Ewallet App Development: Cost, Features, Technology Stack and More

A3Logics 19 Aug 2022

Are you mulling over the idea of constructing an Ewallet App Development company solution for your enterprise? You’ve certainly found the right platform to expand your knowledge on the matter. The global payments arena is expanding at an unprecedented speed. Its worth is projected to touch $5.2 billion by the close of 2020. The surging popularity of smartphones, combined with the convenience of making payments anytime, anywhere sans the hassle of lugging around cash, has led mobile wallet applications to become a trending topic among the general public.


As an entrepreneur or a nascent startup, directing your investments towards an Ewallet App Development can undoubtedly generate impressive returns. However, the critical question arises – how does one develop a dependable and secure mobile wallet? This is the primary concern that most enterprises grapple with when contemplating their customized mobile wallet solutions.


No need to fret, though! The article that follows will present an in-depth guide to mobile wallet application development, spanning from project ideation to app deployment and every step in between.


But, prior to diving headfirst into the Ewallet App process, it is crucial to initially comprehend:


What is a Mobile Wallet, and How Does It Work?

The dawn of eWallet App Development has brought about an efficient digital alternative to conventional means of payment storage. What is an eWallet? Simply put, it’s a platform where you can store diverse payment methods like your credit and debit cards, virtual currencies such as Bitcoin and Ethereum, along with online cash options, that is, coupons, rewards points, loyalty cards, and so on.


Understanding the functionality of these mobile wallets is essential to their effective utilization. As a user, gaining access to your mobile wallet is a straightforward process. All you need is your unique PIN, password, or biometric information such as a fingerprint or eye recognition. The concept behind this simple yet secure access method is part of the revolutionary eWallet mobile app development that has taken the world by storm.


What’s more, these mobile wallets are an integral component of enterprise mobility services. These services are delivered by seasoned app development companies that have a team of professional and expert app developers. Their expertise in eWallet app development ensures the use of secure methods for processing mobile payments. This not only safeguards users’ information but also boosts confidence in the use of such platforms.


Hence, the future of financial transactions and online payments lies in the hands of the eWallet app. The seamless integration of multiple payment methods and the promise of secure transactions make eWallet mobile app a promising field, where customer satisfaction and security meet technological innovation.


Some of the most popular mobile payment options are listed below:


  • NFC (Near Field Communication)
  • Bluetooth and iBeacon
  • QR Codes
  • Sound-waves payments
  • Mobile banking
  • Payment Mobile Apps


Growing Demand for Mobile Wallet Applications

Digital finance is revolutionizing the world and how we conduct transactions, with the advent of Ewallet App Development contributing significantly to this change. The popularity of mobile wallets is growing exponentially, reaching every corner of society, from tech-savvy millennials to the digitally inclined Gen Z. The reasons for this sweeping acceptance are quite straightforward: mobile wallets offer unmatched convenience, provide easy-to-load money options, and allow instant money transfers.


The Development of Ewallet App trend is helping to shape the future of on-demand app development services, a sector experiencing tenfold growth every day. Evidence of the expanding use of these Ewallet apps isn’t hard to find. It’s visible in the surge of online payments, in-store purchases, and PoS transactions conducted through these digital wallets.


Looking at the financial landscape, it’s hard to ignore the impact and potential of Ewallet App Development. A recent market report supports this view, predicting, “The global payments market will be worth 3.8 billion by the end of 2024 at a CAGR of 23.2% between 2019-2024.” This projection showcases the future promise of Ewallet apps, confirming their pivotal role in reshaping how we handle finances and transactions in a fast-paced, digital world.


Different Types of E-wallets?

The digital payments arena has seen a significant surge, with the advent of various eWallet app initiatives. Let’s delve into the world of different e-wallets that are currently reshaping the financial market.


A major category of eWallets is those that partner with mobile carriers, capitalizing on the ubiquity of smartphones. These innovative eWallet apps facilitate sending and receiving money through the carrier’s infrastructure. Thus, they integrate seamlessly into the user’s mobile lifestyle, simplifying transactions without needing a traditional bank account.


A breakthrough in the eWallet app development landscape has been the introduction of wallets utilizing Near Field Communication (NFC) and other techniques for contactless payments. These wallets leverage the power of NFC to enable swift and secure transactions just by tapping the smartphone onto a compatible point-of-sale terminal. The convenience and safety offered by these contactless payment eWallets have made them a preferred choice among many users.


Taking a step further in the realm of eWallet app, we also see eWallets that operate completely via the Internet. These types of wallets process user payments using a secure online platform, negating the need for physical cards or cash. It’s an ideal solution for those seeking to streamline their online shopping experience and for businesses that aim to provide easy payment options to their customers.


