The demand for digital wallet apps is increasing worldwide as it is benefiting users in multiple ways. Through a digital wallet app, users can make digital payments, get rewards for purchases, seamless transactions, etc.
As per Statista, it is predicted that by 2023 there will be approximately 1.31 billion mobile payment transactions, and as a result, digital wallets will take over the digital world.
If you are thinking of developing a digital wallet for better business growth but are worried about the cost, this blog post will help you out. In this post, I will be sharing the estimated cost to develop an e-wallet app for your business.
What are the Different Types of e-Wallet Apps?
There are three different types of wallets, as mentioned below:
1. Closed Wallet
These types of wallets are developed by businesses for targeted audiences to sell their products. Customers use the wallet only with the wallet issuer for making any transactions.
For example, one of the popular coffee brand, Starbucks, make use of closed wallet for making transaction in their shops.
Some key features of Closed Wallets are:
- Cater limited customers.
- If any of the transactions cancel, the amount automatically updates in the wallet.
Semi-closed wallet is another wallet that lets users make payments to listed stores or merchants. These apps keep their user’s data safe and secure. For example, Apple Pay and Venmo use semi-closed wallets.
Here are some features of a semi-closed wallet:
- Experience smooth transactions and seamless refunds.
- There is a feature for sending money to another recipient using the same wallet network.
With the help of an open wallet, users can manage their transactions online. This app collaborates with different bank partners which helps the user to track their entire transaction history.
These wallets offer flexibility to the users to transfer money and make payments at stores anytime.
It is essential for both sender and receiver to have an account on the same application for any payment.
One of the best examples of open wallets is PayPal, which delivers an excellent user experience.
One good thing about open wallets is that these wallets are directly used in third-party applications.
What Is the Cost of Digital Wallet App Development Like Coinomi?
Coinomi is a multichain wallet and can be used on both mobile and desktop. If you are planning of developing a digital wallet app like Coinomi, you need to look out for the cost of developing the same.
Factors Determining the Cost of e-Wallet App Development
1. Platform for App Development
Choosing a platform for digital wallet app development is one of the important factors that determine the app development cost. There are multiple platforms, among which Android and iOS are the two best operating systems that you can go with based on your business requirements and user usage.
The development cost for developing a digital wallet app is between $19,000-$56,000, and if you are interested in developing an app in iOS, it will cost you between $25,000-$55,000 or even more than that, based on the features you want to implement in your app.
2. App’s Design & Size
Digital wallet app’s design and size matter in app development cost. If you want to develop the app by implementing more features, automatically, the app size will be bigger, and it will impact the development cost.
3. Apps Functionality
There are numerous functions that can be integrated into a digital wallet app. For example, some basic functions are integrating secure login, different payment sections, QR code integrations, allowing permission, and seamless money transfer to multiple bank accounts. Certainly, these include some of the basic functionality which need integrating with a digital wallet app.
4. Hosting & Security
It is important for you to decide the space where your app will be hosted. Choosing a good hosting provider and ensuring all your app’s data is stored securely is essential to choosing a good hosting provider.
There are different hosting providers which provide their hosting services at different prices, which are based on the benefits and features they are providing.
Security is also one of the most significant factors in making your users feel that their data is safe when they are using your app. Both the platform, Android and iOS, provide different security in terms of digital wallet apps.
5. App Testing
After the app is successfully developed, it is significant to get your app tested by the QA team. Certainly, this may impact the development cost. The digital wallet app development company may charge you additional to test the digital wallet app in different environments to ensure zero bugs in the app.
6. Maintenance & Support
To make the app run successfully, it is essential to provide timely maintenance and support. Likewise, the availability of timely maintenance and support from digital wallet app development companies can impact your development cost. So, ask the development company you have chosen to provide timely updates and maintenance to ensure your user gets the updated version of the app all the time.
Some of the famous digital wallet apps like Apple Pay, PayPal, etc. are already using the technology. Soon we can see the growth of these digital wallet apps will drastically change. Users will prefer paying online rather than cash or cards. So, hiring a digital wallet app development company will benefit you to get high-performing apps for better business growth.
Most businesses nowadays prefer taking online payments rather than collecting cash, and the main reason behind it is that online and digital payments are more convenient and easy. Indeed, digital wallets are the future of wallet app development and if you are a business owner, you must develop one for your business.
Thus, I hope this post has given you an idea about the cost to develop a digital wallet app similar to Coinomi.