How Much Does it Cost to Develop a Digital e-Wallet Application?

It costs a lot of thought, skills, and money to develop a digital eWallet application. Popular apps like PayPal, Paytm, Amazon Pay have mastered the art of digital transactions. The competition for a new e-Wallet business is feature-rich. Hence it is crucial for new ventures to have advanced features that are at par with the e-Wallet competition they are facing.

Mobile app development companies have made it a top priority to hire the best talents in mobile app features such as UI, UX, and data security. Look for a mobile application development company that focuses on producing feature-rich products that work seamlessly on any device.

Developing an e-Wallet requires considerable resources. A UI/UX team is necessary for engaging the buyer’s journey. Cross-platform functionality is another requirement that cannot be overlooked. Mobile app developers worth their salt are adept in understanding the complexities of e-Wallets and integrate them into your business needs.

What Features are you looking to Build?

There are three main solutions when it comes to conducting transactions with e-Wallets. NFC, Bluetooth, iBEacon, QR codes, and OTP. As an e-Wallet provider, you must select which core functionality do you want to focus on? Or do you want to support all three modes of conducting transactions? Mobile app development companies are equipped with the resources to build these features. But the trick is to select one which is going to support your e-Wallet business in the long run. Here is a list of essential components of e-Wallet mobile apps:

Admin Module

The integration of debit/credit cards and functions for facilitating financial transactions. Data management and security, all the data must be accessible and stored securely. Advanced Admin Modules may also include customer statistics and analysis.

Installation of cloud operations and tokenization of functionalities play an important role in creating seamless customer experiences with 0 downtime.

POS Integration

POS integration helps in expanding your e-Wallet facilities to the customer point of sales of brick and mortar stores. An e-Wallet of 2020 must support POS integration with ease. Ask a mobile app development company for its POS integration services to ensure maximum app usability.

User Module

This is the customer-facing side of technology. User Interface and Experience experts must dissect each functionality and make it easier for customers to interact with it. Easy categorization of functions and buttons along with digital acknowledgment of transaction receipts.

The latest venue in e-Wallets is wearable technology. Yes. Customers are looking for mobile apps that support the wearable transactions with smartwatches like Apple Watch. Another would be a strong customer support section in your mobile app. Smart chatbots have made it possible for mobile app developers to integrate strong customer support capabilities into mobile apps.

Multi-language support is also necessary to ensure that you are able to tap into multiple markets with ease. Ask your mobile application development company to install language support for all your target markets.

The user panel must support basic functions such as check balance status, add balance, authorize banks for transactions, and buy products and services from other websites. As an eWallet company, it is crucial that you partner with eCommerce websites. Mobile app developers that you choose must focus on easy integration with websites and other selling platforms where they might need your eWallet facilities.
How much does it cost?

It depends on the kinds of features you are looking to provide your customers with. For example, Amazon Wallet has the feature to conduct banking transactions as well as eCommerce. Or maybe you wish to become an eWallet like Alipay or PayTm. Each has its own unique selling proposition and each has its own requirements of time and skills.

The ballpark of an eWallet mobile app development is between $20,000 to $50,000. Depending on the requirements of your eWallet business and the technology that you use. A mobile app development company for eWallet venture is crucial to success. Select a company that is committed to ensuring client success. Talk to a Paraminfo expert today and get to know the price for developing your own mobile app or website company.