eWallet App Development Cost: A Detailed Overview

eWallet App Development Cost: A Detailed Overview

The banking and financial industries were forced to convert most products and services into digital formats. Most financial companies began to offer various digital solutions for various purposes. All financial companies aim to attract more customers, remain in demand, and provide convenience for modern consumers. The COVID-19 Crisis accelerated the digital transformation process and made it possible. Statista states that digital and mobile wallets accounted for 29% of transactions in physical stores worldwide. This number is expected to rise to 39% by 2024. According to researchers, the market for mobile wallets is expected to reach $72 million by 2022. The researchers also predicted that market revenue would reach $142 million by 2028. This will grow at a CAGR of 12.0% over the forecast period. The most well-known US Banks are moving away from tap-and-pay cards and towards digital wallets to increase customer loyalty and make their services easier. Globally, digital wallets are expected to increase by 70% by 2025.

Many famous services, such as Google Pay, Apple Pay, PayPal, and Samsung Pay, are working to bring new digital solutions. This seems to be boosting the industry and speeding up the process. Experts also believe that by 2025, mobile commerce will account for almost 80% of e-commerce. Our guide will help you understand about eWallet app development services and the eWallet app development cost.

What Are Mobile Wallet Mobile Apps?

While an ordinary wallet may be filled with many cards and cash, eWallets allow users to store their card details and make payments by scanning a QR Code or entering the recipient's number. Money is deducted directly from the user's account and transferred to the payee's bank account. It has streamlined the process and allowed people to make quick money transfers. Remember when you could add a payee via online banking to your bank account? Adding a payee to our bank account used to take a long time. We had to enter OTP codes multiple times and wait an hour before transferring the money to them. Payments can now be made in a matter of seconds with a few clicks. It is a great thing that eCommerce has evolved. Both go hand-in-hand. If you've been considering it, now is the time to invest in an eWallet for your business. The user can still make payments if they don't have their wallets on them or leave them behind at home. Nothing can stop them from shopping if eWallets are installed on their mobile phones. Most outlets, companies, and stores accept digital payments via these apps instead of cash.

Also Read: Top 10 Trending Mobile eCommerce Apps That Will Dominate in 2023

The Uprise of Mobile Wallet Apps in Recent Years

Digital wallets have become popular over the past few years as more people shop online and on mobile devices, and retailers accept digital payment methods. The increasing use of mobile devices to shop online has driven the interest in digital wallets. You can easily buy anything on your smartphone or tablet with digital wallets. Users can also access their payment details from any device with an Internet connection if needed. The popularity of electronic wallets has also been boosted by the rapid growth of e-commerce and the acceptance of digital payment methods among retailers. Digital wallets are now accepted by many retailers as a payment method, allowing consumers to purchase online or in person. The COVID-19 pandemic is also worth mentioning. In the last two years, we have seen that many everyday tasks can be completed without leaving home, including shopping, bill-paying, and money lending. With the rapid growth of digitalization, electronic wallets have received their attention. Digital wallets are becoming increasingly popular among consumers and retailers due to their convenience and security.

Types of eWallet Applications

Not all wallets are the same. We'll quickly discover that all apps' functionality and application areas are quite different. Let's take a look at the most popular mobile wallets.

Open-Loop/Closed-Loop Mobile Wallets

These wallets are also called open or closed to simplify their names. They differ in terms of where they can be used. Closed wallets are those that you can only use at specific locations. Walmart, Starbucks, and 7-Eleven serve as perfect examples. These apps can't be used to pay for Amazon Prime or rent. They do this to give their customers greater flexibility and benefits when purchasing products from a particular company. In this case, a mobile wallet serves as a company's storefront and helps strengthen customer relationships. Open digital wallets allow you to add any number of cards and link different bank accounts. But most importantly, you can pay for whatever you want. Google Pay and Venmo are two examples of wallets that allow you to add multiple cards (credit/debit, gift cards, etc.) and bank accounts. You can then use this wallet to pay for Uber, utility bills, or virtually anything.

Which type of digital wallet should you choose if you want to create one? It depends on the business model you have and what your customers want. A closed wallet may be the best option for retailers who want to increase customer loyalty and streamline their shopping experience. However, remember that it will only allow you to accept payments for your products or services. An open wallet will work if you want to be the universal payment solution. The wallet is more versatile because it allows users to store information about multiple accounts from card issuers or bank accounts. It also brings with it more regulation and competition between wallet providers.

