As the practise of sending and receiving money over the internet has become more prevalent, digital wallets have improved their functionality by adding unique features and user interfaces.
According to Statista, between 2020 and 2025, digital wallet apps such as Apple Pay and Google Pay are predicted to double in popularity in North America. However, the Asian market will continue to be substantially larger. So, if you want to get into this massive industry, you should create a digital wallet software.
This blog will walk you through the entire development process, features, pricing, and tech stack for a digital wallet.
A digital wallet is a software-based solution that allows individuals or organisations to conduct electronic transactions. It accepts credit cards and allows app users to make transactions using their smartphones.
Digital wallets, also known as eWallets, are financial instruments that allow you to store funds, perform transactions, and trace payment history without having to carry a physical wallet.
For organisations, there are various advantages to using digital wallet apps, including:
- eWallet apps offer easy solutions to make payments, such as by scanning QR codes or manually entering registered phone numbers.
- Digital wallets allow feasible transactions on cryptocurrency trading apps.
- It promotes fintech, banks, and various businesses in innovative forte.
- It enhances security in digital transactions via several measures like 28-bit encryption, two-factor verification, biometrics, and voice initiation.
- It showcases financial reports presenting exchanges and deals with financial planning.
- Facilitate frictionless transactions; thus, it can be an effective tool to manage daily transactions.
- It enables easy cancellations and refund processes.
Wallet that is closed
Closed wallets are designed to make payments at a certain store, app, or website. Businesses use these wallets to offer their products or services to their target clientele. A user can only make payments to the wallet's issuer with a closed wallet.
It caters to a small number of people, and returns are saved in the wallet.
Pay at Walmart, for example.
Wallet with a Half-Closure
To use the services of these applications, companies might accept the contract or agreement with the eWallet provider. It makes it simple for merchants and store owners to conduct business at the listed locations
Open Wallet
These are the most commonly used eWallets enabling transactions to a different eWallet using a single platform. However, it is necessary to have user accounts for both the sender and the receiver on the same application.
Examples: American Express, Paypal, etc.
Cryptocurrency Wallet
These wallets allow you to store and transfer cryptocurrencies. As cryptocurrency ownership certificates, users’ public and private keys are stored in crypto wallets.
Cryptocurrency wallets can be categorized as cold and hot wallets based on internet connectivity..
What Is the Cost of a Digital Wallet App Development?
Digital wallet app development cost relies on various parameters like features, business, and the type of services it provides. The eWallet development cost and time might vary based on the features and functionalities of the app. Also, the development style and stages affect the price.
Thus, it would be best if you consider multiple factors to estimate the average digital wallet mobile app development cost.
- The platform on which your digital wallet is built.
- App’s features complexity will also determine the development price.
- The technology stack and tools to create an eWallet.
- The app’s UI/UX is also the development cost determining factor.
- Additional features and screens will increase the app size and cost you more.
- App testing and post-app launch maintenance and support facilities.
- App developers’ location and team size will decide the price of their services.
On average, the price to create a digital wallet on Android may range between $20,000 and $50,000 (and more with additional features). On the iOS platform, this cost may range from $30,000 to $60,000 (and more with advanced features).
Conclusion
eWallets have reformed the market with much simpler and quicker payment solutions. As this market is expected to grow, this might be the best time to invest in digital wallet app development ideas. Mobile wallet app development consists of several stages and procedures, from an app idea to the initial working version.
The digital wallet app market is projected to reach a net worth of $750.3 billion by 2028, with a large audience using these apps for paying in online and offline stores, bill payments, top-up accounts, etc. Therefore, it is best to partner with a development company to bring your ideal eWallet into execution.
EvinceDev offers complete digital wallet app development services with the full-scale creation of an eWallet. Our digital wallet solutions are secure and scalable, developed with regular monitoring and testing networks.
To unlock the largest of benefits and profits, businesses are continuously increasing their focus on mobile app marketing for better sales and monetization through the app.
For any product to create a buzz in the technology business space, features, shout outs and appeals in credible magazines, internet resources can help a great deal.
But all-around social media coverage means that you are focusing on social media platforms where the majority user base overlaps with potential, most probable customers.
