How Much Does It Cost To Build An eWallet App?

Curious about the eWallet app development cost?

In today’s digital economy, an eWallet app has become essential for businesses aiming to stay competitive and cater to cashless consumers.

Whether you’re a CEO, or an already established fintech company, understanding the wallet app development cost can help you decide if it’s worth the investment.

On average, cost to create an eWallet app can range anywhere from $30,000 to $60,000.

However, if you want advanced features—like biometric security, AI-driven insights, or multi-currency support—the digital wallet app development cost can rise significantly, sometimes reaching up to $150,000 or more.

Why such a wide range? Each app is unique in its design, features, and complexity.

A high-quality mobile wallet app development cost depends on these factors, and knowing what to expect will help you budget efficiently and avoid surprises down the line.

In this blog, we’ll dive deep into every aspect of building an eWallet, helping you make an informed decision for your business.

Should You Build An eWallet App in 2024?

Is this the year to jump into the eWallet arena?

With the digital economy surging, building an eWallet app has become more than just an option; it’s a competitive advantage. 

With this being said, here are the reasons to develop an app for startups in this niche:

       1.    Growing Market Demand for Digital Payments

The shift toward cashless transactions isn’t just a trend; it’s a transformative wave.

In 2024, global digital payments are projected to grow substantially, with North America alone reaching an estimated market size of over $3.1 trillion as per market statistics.

This growth is driven by consumers’ preference for secure, fast, and contactless payments.

For businesses, integrating an eWallet can help capture this massive demand and meet modern customer expectations.

Not having an eWallet option could soon become a drawback, as customers increasingly choose platforms that support cashless payments.

       2.    Enhanced Customer Experience and Retention

The convenience of an eWallet goes beyond the transaction itself.

eWallets enable quick, hassle-free payments, which improves the user experience and creates loyalty.

They’re not just wallets—they’re tools that save time, reduce payment friction, and provide a secure environment.

Features like one-click payments, transaction history, loyalty programs, and multi-currency support are particularly appealing to tech-savvy users who expect seamless experiences.

A well-designed eWallet keeps customers coming back, which means repeat business and a stronger relationship with your brand.

       3.    Multiple Revenue Streams and Business Expansion Opportunities

Building an eWallet doesn’t just streamline transactions; it opens the door to various revenue channels.

From transaction fees to premium features like advanced analytics and spending insights, eWallets generate income in multiple ways.

Cross-platform integrations with financial institutions, eCommerce platforms, and loyalty programs also add to the revenue potential.

With the right strategy, an eWallet app can evolve into a hub for financial services that continually engages users and drives profit.

These reasons reflect the fast-evolving market that positions digital wallet development as a powerful, forward-thinking investment.

As digital wallets become a part of daily life, 2024 presents an ideal time to launch your own solution and capture the competitive edge.

Budget Required To Develop An eWallet App

So, what’s the budget required to develop an eWallet app in 2024?

The cost to create a wallet app can vary widely based on the features, platform, and development team you choose.

Here’s a quick breakdown to help you understand where your mobile wallet app development budget might land.

For a straightforward, feature-light eWallet app, you’re looking at a minimum investment of around $30,000 to $60,000.

This budget would typically cover a single platform (like iOS or Android) and essential functionalities, such as user registration, basic security features, and payment processing capabilities.

However, if you’re envisioning an app with robust features—such as multi-currency support, biometric security, cryptocurrency compatibility, and advanced analytics—the app development cost can quickly climb.

For a high-end, cross-platform app with all the bells and whistles, you should anticipate a budget of around $100,000 to $150,000 or even higher.

Here’s a snapshot of how certain key features impact cost to make an eWallet app:

• Basic eWallet App (Single Platform, Core Features): $30,000 – $60,000
• Mid-range eWallet App (Cross-platform, Enhanced Features): $60,000 – $100,000
• Feature-rich eWallet App (Cross-platform, Advanced Features & Security): $100,000 – $150,000+

This budget range can help you assess the eWallet app development project cost and make informed decisions based on the features that matter most to your business and target audience.

Investing in a well-designed, feature-rich eWallet could be a powerful tool for user acquisition and revenue generation.

For a greater cost breakdown, it’s highly recommended that you consult an app development company. They will be able to provide you a custom quote based on app idea.