Mobile Bank Extensions

It's challenging to imagine mobile banking apps without wallet features. We can use these apps to fund our cards, transfer money, and make payments. The wallets have a lot of features but are limited to the services provided by one bank. The line between traditional banking and payment apps is increasingly blurred due to the rapid growth of the digital wallet market. It's essential to understand this change and adapt your user interface if you are looking to create a digital wallet. Transforming your digital wallet into an integrated finance hub will allow you to provide users with one-stop solutions for their financial needs. This includes everything from managing investments to making payments.

Crypto wallets allow us to store, transfer, and buy cryptocurrencies. This is the first step anyone must take to trade or invest in crypto. Most crypto wallets started on the web because it's where blockchain technology was developed. But more and more are moving to mobile devices -- since that's where users spend most of their time. Digital wallets are no longer limited to simple money transfers. As digital finance continues to evolve, they have become more complex. Major institutions are recognizing the potential of digital wallets to increase customer engagement and streamline operations. Now that more traditional banks are entering this market, could crypto-wallets be the next significant innovation in how we interact and manage our money? Only time will reveal.

Transaction Methods in Digital Payment Apps

As eCommerce has become a popular way to shop and order essentials, and as people have grown more dependent on it in general, eWallets are also a result. Today, there are many ways to make payments online. Let's discuss these methods in detail:


This is a chip less, contactless mode of payment. In this case, one does not need to touch anything else but must be close enough so that the pay pad of the receiver can read his device. Payment can be made by reaching out three to four inches. The technology may not be present in older smartphones. Still, it is being integrated into the latest phones to eliminate future contact between users and sellers.

Mobile Wallets Applications

We have already discussed the features, technology stack, team, and eWallet app development cost in detail. Google Wallet, Cash App, and Due are some of the best eWallets to change how you do transactions. They include Samsung Pay, Android Pay, Pay, Alipay, and Venmo.

Payment Methods Based on Sound Waves

It allows you to complete a transaction using sound waves from your smartphone. This feature can easily be added to any device, including smartphones, feature phones, card swipe machines, etc.

Must Read: Benefits of Mobile Application For Your Business in 2023

Internet Banking

Have you opened a bank account with a major bank in your country? You might also have Internet Banking. This method has been in use for several years. In recent years, almost all banks (national and international) have adopted online banking. In this type of payment, users must add the payee correctly by adding their full details. Second, they receive an OTP to their phone that allows them to add the payee. They then have to wait a few days or weeks for the payee to be added to their list.

Direct Carrier Billing

This payment type is easy to use and primarily used by those in less developed areas with few online payment methods. You can ask the seller to add the amount directly to their monthly phone bill.

Overview of the eWallet Mobile Application Development

Without facts, words are meaningless. Without proof, we can claim that the digital wallet industry is booming. Here are some numbers that support our claims.

  • According to The Financial Brand, by 2025, digital wallets will represent 52.5% or more of the total value of all e-commerce transactions.
  • Grand View Research's report states that the global eWallet market is worth $6.2 billion in 2020 and will grow at a CAGR of 27.4% between 2022 and 2030.
  • According to Marqeta, 75% of US consumers, UK consumers, and Australians use digital wallets when making payments.
  • PYMNTS reports that in the US, the most popular categories of e-wallets are groceries (53.3%),fast food (20.6%),gasoline (19.6%),clothes (17.5%),and health care (12%).
  • The most popular mobile payment apps are Apple Pay, Google Pay, and PayPal.
  • According to IMARC, by 2024, the global mobile payments market is expected to reach $3 trillion.

Step by Step Process to Build an eWallet Application

We have now reached the most exciting part of this article. Let me walk you through the creation of a digital wallet project. Here are the steps we take at JPLoft for eWallet app development solutions. Contact our team if you have questions or want a consultation on your digital wallet. We will be glad to assist you.

Define your Goals and Features

To create a digital wallet, you must first define your goals and desired features.

  1. What is the purpose and use of your digital wallet?
  2. Who is your target audience?
  3. What will the features be?

Will your digital wallet, for example, allow users to store different currencies, pay merchants and send money to others? Before moving forward, it's crucial to understand your goals and features. This will allow you to determine the technology and resources required to build your digital wallet. Select A Platform and Technology Next, you will need to select a platform for your digital wallet. You have several options, including iOS and Android solutions and web-based ones. You must also select a programming language, such as Java or Swift. It's crucial to consider your audience and their devices when selecting a platform or technology. Suppose your audience is mainly using iOS devices. In that case, creating your digital wallet app as an iOS application is a good idea. This is an example of what can happen if you don't take product discovery seriously. You could end up with a product that doesn't fit the market and incurs huge costs.

