sure to include this factor while calculating the eWallet app development cost.

5. Third-Party Integration

One of the factors that affect the overall cost of developing an eWallet app is overlooked is Third-party integrations.

To make it compatible with other third-party services such as banks, payment processors, or

even cryptocurrency platforms, you need to loosen up your pocket.

These integrations can also take time and will have the API creation time, setup, and testing time. For instance, implementation of widely used payment gateway services such as PayPal or Stripe is not as easy and can add up to your app’s budget.

The fact is that the greater the number of third-party services incorporated, the greater the level of complication and of course the cost.

6. Maintenance & Updates

However, when you are considering the eWallet app development cost, you must not overlook the maintenance & update costs.

Once launching the app, you will need to provide updates for fixing broken things, provide security updates, and add new options.

Maintenance may cost as much as 15-20% if the app will have updates released frequently and 10% if it will be less frequent, depending on how complex your app is, at least 10-20% of the total development cost in the first year and 5-10% every year after that.

It is very important to keep your app protected from external threats and keep it efficient and relevant to the current trends.

7. Development Team Location

The location of your development team has a certain impact on the digital wallet app development cost.  

For Instance, those developers living in North America or Western Europe usually offer higher rates owing to their experience and skill set.

To lower the overall cost, outsourcing can be done to countries in Eastern Europe, Asia, or Latin America and this attracts considerably lower prices but the quality is equally very good.

However, there are some problems you have to take into consideration such as the time difference between the countries and possible language barriers as you select the location of your team.

Each of these factors affects the eWallet app development cost. By considering these elements carefully, you can create a proper budget.

Now, the real question is: what are some factors that are not so obvious and might influence the cost of developing an eWallet app?

Hidden Factors That Affect the Overall Cost to Create An eWallet App

When you are going to build an app, you should know that there are many more factors apart from the features & design that contribute to the total cost.

Several hidden factors are not recognizable initially but can also contribute to hiking up your budget. Often these are missed, and investors suffer from sudden surprises.

To help you plan better, here are some hidden factors that affect the overall cost to make an eWallet app:

► App Architecture & Backend Complexity

App architecture and the back end of your app are essential in determining the total cost of creating your eWallet app.

A strong and functional architecture is critical to help manage numerous transactions, achieve security, and preserve application impact.

In the case, where an app aims to be used internationally with more features such as wallet balances, general transaction history, or real-time updates a more complicated backend is needed.

This means that the higher the complexity of the architecture the higher the cost of eWallet development will be.

► Payment Integration

The option of having a reliable and secure payment gateway is the major boost to any eWallet app but we call it a day …It costs money!

To get a full picture, apart from service charges, a payment processor like Stripe, PayPal, and Square adjusts fees for transactions.

Any unique integrations or functionality such as currency support, and payment methods – credit cards, bank transfers, cryptocurrency options – can shoot up the cost to build an eWallet app.

The higher the number of payments you would like to accept and the more detailed the setup of the system, the greater the cost of integration.

Thus, payment gateways remain essential, so much so that they represent one of the most expensive aspects of an application!

Here's an updated version of the table with a more dynamic approach:

► Data Storage & Safety Cost

One of the core features of an eWallet app is the safe storage of such financial information.

The cost of storing data can rise in proportion to the volume of users’ data that you need to process, whether you use cloud storage or the server.

Also, the use of secure encryption, the creation of backups, and compliance with such policies as the GDPR or the PCI-DSS increase the cost to create an eWallet app.

Ensuring the best security features from the start will protect your users and applications from malicious attacks.

► User Authentication

One of the important considerations in an eWallet app is “user authentication”.

It must look like such a small thing, but surely a hidden factor that affects the overall eWallet app development cost.

Regardless, you will find that using two-factor authentication (2FA), biometric identification (fingerprinting, face identification), or more complex layers, these conveniences are charged.

Generally, if one gets a more complex security system, the higher the cost of developing the eWallet app.