Lastly, some eWallet apps employ SMS-based payment transfers, marking another milestone in the eWallet app development journey. These wallets use text messages to initiate and validate transactions, providing an added layer of convenience for users without steady internet access.


Whether it’s utilizing mobile carriers, NFC technology, the internet, or SMS, each wallet type brings its unique strengths, facilitating secure and hassle-free financial transactions.


E-Wallet App Use Cases

If you’ve ever questioned the practicality and convenience of Ewallet App, take a look at these essential use cases:


  • Enhancing Online Commerce Payments – Ewallet App brings a digital twist to conventional transactions, making online shopping a breeze. It’s the same scenario when a user completes transactions over the internet and receives a receipt for the same, but now facilitated by an Ewallet app.


  • Streamlining Mobile P2P Money Transfers – Imagine the ease of transferring funds from one mobile wallet user account to another – that’s the brilliance of Ewallet App Development at work. This process simplifies the way money gets debited from a mobile wallet user’s account and transferred to another user’s account.


  • Elevating Point of Sale (POS) Payments – Ewallet App is also transforming how we handle payments at physical storefronts or brick-and-mortar outlets. By initiating payments on the wallet user’s request, this form of app development takes Point of Sale (POS) payments to a new level.


Ewallet App is driving digital innovation in transactions, making payments simpler and faster for everyone involved. It’s a technology trend that’s reshaping the face of financial transactions and promoting a cashless society.


Top Global Mobile Wallet App Examples with Number of Users in 2023


  • Ali Pay ———> 1.3 Billion+ Users


  • WeChat ——-> 900 Million + Users


  • Apple Pay —–> 507 Million+ Users


  • Samsung Pay –> 140 Million+ Users


  • Amazon Pay —> 377 Million+ Users


  • Google Pay —–> 421 Million+ Users


Why Build a Mobile Wallet App for Your Business?

The exponential rise in smartphone usage has paved the way for a new age of financial transactions. With over 7 billion individuals having access to smartphones globally, the eWallet app development sector is buzzing with potential. Interestingly, a significant chunk of these users comprises millennials and Gen Z – a tech-savvy demographic that enthusiastically engages with NFC-enabled mobile devices and eWallet apps for their financial transactions.


A survey indicates that by 2020, it was projected that more than 1 billion people will use mobile payment apps on a global scale. This enormous statistic presents a golden opportunity for businesses across the spectrum – startups, SMBs, and large corporations, to delve into eWallet apps. The motive? To provide an intuitive mobile wallet app for their users, thus enhancing customer experience and boosting profits.


Many of the industry’s big guns, including companies like Apple and Walmart, have embraced this trend. These trailblazers among eWallet app development companies in the USA and across the globe have built their mobile wallet apps, thereby setting a profitable trend. Even electronic giant Samsung has joined the bandwagon and each of these companies is experiencing the financial benefits of every user transaction made on their app.


Essentially, it’s clear that the scope of eWallet apps is expanding and that leading eWallet development companies and elsewhere are capitalizing on this trend. The goal is to provide seamless digital payment solutions that will serve the contemporary needs of the ever-evolving customer base.


Benefits of E-Wallet Mobile Wallet App for Your Business


In today’s fast-paced digital world, providing a swift fund transfer facility to your customers is essential, and this is where Ewallet App Development plays a pivotal role. This innovative technology not only facilitates immediate transactions but also offers substantial benefits to your business and customers alike.


Firstly, Ewallet App serves as a gateway to provide money-saving avenues to customers. It does this by embedding promotional offers, discounts, and cashback features within the app. Not only does this incentivize usage of the app, but it also drives customer loyalty and increases user engagement.


Additionally, Ewallet App encourages customers to set up automatic payments. This unique feature ensures timely payments, easing out the transaction process and enabling smoother business operations. This automatic feature is a testament to how Ewallet App is not just customer-friendly but also business-friendly.


Lastly, Ewallet App offers faster money load options through various channels. Whether it’s via a credit/debit card or net banking options, customers can easily load funds into their e-wallet, ensuring that they can make payments whenever and wherever required.


While we have spoken extensively about Ewallet App Development, there’s another game-changing technology – Blockchain App Development. Just as the Ewallet App has revolutionized digital payments, the Development of the Blockchain App has the potential to transform the way we conduct transactions. The inherent security and transparency of blockchain technology make it an excellent candidate for app development in the financial sector.


They not only streamline financial transactions but also open up exciting opportunities for businesses to innovate and offer superior customer experiences. Harnessing these technologies is no longer a choice; it’s a necessity for forward-thinking businesses.


