Fintech which is often also referred financial technology industry has been taking over the market by storm. Being worth trillions of dollars, this is one of the largest industries. And within this, a popular solution that goes by the name of the eWallet app is found. So, why is everyone asking about e-wallet app development cost?

Well, the reason is simple; the market for eWallet app development has been growing more and more popular day by day. In fact, Apple Pay is a eWallet solution despite not being the most popular one, despite over 50 million users signing up for the service.

Moreover, back in the year 2022, 300 million new mobile payment app users were worldwide. This speaks volumes about the growth of this industry and the interest shown by people. But this doesn’t end here as,  In-store mobile payment will grow to $503 billion, with a compound annual growth rate (CAGR) of 80% from 2015 to 2020.

Considering the fact that worldwide retail e-commerce sales reached $4.92 Trillion in 2021 and most of the users opt for e-wallet for payment, the future for this market is bright. As such, the globally forecasted mobile payment market size is predicted to be 3 trillion by 2024.

These statistics and promising future is the reason why so many businesses want to develop their own eWallet app. Now, there are a lot of companies who are willing to help them with the same. Nevertheless, the problem starts when they ask, how much does it cost to develop an eWallet App?

If this is the question that has been bothering you, all you need to do is read this blog by Nimble AppGenie where you will find everything related to the same. Therefore, with this being said, let’s get right into it:

What is eWallet App Development?

So, what is eWallet app development?

Well, as the name suggests, this is an electronic wallet. Now, it does everything you can do with your physical wallet, expect the cash part.

Hear us out, with an eWallet, you can manage your bank account, check balance, maintain balance within the app to main fast payments, pay through accounts directly. And that is just the payment parts.

Apart from this, you can also send money to your friends or anyone else, pay for card bills, pay electricity bill, recharge mobile phone, buy insurance, manage CIBIL, and what not. Let us tell you, the scope of eWallet doesn’t end here.

Here, you can also carry your ID. And the best part is, all of this is done through a mobile app. Meaning there is no fear of losing your wallet or keeping it with you all the time. There are various eWallet apps in the market being used across the globe and in United States of America. These are, as mentioned below:

Square Cash App 

Google Wallet

Samsung Pay

Zelle

PayPal

Google Pay

Venmo

Apple Pay

These are some of the most popular eWallet application. It is a good idea to go through all of them if you are planning to develop your own eWallet app. And as far as the cost is concerned, we shall be discussing just that in next section of the blog.

Average eWallet App Development Cost

While we are at it, let’s just ask why it is so difficult to predict the eWallet development cost?

Well, the answer to this is really simple. You see, each eWallet application development project is unique in their own right. And consequently, there are various variables, factors, and project specifications involved which are also unique.

These factors and variables affect the eWallet app development cost in a unique way. For that reason it is not possible to predict the final development cost without learning about the specifications of the project.

Nevertheless, you can expect eWallet app development cost to range anywhere between $15,000 and $95,000. While this isn’t accurate estimation, there are high chances that your project cost might fall into this.

If you are looking for a closer estimation, it is highly recommended that you consult a mobile app development company who will be able to give you better insight on the same based on your project specification, business requirements, and preferences.

Moving on, we will be discussing the various factors which can affect eWallet app development cost in next section of the blog.

Factors That Affect Cost of eWallet App Development

eWallet applications are complex things. And that is why there are various factors which are involved here. These factors and other variables highly affect the total E wallet App Development Cost in various ways.

In order to give you insight on the same, we shall be going through some of the major factors which are involved in mobile app development project. These are, as mentioned below:

·      Platform

The first big factor is the platform. Since we are talking about mobile app development, you have to opt out for either iOS app development or android app development services.

Both of these platforms are great in their own right and can help you reach business success when handled right. Nevertheless, there is yet another option that is, hybrid app development which gives you best of both world.

Cost for all of them is as, mentioned below:

·        eWallet Android App Development Cost - $30,000 - $65,000

·        eWallet iOS App Development Cost - $20,000 - $45,000

·        eWallet Hybrid App Development Cost - $35,000 - $55,000

·      Complexity

Complexity is yet another top factor. And it is very simple how it affects the cost. For instance, a simple app is easier to develop and doesn’t require that many efforts.

On the other hand, it is complex apps use a lot of resources, man power or developer power in this case, as well as time. All of this makes it that much more expensive.

·        Simple App Development Cost – $20,000 to $40,000

·        Average App Development Cost – $45,000 to $85,000

·        Complex App Development Cost – from $110,000

·      Mode of Hiring Developers

There are different methods of hiring developers. And depending on the one you choose, the total development cost can be highly affected. So, the eWallet app development cost based on hiring mode are, as mentioned below:

·        Freelancers - $30-$80/hr

·        Outsourcing - $25-$55/hr

·        in-House Team - $50,000 – $120,000/Salary

·        Local Development Agency - $30-$65/hr

·      Location Of Developers

Location is yet another big factor. Reason is that each location around the world has their own unique factors which make up the average wage like competition, demand, currency, and so on.

Nevertheless, different costs based on the location are, as mentioned below:

·        Europe - $25-$35 Per Hour

·        North America - $30-$50 Per Hour

·        Middle East - $25-$60 Per Hour

·        India - $20-$40 Per Hour

These are the cost to hire eWallet app developers in different parts of the world.

Conclusion

Ewallet is one of the most popular solutions in the market. And if you are someone who wants to develop their own eWallet application and generate market leading revenue through the same, all you need to do is reach out to a market leading eWallet app development company who will help you with the same.

In addition to this, if you are looking for a closer estimation, they can also help you with that and give you a quote based on your project specifications.