Financial data must remain secure, but the cost of implementing sound security measures depends on the company’s risk level.

User authentication is crucial in an eWallet app to ensure secure access and prevent fraud.

► Marketing Cost

App Marketing costs can be taken into account while determining the overall eWallet app development cost.

You must do branding and advertising for the app and ensure people notice your app when in application stores.

This means that with high competition in your market, you will have to spend more on the marketing of your eWallet app.

Using social media ads, influencer marketing, or even paid campaigns the overall cost of creating an eWallet app rises drastically.

Trust us when we say that these factors are all integral parts of making an eWallet app, and each contributes to the cost to build an eWallet app.

Now that you have considered the hidden factors as well, let’s take a look at the different categories of eWallet apps and how much they cost to build.

Different Types of Ewallet Apps & Cost to Build

When it comes to eWallet apps, there’s no one-size-fits-all solution.

This is why, the market has various types of eWallet app ideas that one can develop & earn good revenue as well.

Let’s take a look at the most common types & their cost:

1] Closed Wallet

First, we will start with a closed wallet.

Closed wallets are usually limited to a single service provider. One can only use the balance for transactions within that ecosystem.

Examples include store-specific gift cards, & a Starbucks wallet.

These are typically the simplest & most affordable eWallet types to build so they cost less, ranging from $20,000 to $30,000 as they are simpler & have fewer features.

2] Semi-Closed Wallets

Semi-closed wallets allow users to make transactions at multiple merchants but don’t support withdrawals outside the specific network.

Have you heard of Zelle? It’s a good example of a semi-closed wallet.

They offer a huge range of uses but are limited in some areas, such as cash withdrawals. The eWallet app development cost for such platforms can go from $30,000 to $50,000+.

3] Open Wallet

As the name implies.

The open wallets are even more flexible in terms of their use as they can be used to store money, pay bills, transfer money, and withdraw cash from an ATM.

Some of the open wallets include Google Pay, Apple Pay, and Samsung Pay.

They include full integration with banks and they provide a lot of services most of which are complex to implement.

As you can understand, being rather complex and integrating with the financial institutions, the development cost of an eWallet app may cost widely from $50,000 to $80,000 or more.

4] Crypto Wallets

Crypto wallets are a new name in the market.

Well, these wallets operate as part of the blockchain allow safe transactions, and provide you with managerial rights over your assets.

Examples: MetaMask, Coinbase Wallet & Trust Wallet.

For instance, a Crypto wallet app with all modern amenities, including multi-currency account support and advanced security measures, the ultimate cost to build an eWallet app of such kind range of $40,000 – $80,000 for complex developments and integration.

5] IoT Wallet

It’s time for new trends!

IoT wallets enable smart devices such as wearables, home appliances, or vehicles to pay for any service securely and in the blink of an eye.

Examples: Home automation solutions, IoT payment in wearables, or smart cars.

Some of these wallets connect to the digital payment gateways and sometimes cryptocurrency for easy transactions on the move.

An IoT wallet encompasses a strong device integration with high security and can take approximately $50,000 through $120,000 per unit depending on the type of devices’ interaction.

Having discussed some of the most common types of eWallet apps, it’s time to consider what goes on in developing one.

So, let's get to know the Development Process and cost.

Breakdown of Costs Associated with the Development Process

Developing an eWallet app is a multi-step process that needs proper planning, design, coding & testing.

Each step has its unique challenges & costs associated with it, this can vary as per the complexity & features you want to integrate.

1. Planning & Design

The first part includes the formation of an idea for the app, and possible features, as well as making an easily navigable layout.

Designing phase involves developing design models or blueprints that outline the site structure, and the flow of contents and do the following; UX design and UI design.

Estimated Cost: It can cost as little as $5,000 for a basic setup and as high as $15,000 for extensively customized designs.

2. Development & Coding

This is the central stage in which the development of the app is carried out.

That includes the creation of both sides of the application, the configuration of the database, and adding external systems, such as payment systems.