Industries That Can Benefit From E-Wallet App


  • Retail & eCommerce Solution Businesses: The strategic decision to venture into eWallet app development can indeed prove advantageous. eCommerce companies, with a focus on fostering customer loyalty, can create a tailored eWallet app to furnish exclusive offers, bonuses, and reward points. This, in turn, enriches the shopping experience and generates a more substantial customer engagement.


  • Banking & Finance Organizations: The ease of mobile wallet applications has introduced a new paradigm. Customers can carry out their routine banking tasks seamlessly through eWallet apps, all from the comfort of their homes. Not only does this simplify banking, but it also offers banks an efficient channel to broadcast various promotional offers and keep their customers informed about vital forthcoming events. The prowess of the eWallet app can indeed revamp the banking landscape significantly.


  • Shipping & Logistics Software Businesses: There’s a compelling case to be made for embracing digital payments. Notably, the majority of today’s taxi-app businesses permit customers to make payments via digital wallets. It is hence an outstanding opportunity to develop an eWallet app that would complement your existing business and provide a seamless payment experience for your customers.


  • Food & Restaurant Solution Businesses:  eWallet apps are playing a pivotal role in streamlining payments. Whether it’s settling restaurant bills, purchasing movie tickets, or ordering food online, eWallet apps make these transactions effortless. Given the rising popularity of eWallet app development, this could also open up opportunities for NFT Marketplace Development. Businesses could consider integrating NFT capabilities within their eWallet apps, turning them into a one-stop-shop for digital assets and transactions.


e-Wallet App Development Guide: Everything You Should Know


To build a full-functional eWallet app, you must incorporate the following set of features. Ask your mobile app development company to add these basic features to your app:


User Side Features

  • User Registration: Users can register on the eWallet app using social media or email accounts using this option.


  • Bank Account Set-up: Users can add their respective bank accounts on the e-wallet app using this feature.


  • Add Balance: Users can add money into their wallet from bank accounts, debit, or credit cards with this option.


  • Money Transfer: Users can transfer money to their contacts using their account details or numbers using this option.


  • Bill Payments: Users can pay their bills, i.e., DTH, electricity, credit cards, etc., with this option.


  • Offers & Discounts: Users can check individual offers and discounts available on the app with this facility.


  • Refer & Earn: Users can refer their friends or family to join the app and get rewarded as per conditions.


  • Transaction History: Users can get a detailed record of previous transactions with this option.


  • Split Bills: Users can divide their bills with other users or friends.


Merchant Side Features

  • Intuitive Dashboard: Merchants and vendors can get a holistic view of their ales, purchases, transactions, etc., with this feature.


  • Edit Profile: Vendors can edit their profile details like update name, bank account details, and shop address using this functionality.


  • Add Products: Vendors can add various products on the custom wallet app for customers.


  • Create a QR Code: Vendors can create a QR code using the app to receive payments from customers.


  • Customer Management: Vendors can manage different customers while viewing their transaction history.


  • Withdraw Money to Bank: Vendors can withdraw money from wallets to their respective bank accounts using this feature.


  • Offer Discounts & Coupons: Merchants can run various offers and provide discounts on their products on the app for customers with this option.


  • Loyalty Points: Merchants can also provide loyalty points to specific customers on specific transactions using this feature.

Admin Side Features

  • Intuitive Dashboard: Admin can get a comprehensive view of all crucial information related to the app via the dashboard.


  • User Management: Admin has the authority to manage different users as well as modify their rights


  • Merchant Management: The admin has the right to add, delete, and modify merchant profiles using this feature.


  • Revenue Management: The admin can have a look at the total revenue generated through the app with this option.


  • Real-time Analytics: Admin can get customized reports with detailed insights into the performance of the eWallet app.


  • Offers Management: The admin can monitor all promotional offers on the mobile wallet app with this feature.


  • Security Management: The admin can regularly track the security aspect of the eWallet app and update it if required.


Team Structure: Ewallet App Development

You need to build a team with the following skills:


  • Business Analyst
  • Project Manager
  • App UI/UX designer
  • App Developers
  • QA


Point to Remember: The complexity of your e-wallet app and your delivery schedule will help you determine the exact headcount for each position in your team. For example, a complex e-wallet app with advanced features might require you to hire 2 to 3 app designers, developers, etc. Having a project manager with sound knowledge of modern project management methodologies is a must too.


Technology Stack Needed For Building Mobile Wallet App

  • Front End Development – Swift, Java, CSS, Bootstrap


  • Backend Development – JavaScript, Ruby, AngularJS, Python


  • Database – MongoDB, Casandra, HBase, Postgres, MySQL


How Much Does it Exactly Cost for Ewallet App Development?