Factors That Affect eWallet App Development Cost

One of the reasons why estimating cost to make an wallet app is due to factors.

Creating a comprehensive, user-friendly eWallet app involves more than just development—it requires thoughtful decision-making across several areas that directly impact the eWallet app development cost.

Below, we delve into each factor, with a table highlighting its potential impact on overall fintech app development cost:

1. Platform Choice: iOS, Android, or Both

The platform you choose for your eWallet app is crucial.

Developing for a single platform (iOS app development or Android app development) can reduce costs, while cross-platform app development typically increases the mobile wallet development cost by up to 30%.

Single-platform apps are suitable for targeted market launches, but for broader reach, especially in markets like the U.S. where both platforms are popular, a cross-platform app may be ideal.

In any case, here’s a breakdown of platform’s impact of cost to build an eWallet app:

Platform Choice	Cost Impact
Single Platform (Android app development cost/iOS app development cost)	$30,000 – $60,000
Cross-Platform	$45,000 – $80,000 (30% more)

2. Feature Complexity

The scope and complexity of features directly influence the cost of eWallet app development.

Essential features include user registration, transaction history, and payment processing.

For more advanced functionalities, like AI-driven insights, multi-currency support, or biometric authentication, cost to create a digital wallet app rise considerably.

Feature Complexity	Description	Cost Impact
Basic Features	User registration, payment processing	$30,000 – $60,000
Intermediate Features	Notifications, QR code payments	+$10,000 – $20,000

3. User Interface (UI) & User Experience (UX) Design

A capturing UI/UX design is key for user retention.

Basic UI may cover functional design, but advanced UI/UX involves custom animations, modern aesthetics, and an optimized navigation flow.

Investing in high-quality UI/UX increases digital wallet app development cost but can significantly boost user engagement.

Here’s breakdown of UI/UX design cost:

UI/UX Design	Description	Cost Impact
Basic UI/UX	Functional, minimalistic design	$5,000 – $10,000
Advanced UI/UX	Custom animations, modern design, seamless flow	+$10,000 – $20,000

4. Security & Compliance

Security is essential for eWallet apps handling financial data.

Standard security features include encryption and basic authentication, while top-tier security measures (such as end-to-end encryption, PCI DSS compliance, and biometric authentication) require greater investment.

Compliance with local regulations, particularly in the U.S., is also vital, impacting the eWallet development cost.

Security & Compliance	Description	Cost Impact
Basic Security	Encryption, 2FA	$5,000 – $15,000
High Security & Compliance	PCI DSS, GDPR compliance, biometric security	+$10,000 – $30,000

5. Third-Party Integrations

eWallets often integrate with external services like banks, payment gateways, and identity verification systems.

Each integration has a unique cost structure, which can be based on a flat fee or a per-transaction fee.

For instance, integrating with a robust payment processor or adding support for multiple gateways will add to the wallet app development cost.

Third-Party Integrations	Description	Cost Impact
Basic Integrations	Single payment gateway, basic ID verification	$5,000 – $10,000
Multiple/Complex Integrations	Multiple gateways, advanced KYC/AML	+$10,000 – $30,000

6. Maintenance & Updates

After launch, ongoing eWallet maintenance is crucial for security updates, bug fixes, and feature enhancements.

This all impact the cost of developing an eWallet app.

Yearly maintenance ensures your app stays compatible with new OS versions and security standards.

Here’s a breakdown of app maintenance cost:

Maintenance & Updates	Description	Cost Impact
Basic Annual Maintenance	Regular updates, bug fixes	$10,000 – $20,000
Extensive Maintenance	Frequent updates, new features, scaling	+$20,000 – $40,000

This comprehensive look into each factor provides a solid foundation for estimating your eWallet app development budget. Each table illustrates how these choices impact the overall cost, helping you make informed decisions based on your priorities.

Hidden Cost in eWallet App Development

When planning your eWallet app development budget, it’s easy to focus on the obvious expenses like platform development and core features.

However, several hidden costs can add up, impacting your overall wallet app development cost.

Let’s uncover these hidden expenses to help you budget more accurately.

1. Compliance and Regulatory Costs

eWallet apps often handle sensitive financial information.