Estimated Cost: The cost of development can vary from as little as $15,000 to as much as $40,000 depending on the type of wallet; closed, semi-closed, or open and their functionality.

3. Testing

After development, the app goes through extremely thorough testing.

This is to be sure it isn’t buggy, is safe, and is fully responsive across all platforms. Overall, to make sure that it is as per the market requirements.

Estimated Cost: Testing probably will cost you from $5,000 to $10,000 depending on how many platforms and devices you need to test it on.

4. Security Integration

Security is paramount in any eWallet app whether through encryption of users’ data and financial details and or the use of two-factor authentication and many other security features available.

Estimated Cost: Due to the current high risks of cybercrime, integrating strong security measures costs; can go about $5,000 to $15,000 to install.

5. Deployment & Maintenance

When an app is designed and the developers test it, this then becomes ready to utilize on different app stores or websites.

It would also be useful to include the maintenance and updates of the app, as well as troubleshooting in case of arising problems.

Estimated Cost: Deployment costs are of the order of $2,000 to $5,000 and annual costs for maintenance are of the order of $ 10,000 to $20,000.

This is just an estimate that gives information on how much it will cost to develop an eWallet application.

But, with that, if you want to clone any famous eWallet app, then you should also cost to eWallet app cost.

Popular eWallet App & Cost to Clone Them

If you are thinking to clone a popular eWallet, you may be interested to know what currently exists and how much does it cost to clone this eWallet app.

With that thought in mind, in this section we are going to know about the same:

1. PayPal

Among the eWallet apps, PayPal is a huge name that a lot of people use.

It enables users to make payments, as well as receive and store money safely.

This app also allows you to link your PayPal account to a bank account or a debit/ credit card making it easy when you want to buy something online, or you want to transfer funds.

For businesses, it provides merchant services for their acceptance of payments. So, the cost to develop an eWallet app like PayPal will cost between $20,000 and $60,000.

2. Apple Pay

Apple Pay has simply made it easier to make payments with a touch of buttons on the phone or watch.

This is what made it so famous.

This app allows users to securely transact in stores, online, and perform person-to-person transactions through iMessage.

It complements the Apple devices thus making the product easy to use to persons already immersed in the environment.

If you were to clone Apple Pay, it would probably cost between $40,000 and $70,000 depending on the level of customization as well as the level of security desired.

3. Venmo

The PayPal-owned Venmo enables people to share money without a hustle especially friends.

They are very widely used for sharing expenses, for payments for the received services, as well as for acquiring certain goods.

Venmo can be singled out with its social feed, in which payment history (with the amount expunged) is shown.

If you are planning to clone the Venmo app, get ready to spend between $20,000 to $50,000 depending on the customization and social options.

4. Samsung Pay

Samsung Pay is a giant if we are to mention the list of best eWallet apps.

This one is unique because not only that it have NFC functionality for tap-and-pay, but it also has Magnetic Secure Transmission technology that lets it work on older payment terminals.

The features also allow the user to make payments in brick-and-mortar stores, online as well as transfer money to another person.

Creating an app like Samsung Pay will take about $30,000 to $60,000 because the focus will be on integrations with payments and a strong security system.

5. Cash App

Being one of the most popular eWallet, Cash App possesses high usability when it comes to making payments, transferring money, or buying stocks and BTC.

It is good for person-to-person business or any small business dealings.

If you want to get the clone of Cash App, you will have to pay between $20,000 to $50,000. The cost you will incur will include; a refined user interface, crypto services, and security services from the best hackers.

6. Skrill

Skrill is an international payment service that helps to transfer funds, make payments online, and even let you invest in cryptocurrency.

It is known for prepaid cards, currency exchange, cheap international money transfers, and many many other services.

And yet, with such users, Skrill is among the most popular tools for online merchants and any type of digital purchases.

In order to clone an app like Skrill, one might spend as little as $30,000 or up to $60,000 depending on the extra features and multiple currency support.