Experiential Marketing, Humane Content Creation
Creating friendly content and highly relatable user stories is one of the most effective ways of drawing customer attention towards your mobile app and blowing the much-needed hype.
When a mobile product is effectively publicized, people are bound to turn off with queries and opportunities to gain effective UX.
Check the guide to successful analysis of mobile app needs and features.
Here are some benefits that you can yield from the solution on the whole.
Savvy businesses are aware that having a web presence of their business is not enough to remain competitive in the market. If you are not leveraging on mobile app, then you will be leaving a lot of money and opportunity on the table. According to statistics, 80% of the internet users own a smartphone and more than 25% consumers use a branded app for mobile research. They prefer to access the internet through their mobile devices. So, for all the business owners out there, it is time to create an app for your business so that your consumers can easily get connected over their hand devices and reach out to you for the services or products.
But what does this mean for the mobile app developers? More work and more projects in iOS, Android and mobile web? But there are few other things that you should also be prepared for. Today, business owners are moving to mobile. So, be ready to answer their questions during the interview with the hiring manager.
Here are some questions that they might put up before you before they hire you to develop your app.
Can you show some examples of mobile apps that you have created?
While facing clients looking for mobile app development partnership, mobile developers should come prepared to show their past work as well as some ongoing projects because this will indicate what you can contribute to the clients in case they hire you. The customers will always try to get an idea of what you have developed in the past and try to determine the technologies that you have worked on. Your work will also help them judge your skill set and experience and help them take a decision whether you are the best or not.
A thorough study of the portfolio will act as the best guide for understanding the quality of work that you provide. Repeat clients, result based facts and figures also reveal the real picture that will help to gain trust.
What are your core services?
Mobile app developers are the ones who are responsible for creating the app from the scratch and deliver it to the customers. The client company might ask you about your core services just to know whether you offer a full package to complete all processes from offering business analysis to developing modern and high quality app. You should be prepared to answer them and show your expertise in delivering customized projects that require working with modern app development frameworks and tools.
What is your app development process?
It is important to know about how the service providers will operate in the most crucial time. It is important for you to remain prepared about your development process and the strategies that you will adopt in case some unexpected problems arise. Be prepared to explain the methodologies that you would follow while building the application. This will help to gain reliability and also respond to any challenges that can be produced during the development process. Business owners usually prefer to choose agile development as it is a better approach and helps to make essential changes even during the development process.
What is your checklist for testing an app before launch?
Mobile app developers are responsible for creating the app from the scratch and delivering it to the customers. Your client may ask you about your app testing approach before the final release. Are you responsible only for creating an app or would you perform a comprehensive testing to confirm any errors or bugs in it? Anticipate these questions and prepare your answers as a test will require large beta groups, app updates, bug fixes and also the submission process to get the app into the store. Showing complete awareness of the entire process will help to impress your client as a dedicated mobile app developer.
Do you have any rewards, recognition or client references?
Any reliable mobile company will be able to show some awards and recognitions by top ranking organizations, magazines or media. Look out if your developers and designers have been credited anywhere on the internet and also ask your clients to share their views and recommendations on social media or YouTube. You can use the client's testimonials to prove your credibility and also give their references so that your clients can directly take a feedback from them.
What is your preferred communication means during the app development process?
Since app development requires good collaboration between the client and the team, your client may want to know the means of communication with the developers and project managers throughout the development process. Be prepared and be very clear about your work style and communication means and how you will update your client about the work proceedings. If you prefer video conferencing meetings or emails, make sure to convey the preferences to your client so that they can be well prepared to work with you.
How do you calculate the app pricing?
Since making a business mobile app is a big investment and you cannot usually overlook the expenses, it is important to plan your budget beforehand. Your customer may ask you about the time and money that they will have to spend on the mobile app. So, make them understand the billing procedure and any other extra claims that you might charge while creating the app. Don't overprice and be alert of all the expenses and maintain a proper invoice for each assignment.
The desire to start working with new clients on their app is understandable, but keep in mind that developing an app is a lengthy process and it is very important to gain the trust of your client regarding reputation, reliability and credibility. It is only then that you will be able to capture a wider market and enjoy growth in your business.