This means they need to comply with financial regulations like PCI DSS (Payment Card Industry Data Security Standard) and GDPR (General Data Protection Regulation) for users in the U.S. or EU.

These certifications and compliance checks are not one-time expenses and may require regular updates to stay in line with changing regulations.

Thus, adding to the cost to create eWallet app.

Compliance Requirement	Description	Cost Impact
Initial Compliance Setup	PCI DSS certification, legal assessments	$5,000 – $15,000
Ongoing Compliance Maintenance	Regular updates to stay compliant	+$2,000 – $5,000 per year

2. Data Storage and Security Costs

Since eWallets store personal and financial data, secure data storage and management are essential.

While you can start with basic storage solutions, as user data grows, you may need more advanced data management systems or cloud storage.

This can significantly increase the cost of eWallet development over time.

Data Storage Requirement	Description	Cost Impact
Initial Storage Setup	Basic secure cloud storage	$1,000 – $5,000
Scaling and Advanced Security	Additional data servers, encryption layers	+$5,000 – $15,000 annually

3. Server and Hosting Costs

eWallet apps require a stable, reliable backend infrastructure.

Initially, basic servers might suffice, but as the user base grows, scaling becomes essential to ensure fast and secure transactions.

Server scaling can add substantial hidden eWallet app development costs, particularly if traffic or data demands increase unexpectedly.

Server Requirement	Description	Cost Impact
Basic Server Setup	Initial server for moderate user base	$3,000 – $10,000
Scaling for High Demand	Load balancing, additional servers, scaling solutions	+$10,000 – $25,000 annually

4. Customer Support

For an eWallet app, responsive customer support is essential for user satisfaction, especially if issues involve financial transactions.

Setting up customer support, whether in-house or through a third-party service, can be an ongoing expense that impacts your cost to make a mobile wallet.

Support Requirement	Description	Cost Impact
Basic Customer Support	Basic ticketing system, single support agent	$5,000 – $10,000 annually
24/7 Comprehensive Support	Multi-channel support, outsourced call center	+$20,000 – $50,000 annually

5. Marketing and User Acquisition

Building an eWallet app is just the beginning; marketing it to attract users also adds to your eWallet app development cost.

User acquisition involves digital marketing, app store optimization, and possibly initial user incentives.

This cost to make an eWallet and market it is are ongoing if you aim to grow your user base continuously.

Marketing Requirement	Description	Cost Impact
Initial Marketing Campaign	Social media, app store optimization, ads	$5,000 – $15,000
Ongoing User Acquisition	Paid ads, promotions, loyalty programs	+$10,000 – $30,000 annually

By identifying these hidden expenses, you’re better prepared to calculate a realistic eWallet app development budget. Planning for these costs from the outset ensures you won’t be caught off guard, allowing for a smoother development and post-launch experience.

Cost Associated With Development Process – Breakdown

Developing an eWallet app is much like any other fintech app development.

However, each step has certain cost associated with it.

In other words, we can say that, total cost to develop an eWallet app can be divided into each step, giving you a good idea of how it all works.

Here’s a breakdown of the essential phases in eWallet app development, with cost estimates and their approximate percentage of the total eWallet app development cost.

This approach will give you a clear view of how each stage contributes to the final budget.

Planning and Research (5% of Total Cost)

The foundation of any successful app is thorough planning and research.

This phase, accounting for about 5% of the total budget, involves gathering requirements, analyzing competitors, and setting a strategic roadmap.

It’s crucial for aligning the app’s goals with user needs and ensuring compliance with financial regulations.

Estimated Cost: $3,000 – $5,000

UI/UX Design (10% – 15% of Total Cost)

A user-centered design is key to a successful eWallet app, as it impacts engagement and retention.

The UI/UX phase typically consumes around 10% to 15% of the budget.

This includes wireframing, prototyping, and designing an intuitive interface that ensures users enjoy a seamless experience.

Estimated Cost: $5,000 – $15,000

Front-End Development (15% – 20% of Total Cost)

This phase, making up about 15% to 20% of the budget, is where the design turns into a functional app interface.

It involves coding the app’s front end, creating responsive layouts, and ensuring compatibility across devices and platforms.

The complexity of the design will influence costs, particularly if animations or custom transitions are involved.