7. Revolut

Revolut is a financial app that not only allows users to use eWallet but also provides banking, currency exchange, and trading in cryptocurrencies.

It is considered successful for currency exchange that offers very low prices and the service of the budget planner, so it is more than just a finance application.

If you are pondering the idea of developing a clone of Revolut you will need to spend between $50,000 and $70,000 for app development overall with additional focus on banking and investment options.

These eWallet apps have gained huge popularity by focusing on user convenience, security, and amazing eWallet app features.

Now let us look at some ways of minimizing the overall cost of making an eWallet app.

How to Reduce the Overall eWallet App Development Cost

Developing a worthy eWallet app need not be overly expensive.

This is why we are sharing some of the best strategies that you can adopt to keep your app within budget, best in its capacity, and created with relative expectation:

A] Start with Core Features

When reflecting on what it costs to create an eWallet app, one may consider including every feature imaginable.

But instead, start with core features like protection of payments, account creation, and the most primitive application of wallets.

When aiming to work on an app, you should pay attention to these elements to decrease the price for the app creation and to make its base very strong leaving the possible addition of extra options for the future.

2] Use Pre-built Solutions

Obviously, instead of creating everything from scratch, a smart take would be using API connections.

For most eWallet functions, which include the payment gateway and security measures, there are preset tools that can be further modified.

It makes it easier to develop an eWallet app without causing a hole in your pocket and you can still brand it.

C] Select a Straightforward, Flexible Layout

One thing is to reduce design costs by going with a minimalist layout as it will result in less work for the development team.

Make the user experience (UX) timeless instead of mesmerizing, vibrant, or intricate.

Streamlining the process of making an eWallet app means you save money in the process, but you can still create a nice, functional app.

D] Outsource Development

It’s time to hire the best mobile app development company for a relatively cheaper team, especially from a different region significantly reduces the cost to create an eWallet app.

Remember to work with a quality development team with previous practice in building secure payment processing systems.

It shifts focus to business and gives you the advantage of outsourcing cost-effective development.

E] Avoid Unnecessary Platform Selection

That is why, choosing one targeting platform, be it iOS or Android, while initially launching your eWallet app, can help you save a considerable sum to make an eWallet app.

Do not dilute your resources but focus on the optimum advertising platforms; it is preferable to first hit the target audience.

You can choose cross-platform app development to save some cost as well as save resources.

F] Leverage Cloud Hosting

Engaging the services of AWS or Google Cloud to host your eWallet app can be cost-effective in the long run.

Cloud solutions provide storage, protection, and computation resources while charging you only for what you utilize.

This opens the possibility to cater your app at a comparatively low cost, as materials and resources are not needed to ensure stable performance.

G] Test Efficiently

The testing phase is considered to form a very important aspect of the development process, even though it may not necessarily be costly.

Automated tools can be used in executing routine test cases, while manual testing can be used in areas that require close examination.

Overall, optimization of the testing stage aids in reducing the cost to develop an eWallet app and also delivering a quality app free of bugs which people will appreciate.

How JPLoft Can Help You Build an eWallet App Within Your Budget?

The eWallet market is still expanding due to the increasing adoption of digital payment technologies and financial technology.

If you pursue the idea of getting into this rapidly expanding market, then knowing the cost to create an eWallet app is vital.

Being a top eWallet app development company, JPLoft helps entrepreneurs turn their app visions into reality as soon as possible at reasonable prices.

It means that a secure and user-friendly application can be developed within your budget with the correct approach and a competent development partner.

Take our help to get the most out of your investment.

Conclusion

Developing an eWallet App for your business does not have to be expensive, and through strategic planning and cost-saving strategy, you can have an app that encompasses and optimizes for user security while at the same time meeting your business needs.

To keep the cost intact, the eWallet app shall be moderate depending on the features, design, and complexity of the app that a developer intends to design.

If well implemented, the cost of developing an eWallet application can be easily recovered given the growing popularity of digital payments.