How Much Does It Cost to Build an eWallet App?

Are you planning to launch the next big digital wallet but are confused about the cost of ewallet app development? Did you know? Many businesses jump into development without a clear budget plan and end up paying the price.  

Take PayTango, a U.S.-based biometric wallet startup. Despite early traction, it failed due to limited funding and lack of market readiness. On the other hand, Venmo started with solid planning and is now one of the most trusted platforms in the U.S. 

Now you might ask- how much does ewallet app development cost? The average cost of ewallet application development will range from $15,000+ to $80,000+, based on functionality, user experience, and integrations.  

If you are a startup or a growing brand looking into e-wallet development, this detailed post will take you through everything you need to know about the ewallet app development and its price with expert insights from Vrinsoft Technology, the professional e-wallet app development company in USA.  

Let's get started. 

What is e-wallet App Development? 

E-wallet app development is a process of developing digital payment applications that allow users to store, manage, and transfer money using their mobile devices. 

Digital wallet app development allows for secure transactions, bill payments, fund transfers, and the storage of cards or loyalty points.  

The development process includes several key steps-defining product goals, designing user-friendly interfaces, integrating strong security measures, and ensuring compliance with regulations.  

Specific tasks within this process consist of-

• Conducting market research 
• Designing the user interface and experience (UI/UX) 
• Developing both the backend and frontend 
• Integrating payment gateways 
• Conducting thorough testing 
• Deploying the app 
• Providing ongoing maintenance. 

E-Wallet Market- Key Stats and Facts

According to a report: - 

• The E-Wallet Market size is projected to grow from USD 124.6 billion in 2024 to USD 590.2 billion by 2032.  
• It will further exhibit a compound annual growth rate (CAGR) of 22.10% during the forecast period from 2024 to 2032.  
• The key drivers fueling this growth include the increased adoption of contactless payments and the faster transaction processes compared to cash transactions. 

How Much Does It Cost To Develop an eWallet App?   

The average price to develop an ewallet app will range from $15,000+ to $80,000+, depending on various factors.

Here is an estimate of the overall ewallet app development cost: -

• Basic e-wallet app ($15,000 - $35,000)  
• Mid-level e-wallet app ($35,000 - $80,000)  
• Advanced e-wallet app ($80,000+)

Key Factors Influencing The Price of ewallet App Development

Given below are some of the important factors that affect the cost of ewallet app development. These include: -

• Number of Features and Functionality  
• Platform Choice (iOS, Android, or Both)  
• Complexity of UI/UX Design  
• Security Measures & Compliance  
• Backend Development & Infrastructure  
• Third-Party API Integrations  
• Development Team Location and Expertise  
• Testing and Quality Assurance (QA)  
• Post-Launch Maintenance and Updates

What Type of Businesses Should Develop an e wallet Application?

Businesses that handle frequent transactions or aim to improve customer experience should consider developing an e-wallet application. E-wallet app development simplifies payments, improves security, and provides valuable data insights.

• Retail and eCommerce businesses can benefit from digital wallet app development by offering seamless checkout experiences, reducing cart abandonment rates, and ultimately increasing sales.  
• Financial services, such as banks and fintech startups, can utilize custom e-wallets to offer secure, multi-currency accounts, facilitate bill payments, and enable internal transfers.  
• Hospitality and travel companies can accelerate transactions and implement loyalty programs through integrated wallets, developed by a leading e-wallet app development company which helps improve customer retention.  
• On-demand services, like ridesharing and food delivery, allow for quick, cashless payments and refunds with proprietary wallets.  
• Marketplaces and platforms that manage multiple vendors or users can streamline payments, commissions, and payouts with an e-wallet solution. 
• Subscription-based businesses can automate recurring payments and provide flexible billing options through an ewallet app for iPhone. 
• Businesses looking to expand internationally can also use e-wallets to accept payments in various currencies, thereby reaching a wider audience.

What Are the Benefits of Developing an e-wallet App?

E-wallet apps are revolutionizing the way individuals manage financial transactions by providing a secure, efficient alternative to traditional payment methods.  

Ewallet app development benefits both users and businesses by simplifying payments and improving overall financial management.  

Some key benefits of digital wallet app development are: - 

1. Greater Convenience 

E-wallets consolidate multiple payment methods into a single app, eliminating the need to carry cash or physical cards.  

Users can make payments, transfer funds, and check their balance in seconds with just a few taps. 

2. Improved Security 

Advanced encryption, biometric authentication, and tokenization help protect sensitive financial data, making ewallet mobile app development more secure than physical wallets or cards.  

3. Fast and Efficient Transactions 

Digital wallets facilitate rapid payments, reducing checkout times both online and in-store.  

Such efficiency is particularly beneficial for busy consumers and merchants.  

4. Real-Time Expense Tracking 

E-wallet apps provide detailed transaction histories and budgeting tools that allow users to monitor their spending and manage their finances more effectively.

5. Global Accessibility

With internet connectivity, e-wallets can be used anywhere in the world, supporting international transactions and making them ideal for travelers and global businesses.

6. Integrated Rewards and Offers 

Many e-wallets include loyalty programs, cashback offers, and discounts, which encourage user engagement and repeat transactions.

7. Cost Efficiency

E-wallets often lower transaction fees for both users and businesses by bypassing traditional banking processes and minimizing the need for physical infrastructure.

How Vrinsoft Will Help You Develop a Profitable E-wallet App?

Choosing the right partner for mobile wallet app development can directly impact the success and revenue of your product. Vrinsoft Technology brings over 15 years of proven industry expertise, backed by 2K+ projects completed, 900+ clients served, and a team of 200+ skilled professionals.  

Beyond just writing code, we also offer custom ewallet app development services built around performance, security, and scalability. As a top e-wallet app development company in USA, we combine deep technical know-how with business-focused strategies to help you build a product that delivers real results.

From payment integrations to intuitive UI/UX, we provide complete mobile app development services in USA.

Explore our portfolio and see how our solutions have created measurable impact. 

“Profit starts with the right product’’. 

Get in touch with us and together let's develop an ewallet app for your users and your growth. 

Start Your FREE Conversation  

India- +91 72279 06117  

USA- +1 747 228 3878 

Email- sales@vrinsofts.com

FAQs on e-wallet Application Development

Q: Can I integrate an e-wallet app with other payment channels?

A: Yes, you can integrate an e-wallet app with other payment channels, such as Apple Pay, Google Pay, and various payment gateways, using APIs and SDKs for smooth transactions and user experience. 

Q: What are the benefits of an e-wallet app for my business?  

A: E-wallet apps increase sales, improve mobile conversion rates, offer convenience, enhance security, and help reach more customers by enabling fast, contactless, and secure payments across multiple locations and devices. 

Q: How much does an e-wallet cost?  

A: The development cost of an e-wallet app usually ranges from $15,000+ to $80,000+, depending on factors like team location, app complexity, and required features. Simpler apps may cost less, while advanced features increase the budget.  

Q: How long does it take to develop an ewallet app?

A: Building an eWallet app usually takes 3 to 8 months, influenced by the complexity of features, design, integrations, and size of the development team 

Q: How to reduce the development cost for an ewallet app?

A: To reduce development costs, prioritize essential features, start with a Minimum Viable Product (MVP), use cross-platform development, and choose an experienced and efficient development team.