Estimated Cost: $10,000 – $25,000

Back-End Development (20% – 25% of Total Cost)

The back-end, responsible for the app’s core functionality, generally represents 20% to 25% of the total cost to make an digital wallet.

This includes database setup, server-side logic, and implementing security protocols.

A complex back end is essential for advanced features like multi-currency support or transaction processing.

Estimated Cost: $15,000 – $40,000

API Integration (10% – 12% of Total Cost)

Integrating third-party services, such as payment gateways, banking partners, or KYC verification systems, accounts for about 10% to 12% of the budget.

Each integration requires configuration and testing to ensure seamless connectivity, security, and functionality within the app.

Estimated Cost: $5,000 – $15,000

Testing and Quality Assurance (QA) (5% – 8% of Total Cost)

Testing is essential to ensure that the app is secure, bug-free, and offers a smooth user experience.

This phase, taking up roughly 5% to 8% of the budget, covers functionality, usability, security, and load testing to verify that the app works flawlessly across devices and scenarios.

Estimated Cost: $5,000 – $10,000

Deployment and Launch (2% – 3% of Total Cost)

Deployment, which makes up about 2% to 3% of the budget, involves finalizing app store profiles, optimizing descriptions, and managing the app approval process.

This phase is often underestimated but is crucial to ensuring a smooth, successful launch on platforms like the App Store and Google Play.

Estimated Cost: $1,000 – $3,000

Post-Launch Maintenance (Annual Expense, 15% – 20% of Total Cost)

Once the app is live, maintenance becomes an ongoing expense, generally taking up around 15% to 20% of the total budget annually.

This includes regular updates, bug fixes, and any additional feature rollouts required to keep the app up-to-date and secure.

Without consistent maintenance, app performance could decline, leading to poor user retention.

Estimated Annual Cost: $10,000 – $30,000

Breaking down the eWallet app development cost by phase provides clarity on where the investment goes. Each phase contributes significantly to the app’s quality, security, and user satisfaction, making it essential to budget carefully for a well-rounded, reliable eWallet app.

Popular eWallet Apps & Cost To Clone Them

There are a lot of people who want to “develop an app like”.

Truth be told, half of the best apps in market are inspired from other half. And basing your product off of great existing ones is a good business plan.

Speaking of which when it comes to creating an eWallet app, you might be wondering how much will it cost to develop an eWallet app like xyz, which can be any popular app.

Well, we got you covered.

Here’s a closer look at ten of the most successful eWallet apps, along with detailed insights into their features and estimated cloning costs.

1. PayPal

PayPal is one of the most widely used eWallets globally, trusted for its secure and reliable payment processing and seamless international transactions.

Known for supporting peer-to-peer transfers and robust integrations with major eCommerce platforms, PayPal makes global transactions convenient and secure for both businesses and individuals.

            Multi-currency support, enabling global transactions

            Integration with top online stores and eCommerce platforms

            Secure authentication and advanced fraud detection systems

            Buyer protection and dispute resolution features for safe purchases

Cost to Develop an App Like PayPal: $100,000 – $150,000

2. Apple Pay

Apple Pay offers a high level of security and ease for iOS users, seamlessly integrating into the Apple ecosystem.

With its NFC-powered contactless payments and advanced biometric authentication, it has become a go-to choice for iPhone users looking for fast, secure, and convenient transactions on the go, in-store, or online.

            NFC-based contactless payments for fast transactions

            Secure authentication using Face ID and Touch ID

            Cross-device compatibility within Apple’s ecosystem (iPhone, iPad, Apple Watch)

            In-app and online purchase support with Apple’s privacy protocols

Cost to Develop an App Like Apple Pay: $120,000 – $160,000

3. Google Wallet

Google Wallet offers a simple and secure way for users to send, receive, and manage their money.

Integrated with the broader Google ecosystem, it provides ease of use across various Google platforms.

Thus, making it an appealing choice for Android users who value a streamlined payment experience within Google’s family of apps.

            Simple peer-to-peer transfers with user-friendly design

            Multi-layered security using Google’s authentication services

            Direct integration with other Google services (like Gmail and Google Pay)

            Instant bank transfers and support for card payments

Cost to Develop an App Like Google Wallet: $90,000 – $130,000

4. Cash App

Cash App combines peer-to-peer payments with innovative financial features, making it popular among users looking to manage both payments and investments.

