Are you a founder, a product manager, a FinTech company, or an executive from a financial institution with a desire to build an e-wallet application?If you gave a positive answer to this question, then read this for all you need to know about creating an e-wallet app from scratch.In this article, we’ll touch on the following points:What is a digital wallet application?Basic information about e-wallet startups;A step-by-step guide to building your e-wallet product;How much does it cost to create a digital wallet mobile app;How to find a reliable FinTech development partner;And more!If you prefer visual to text, then go straight to the bonus infographic “How to develop mobile wallet application”.Let’s get straight to the point.Why Every Fintech Startup Develop an E-wallet AppTake a look at some statistics suggesting why you should own an e-wallet:It is estimated that the market for e-wallet will enjoy a 28.2% CAGR, representing growth from $1 trillion to $7.5 trillion in 2027.
This CAGR reflects the opinions of many that mobile payment apps have a high adoption rate by new users.A 2021 study by FIS shows that the use of e-wallets at the point of sale (or POS) has increased by 19.5% in the past one year.The global e-wallet money transfer industry is expected to be worth $2.1 trillion by 2023.66% of Americans consider e-wallets as the most convenient option for financial transactions.To avoid just dry numbers, let’s look at a real-life example of mobile app development in the e-wallet niche.Example to Learn From: RevolutA company that has excelled in this industry within a short time frame is Revolut.Revolut is a financial technology company with an e-wallet app that helps users gain more from their money.Although the startup launched in 2015, it currently has 4.5 million users worldwide and is valued at $1.7 million.Revolut is the perfect example of how fast a FinTech startup can grow with an e-wallet application to make payments, and then transform it into a super app, an all-in-one service provider with a bunch of different financial services.We hope that you and we now have the same understanding of the market reasons for launching a new wallet app.Let’s take a look at the cost of developing an e-wallet application.What’s the Cost of Developing an E-wallet App?The cost of e-wallet app development varies from $45,000 to $250,000.The required budget depends on multiple developmental factors such as the number of integrations, complexity of workflow, and type of the development team.Beyond these developmental factors, the design and discovery phase also has a role to play in determining the overall app cost.Step-by-Step Guidance in E-wallet App DevelopmentHere are the steps to follow in developing your e-wallet.
Let’s go through the details of creating an e-wallet app from scratch.Step 1: Discovery PhaseThe discovery stage is the first step in developing an e-wallet.
This stage is designed for the development team to understand the concept, audience, and market of the future application.This will greatly reduce the risks of creating a useless product, and help plan the budget for the design, development, support, and promotion of your FinTech startup.In turn, the discovery phase consists of sub-steps that are incorporated into the overall development process, namely:Idea validation.
It’s a conceptual design that guarantees that every user has the most remarkable experience achievable while using your app.Create a project blueprint.
This will help create a useful product that your users will love.It also allows you to see the weak points of the existing concept and plan with the development team on how to improve it.Now let’s look at some specific key points to consider during the project discovery phase of your e-wallet app development.Point 1.