Create a User Interface

After you have selected your platform and your technology, the next step is to create an interface (UI). The front end is your digital wallet, and it's how users will interact. Consider that 52% of users believe a bad mobile experience makes them lose trust in an application. It's essential to hire an experienced UX/UI designer. Your user interface should be intuitive and simple to use. Users should be able to access account information quickly, make payments, and transfer funds. Consider a minimalistic design that includes clear and easy-to-understand icons and buttons.

Integrate Payment Gateways

Next, you will need to integrate payment gateways in your digital wallet. Payment gateways enable users to pay with their bank account, credit card, or debit card. Payment gateways include:

  1. PayPal;
  2. Stripe;
  3. Braintree.

You should choose a payment portal that is reliable and secure since users will be trusting their financial data with your digital wallet.

Implement Security Measures

Digital wallets are no exception. Security is always a priority for fintech apps. You'll have to implement several security features to protect user data and prevent fraud.

  1. Implement two-factor verification, which requires that users enter a second authentication form, such as an SMS code, before accessing their account.
  2. Use biometric authentication such as fingerprints or facial recognition.

Face ID is insecure on Android and can be easily hacked. If you want to create a digital Android wallet, I recommend using fingerprints instead.

Launch and Test Your Digital Wallet

It's crucial to test your digital wallet thoroughly before launching it. This will ensure that it is working correctly and user-friendly. It's essential to test for security flaws, usability, and performance. You're now ready to launch the digital wallet. This is the hardest part of building a digital wallet. You should be prepared to deal with any bugs or crashes that may occur in the first few weeks. After things settle down, you can maintain your app. You can collect feedback, make constant improvements, and release new versions.

Must Have to Be Included With eWallet App Development

You must consider the features you want to include in your digital wallet application. Digital wallets are becoming more and more popular. Users expect not only secure transactions but also an array of other functionalities. 

, Registration, and Onboarding

Your wallet needs to be able to welcome new users in a friendly way, just like any other mobile application. Registering a user via their phone number will help them with the two-factor authentication in the future as they use the app. You can also use social authentication methods like Facebook and ask for the phone number. Consider a simple way to allow users to enter their card details and other information.

Biometric authentication

Prioritizing security for users is essential when creating a digital wallet application. When developing mobile wallet apps, biometric authentication is an important feature. This method verifies identities by using unique biological characteristics. This technology is essential for building an electronic wallet system because it enhances security, provides a seamless experience, and improves user experience.


Wallets are where we store our money to pay for things. Any mobile wallet must provide a simple way to pay for goods and services. You'll also need to provide a means for mobile wallet users to send and receive funds.

Transaction History

All payments should be stored in an intuitive and easily accessible history of transactions. This section could be improved by adding search, sorting, and filtering options.

Multi Currency Support

Multi-currency support is a great way to expand your audience when creating a digital wallet. This feature allows users the convenience of managing different currencies on one platform. Multi-currency support during eWallet app development is essential, making your app more user-friendly and versatile.

Budgeting Tools

It may seem that budgeting is a task for an app. A mobile wallet can also provide more value by showing customers how much money they spend in different categories and providing advice on optimizing their spending.


It is common for closed wallet apps to serve specific brands, such as 7-Eleven and Starbucks, to display products available for purchase right within the app. You might also have affiliate partnerships to sell the products and services your audience enjoys.


Imagine the customer ordering a bonus card or a cashback from your wallet. These bonuses (or the cashback) may need their screen, with an overview of the balance, etc.


Money is a tool for socializing. Some e-wallets like Google Pay design their wallets around the relationships between users and other people or businesses. It's convenient to send money and chat in the same place.

Crypto, Investment, and Other Advanced Features

Last but not least, you should leave room for unique features. Other digital wallets have features like bill splitting, crypto trading, and investing.

Cost of Developing an eWallet Mobile Application: Factors to Consider

You've decided to create a digital wallet. Budgeting is crucial to preparing for a lengthy and complex development project. Many factors will determine the amount of cash you'll need, and whether or not there are ways to reduce eWallet app development cost. Let's look at the most important.


The team's composition will influence the cost for developing eWallet application. A team with more members or with specific technical knowledge may cost more, which is an important consideration when estimating eWallet app development costs. Team members could include:

  • Software architect
  • Backend engineer
  • Frontend Engineer
  • QA engineer
  • Project Manager
  • Business Analyst
  • UX/UI designer

Here are some options you can choose from for the team composition of your app. The team members you choose will be based on the features you plan to implement.

