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How Much Does It Cost to Develop an E-Wallet Mobile App
Factors Affecting the Development Cost of Building an E-Wallet
Multiple functionalities of an e-wallet make it capable of catering to the needs of various demographics. For deciphering the actual cost of building an online app, the following factors should be taken into consideration.
The app platform is of prime consideration. While apps need to be compatible with all platforms, the app built for Android platform costs more than iOS as it requires the writing of more codes and needs to be tested against more devices. Android emulators are also slow compared to the iOS ones.
Irrespective of what kind of app you are building, the design always takes the forefront. A user-friendly and intuitive design is the key to engage and retain customers. To achieve the same, advanced tools and technologies are required that add to a higher cost.
The size of the app would depend on the extent of features and functionalities that you are looking to add to the app. Those facing budget issues can initially launch the app with its core feature. In later versions, the other features can be gradually introduced.
Developers are the core of any app developing journey. Their cost varies largely depending on the geographic location with the U.S being the costliest and India being the cheapest. The experience and expertise level of the developers also contribute to the rate charged by them which is often hourly.
Developing the mobile wallet and integrating it using a proper roadmap is a lengthy process that adds substantial cost.
Features and Functionalities Impacting the Cost of the E-Wallet
Once you have got the basic app, the inclusion of basic or advanced feature would contribute to the cost. Some of those features are:-
- App design- It needs to be simple, rich and user-friendly
- Access Control- This is achieved using email id, one-time password, and social media.
- Admin panel- Some features included here are user data control, usage analytics, add/block feature, intercom support, cash report and all other reporting.
- Basic features- This spans over user profile, news feed, activity feed, review, rating, image manipulation, barcode, QR code.
- Security- In this bracket lies secure data traveling, in-app calling and messaging; secure data travel and OTP reading.
- Advanced features – For enhanced customer satisfaction, advanced features are often included like the geolocation, push notification, in-app camera, booking calendar, data sync etc.
- App Interaction- This refers to universal linking, social sharing as well as messaging and chatting options.
The Average Cost of Building an app
Just a decade back, building an e-wallet would cost an arm and a leg. Today, its basic version may be built with an average cost of around USD 15,000 to USD 25,000 for the Android platform. The cost would spike based on the inclusion of more advanced features.
Developing an e-wallet app requires plenty of effort and investment. Moreover, it also has a maintenance cost attached which can spike depending on the number of “users”. Moreover, your app needs to offer something new and flavorful too remain a step ahead of the competition.
For further queries on building an E-Mobile Wallet App, get in touch with us at info[at]yellowobjects.com
How can we benefit your business?
- Grow Business
- Connect and Interact seamlessly
- Brand yourself on customers phone
- Push notifications
- Reduce Marketing costs