When it comes to Ewallet App Development, a basic application is likely to cost somewhere in the ballpark of $20,000 to $50,000. That’s a fair amount of investment, but one that pays dividends when your app starts gaining traction. However, if you’re keen on developing a more sophisticated, feature-rich app rivaling the likes of Paypal and Alipay, brace for an expenditure ranging from $90,000 to $150,000. These custom mobile app development services require an elevated degree of skill and resource commitment, which comes at a cost.


E-wallet App Development Cost for Android


If you’re planning to launch your app on the Android platform, the costs can be a bit variable. A basic Ewallet app for Android will likely range from $20,000 to $45,000. However, if you’re contemplating an app with advanced capabilities similar to eWallet app like Google Pay or Alipay, anticipate a budget between $80,000 to $150,000.


E-wallet App Development Cost for iOS


The cost estimates for iOS are a little different. A standard e-wallet app for this platform should cost you around $25,000 to $55,000. But, if your vision entails developing an advanced app akin to Paypal or Alipay for iOS, the costs might spiral upwards, ranging from $100,000 to $150,000. Despite these figures, it’s crucial to remember that the returns on such investments, especially with efficient custom mobile app development, can be substantial.


E-Wallet Web App Development Cost


It’s worth noting that a web application or website typically has fewer features compared to a full-fledged mobile wallet app. This naturally necessitates less time and fewer members for app development, reducing the overall cost. Consequently, you can expect the cost to build an e-wallet website to range between $25,000 to $50,000.


Ewallet App Development is a complex yet rewarding process, necessitating careful planning and strategic financial allocation. When done right, with the right mobile app development services, the end result can be a secure, user-friendly, and efficient app that revolutionizes the way your users handle transactions.


Factors That Affect the Cost of E-Wallet App

A common question that pops up in our mind when discussing an eWallet app is: “What influences the total cost?” To answer this, you must understand that a multitude of factors come into play, with the location of your chosen mobile app development company being a chief determinant.


Why does geography matter, you might ask? The cost of app development, including that of e-wallet apps, can fluctuate greatly depending on the country where your chosen app development company is based. For instance, if you engage mobile app development companies in the USA, you might find that their rates are relatively high, reaching up to $250 per hour. This contrasts sharply with the costs levied by developers from Asian countries such as India, who may charge as low as $80 per hour.


However, don’t let this mislead you into believing that the location of your chosen company is the sole factor affecting the cost. In reality, e-wallet app development cost hinges on a variety of other elements as well.


First and foremost, the intricacy of your app’s design plays a significant role. Simple designs are easier to implement and thus, cost less. But as complexity increases, the development costs rise in tandem. Furthermore, the variety of features you wish to incorporate into the app also influences the final price. The more features you want, the higher the cost will be.


Additionally, the total development hours, the platforms supported (Android, iOS, or both), and the developer’s experience are all pivotal aspects that can impact the overall cost. Thus, when considering the development of an e-wallet app, it is essential to keep all these factors in mind to ensure that you get the best value for your investment.

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Ready to Turn Your App Idea Into Reality?

Are you ready to transform your app concept into a tangible product? Ewallet app development is no small feat; it requires time, professional expertise, a dedicated team, and considerable effort. Now that you have an in-depth understanding of the intricacies involved in the process of developing an eWallet app, the next step is to bring on board a proficient iOS and Android app development company capable of delivering a fully operational eWallet solution.


We at A3logics invite you to get in touch with us, and we will provide a free, no-commitment quote for your custom mobile wallet solution. Our forte is the development of eWallet apps, and we are poised to bring your unique mobile wallet concept to life.


FAQs: E-wallet App Development


What is eWallet, and how does it work?

eWallet is simply a digital alternative to store your financial information related to debit/credit cards and bank accounts in a secure manner. Also, it helps you store online cash equivalent assets like cash coupons, rewards points, loyalty cards, virtual currencies (e.g. bitcoin, bitcoin), and much more.


How do I create an eWallet App?

To build a secure and top-class eWallet app, you should partner with experienced IT consulting firms like A3logics. Check out the company portfolio, past record, industry expertise, technology stack, client testimonials, etc., to choose the right development partner.


What is an eWallet Example?

Some of the top global eWallet solution providers include Alipay, Apple Pay, Samsung Pay, Google Pay, Paytm, etc.


How much does it cost to build an e-Wallet App?

The overall cost to build an eWallet app with basic features ranges between $20,000 to $50,000. However, building a complex app like Alipay, can cost you somewhere around $90,000 to $150,000. Remember, the final cost of your eWallet app is affected by various factors like app design, features, complexity, developer geography, experience, target platforms (Android, iOS, or both), etc.