Its unique blend of mobile wallet functionality and options for investing in stocks or cryptocurrencies makes it a versatile tool for personal finance.

            Easy peer-to-peer payments with bank integration

            Investment options in stocks and cryptocurrency trading

            Cash Card integration for direct spending from the app

            Customizable security features, including PIN and biometric ID

Cost to Develop an App Like Cash App: $100,000 – $140,000

5. Venmo

Venmo stands out as a social payment app that lets users share transactions within a social feed, making it popular for social group settings like splitting bills or sharing expenses.

This social twist on peer-to-peer payments has made it highly popular among younger users looking for a more interactive payment experience.

            Social feed integration for sharing payments and transactions

            Options to split bills or request money from other users

            Integration with select retailers for direct payments from Venmo

            Option to link and spend Venmo balance across various businesses

Cost to Develop an App Like Venmo: $80,000 – $120,000

6. Samsung Pay

Samsung Pay offers versatility by supporting both NFC and MST (Magnetic Secure Transmission), which allows it to work with both modern and older payment terminals.

Its advanced security features, combined with the wide range of compatible devices, make it a popular choice among Samsung users.

            Compatibility with both NFC and MST terminals for universal support

            High-level security through Samsung Knox and biometric authentication

            Contactless payment capabilities for various transaction types

            Digital wallet support for managing multiple cards within the app

Cost to Develop an App Like Samsung Pay: $100,000 – $140,000

7. Zelle

Zelle is known for its fast and secure interbank transfers within the U.S., allowing users to send and receive money directly through their banking apps.

As it’s backed by major U.S. banks, it doesn’t require a separate account or third-party wallet, making it a streamlined solution for bank-to-bank transactions.

            Direct integration with bank accounts for seamless transfers

            Instant money transfer within participating U.S. banks

            No need for a third-party account, as funds move directly to bank accounts

            Familiar user interface within bank apps, making it easy for customers

Cost to Develop an App Like Zelle: $90,000 – $120,000

8. Alipay

Alipay is a powerful eWallet app in Asia, particularly China, offering more than just payment services.

It enables users to access a variety of features like mini-programs, in-app eCommerce, bill payment, and more.

Therefore, making it a comprehensive digital lifestyle platform rather than just a wallet.

            QR-based payments for in-store and online purchases

            Integration with mini-programs and loyalty/rewards programs

            Bill payment, booking, and shopping services within the app

            Multi-layer security for secure transactions and user protection

Cost to Develop an App Like Alipay: $150,000 – $200,000

9. WeChat Pay

WeChat Pay is deeply integrated within the WeChat messaging and social media ecosystem, enabling users to handle payments, access services, and enjoy an all-in-one experience within the app.

It’s particularly popular for in-app transactions, QR payments, and social engagement features.

            In-app payments and financial services within WeChat

            Integrated mini-programs for extended services like shopping, booking, etc.

            Secure QR payments for both online and offline transactions

            Social engagement features like red packets for gifting money

Cost to Develop an App Like WeChat Pay: $130,000 – $180,000

10. Revolut

Revolut is a versatile eWallet app with strong appeal for travelers and international users, offering multi-currency support, international payments, and even cryptocurrency trading.

Its financial management tools, budget tracking, and spending analytics make it a favorite for those looking for a full-suite financial solution.

            Multi-currency support with real-time currency exchange options

            Cryptocurrency trading and stock investment capabilities

            Financial management features for budgeting and spending insights

            Card integration for direct payments and ATM access

Cost to Develop an App Like Revolut: $120,000 – $170,000

These overviews provide an estimate of the digital wallet app development cost for creating apps similar to today’s leading eWallets.

Each app’s feature set and unique functionalities drive its development costs, offering a blueprint for planning your own eWallet project.

Let me know if you’d like to proceed to How to Minimize eWallet App Development Cost!

How To Minimize eWallet App Development Cost  

Building an eWallet app can be a significant investment, but there are effective strategies to reduce the eWallet app development cost without compromising quality.

Here’s how you can keep costs manageable while still creating a feature-rich app.