  • Small team: This team comprises one to three software developers, a designer, and a project leader.
  • Medium-sized team: This team comprises four to six engineers and up to two designers. It also includes a project manager, business analyst, quality assurance engineer, and a project coordinator.
  • Large team: A team with more than eight engineers, two or three designers, a project manager and business analyst, and a team of testers and quality assurance specialists is called a large team.
  • Specialized team: Comprises a group of experts in specialized technologies and fields such as blockchain or cryptography.

You should keep in mind that ongoing costs are associated with maintaining and updating your app, providing customer support, and dealing with unexpected problems. Consult us for a more detailed estimate and to understand your budget better.


The location of the development team can significantly impact cost. In general, eWallet app development cost will be lower in places where salaries are lower. The hourly rate can also vary between teams in the same area. Here are some rough estimations of the eWallet app development cost based on where the development team is located:

  • Australia: $120,000
  • United States: $200,000
  • Western Europe: $140,000
  • Eastern Europe: $90,000
  • Asia: $55,000

Tech Stack

There are several technologies used by most teams when developing digital wallet apps. These technologies will give you the flexibility and scalability that you need. These technologies include:

  • iOS: Swift, Objective-C
  • Android: Kotlin, Java.
  • Cross-platform development: React Native, Xamarin, Flutter
  • Backend: Python, NodeJS, Go
  • Database: MySQL, MongoDB, PostgreSQL.
  • Security: TLS/SSL and token-based authentication
  • Payment gateways: Stripe, Braintree, PayPal
  • Cloud Infrastructure: AWS GCP Azure

The technology stack chosen, including eWallet app development cost, will be determined by the requirements of the project and the goals set forth by the development team. Some projects will require additional services or technologies to be added to the stack. For example, blockchain or chat solutions. The cost will vary depending on which tech stack you select.

Third-Party Integration

Third-party integrations significantly impact the development costs of digital wallets, as integrating additional services requires more resources and development work. To integrate an online payment processor with a digital wallet, you must create custom APIs and other software to communicate between the two systems. Suppose you want to build a loyalty platform or rewards program. In that case, you must write custom code to ensure both systems can share and communicate data. These integrations are priced differently depending on their complexity, the custom development required, and the charges charged by third-party providers. To maintain the integrity of the integration, you may need to pay for ongoing maintenance and support.

Designing and UX

To create a user interface and experience (UI/UX),it is essential to understand the needs and preferences of users. It also involves designing an interface that is easy to use and visually appealing. Finally, the experience must be consistent across devices and platforms. Wireframes, prototypes, and visual design mockups are usually created first, followed by extensive user testing. This ensures that the interface is engaging and effective for users. The entire platform/website will be drawn, along with the design system. The cost to design and implement a high-quality UI/UX, including eWallet app development cost, can vary depending on its complexity, the time and resources needed, and the required level of expertise. The app development process is more time-consuming and expensive regarding high-quality designs. They also require the expertise of designers and developers. A primary eWallet app development cost is around $ 25,001 to $ 50,001. However, a more advanced e-wallet with advanced features will cost between $90,000 and $150,000.

Cost Of Building eWallet App for Android

The cost of the basic app, with its basic features, can range from $ 20,000 to $45,000. And for an advanced app, it could be between $ 80,000 to 150.000.

Cost Of Building eWallet App For iOS

Basic apps with basic features can cost between $ 25,001 to $ 55,001. Advanced apps could range from $100,000 to $150,000. The pricing for the apps has been mentioned above. It may differ depending on factors such as:

  • Geographical location
  • The app is built by a team or an agency.
  • Complexity of design
  • The app must include a certain number of features

The Key Takeaway

Do you still dream of developing a mobile wallet application? You should contact app developers and begin working on the project immediately. Hire eWallet app developers and sit down to think about all the features you would like to have in your app. The best team will help you create an outstanding application. Developing an eWallet app can be a complex endeavor, and understanding the eWallet app development cost is crucial. It involves several stages and processes which gradually lead you from a simple idea to implementing the first version. The current market shows that mobile wallets are set to grow. Now is the time to implement your idea and reap the benefits. Please contact us for help with digital wallets. eWallets are a boon to the economy and financial sector of many countries. PayPal, Google Pay, and Paytm have changed how people buy products and transact on the market. You can build an app that is similar to PayPal. It is now your turn to invest in eWallet app creation. You can get better results by hiring a mobile app developer to create an eWallet.