Gone are the days when only cash was a payment option. Today, cashless payments are taking over. There are myriad options to pay for almost anything using credit/debit cards or e-wallets.
With the convenience and popularity of e-wallet apps, it's no wonder many entrepreneurs are considering developing these. However, partnering with a reliable crypto wallet app development company is wise, as these teams have the expertise and skills to craft a successful app.
Now, the question is, how much does it cost to develop a digital wallet app?
As a business owner, this is an important question that needs to be answered before embarking on such a venture.
In this article, we will delve into the various factors determining the cost of developing an e-wallet application so that you can decide whether this is a viable investment for your business.
Keep reading to know these factors.
Top Factors To Consider When Determining Digital Wallet App Development Cost
1. Cost Based on App Platform and User Panels
When developing a digital wallet app, choosing the right platform can significantly impact the overall cost. A different platform needs a different development approach, different tools, and a different set of resources.
Below we have listed the development cost based on different platforms and user panels:
Panel Android iOS
User Panel $15,000 to $25,000 $ 18,000 to $30,000
Admin Panel $19,000- $46,000 $25,000- $55,000
2. Location
The location where a digital wallet app is developed can impact its cost due to variations in hourly development costs, availability of skilled resources, infrastructure, and local regulations.
Developed countries like the United States and Canada typically have higher labor costs and more stringent regulations, resulting in higher digital wallet app development cost. On the other hand, developing countries have lower labor costs and a large pool of skilled resources, making development more affordable.
Below are the approximate cost based on location.
Australia - $120,000
United States - $200,000
Western Europe - $140,000
Eastern Europe - $90,000
Asia - $55,000
Note: Above given costs are approximated. The final cost of creating an e-wallet application varies depending on various factors like team size, tools, technologies, etc.
3. Type of Team
Cost can also differentiate based on the type of team you hire for your e-wallet app.
Below is a list depicting the team-type cost of developing an e-wallet mobile application.
In-house team - $90,000
The US development agency - $150,000
Outsourcing agency - $70,000
Freelancers - $35,000
4. Cost Based on Features
Different features require a different level of coding, tools, and libraries, ultimately influencing the cost.
Based on the feature set, here are some rough estimates of the cost of developing a digital wallet app:
A basic digital wallet app with basic features - $50,000$70,000
An advanced digital wallet app that includes features like loyalty program integration, etc. -$70,000$120,000
A complex digital wallet app that includes features like Blockchain integration, etc.- $120,000$300,000
Wrapping Up
As mentioned above, digital wallet app development cost depends on several factors, such as the complexity of the app, the features it offers, the platforms it supports, and the location of the development team. The average cost can range from $25,000 to $300,000 or more.
However, it's important to note that the cost is just one aspect to consider when developing a digital wallet app. User experience, security, and reliability are crucial to the app's success.
Ultimately, the investment in developing a digital wallet app can pay off in terms of increased revenue and customer loyalty.