1. Prioritize Essential Features First

First way to minimize cost to build an eWallet is, focusing on core features initially will help you launch a leaner, functional app that meets users’ basic needs.

By prioritizing features like registration, payment processing, and basic security, you can avoid the added expense of non-essential features in the early stages.

Once the app gains traction, you can introduce advanced features through updates.

Cost Savings: Reduces upfront expenses by an estimated 20-30%

2. Consider a Cross-Platform Development Approach

Rather than building separate native apps for iOS and Android, consider cross-platform development using frameworks like Flutter or React Native.

Cross-platform development enables your team to write a single codebase that works on both platforms, reducing the mobile wallet development cost significantly.

Cost Savings: Up to 30% compared to separate native apps

3. Use Third-Party APIs for Common Features

Rather than building custom solutions from scratch, leverage third-party APIs for standard functionalities like payment gateways, KYC verification, and push notifications.

These integrations are usually well-tested, secure, and compatible with a wide range of devices, helping you lower digital wallet app development cost while maintaining quality.

Cost Savings: Potentially 15-25% by reducing custom development efforts

4. Outsource Development to Reliable Regions

Outsourcing development to regions with high-quality talent but lower rates, such as Eastern Europe or South Asia, can help control cost of making an eWallet app

By partnering with a reputable development team abroad, you can save on hourly rates without sacrificing expertise or quality.

Cost Savings: Up to 50% on hourly development costs

5. Adopt an Agile Development Process

Using agile development allows you to develop in sprints, where you can release and test features incrementally.

This approach helps in identifying issues early and adjusting priorities based on feedback, preventing costly rework and ensuring the app’s development aligns with your budget.

Cost Savings: Helps avoid unforeseen expenses, reducing overall costs by up to 15%

6. Leverage Open-Source Software Where Possible

Open-source tools and libraries can be invaluable in eWallet development, offering robust solutions without licensing fees.

For instance, open-source frameworks for security protocols, UI components, or analytics can reduce both development time and licensing costs.

Cost Savings: Up to 10% by using open-source alternatives over proprietary software

7. Plan for Incremental Updates Instead of All-at-Once Development

Instead of building a fully-loaded eWallet app in one go, plan for incremental updates.

Launching with a Minimum Viable Product (MVP) allows you to introduce only the necessary features initially.

As MVP development cost, is usually much lower.

As your app gains users, you can add features based on user feedback, ensuring you only invest in what your customers truly value.

Cost Savings: Helps spread costs over time, reducing initial budget requirements by up to 40%

8. Automate Testing and Use Cloud Services for Scalability

Automated testing can speed up the QA process and reduce manual testing costs.

In addition to this, using cloud services for your app’s backend allows for scalable, pay-as-you-go solutions, reducing the need for extensive server infrastructure upfront and keeping wallet app development costs more flexible.

Cost Savings: Up to 15% on infrastructure and testing costs

By implementing these strategies, you can effectively minimize your eWallet app development budget without compromising functionality or user experience.

Taking a lean approach and carefully choosing development methods allows you to create a high-quality app that meets your users’ needs without breaking the bank.

eBizneeds – Your Partner in eWallet App Development

 When it comes to building a successful eWallet app, choosing the right development partner can make all the difference.

At eBizneeds, we specialize in creating custom digital wallet solutions that are tailored to meet your business needs and designed to appeal to today’s tech-savvy users.

With our extensive experience and expertise in eWallet app development, we help you launch a secure, feature-rich app that enhances user satisfaction and drives engagement.

Our team takes a client-centered approach, working closely with you at every stage to ensure that the app aligns with your vision and goals.

From conceptualization and UI/UX design to back-end development and post-launch support, eBizneeds delivers end-to-end solutions that make the process seamless and efficient.

As a trusted eWallet app development company, we also offer guidance on optimizing your app for cost-efficiency without compromising quality.  

Let eBizneeds be your partner in transforming your digital wallet concept into a powerful, market-ready solution.

Conclusion

 Building an eWallet app is an exciting venture that opens up new revenue streams and keeps your business in tune with the digital age. However, understanding the eWallet app development cost and the factors that influence it is essential for planning a budget-friendly, efficient development process. From selecting must-have features to choosing the right development partner, every decision can impact your app’s long-term success.

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