The first question that arises in every business owner’s mind is- how much does it cost to develop a digital wallet app like PayPal?
The digital wallet app complexity has a great impact on the overall app development cost, including other factors, like the complexity of UI/UX design, the number of platforms to be developed, and more.
Creating a budget-friendly eWallet app is every entrepreneur’s concern, and that is why they often consult a wallet app development company to get the estimated cost price.
The blog has discussed the digital wallet app development cost based on different phases and the factors influencing the overall cost estimation.
eWallet App Development Cost For Different Stages
Here is a look at the development costs at different stages:
Discovery Phase
Begin the digital wallet app development process by defining your app’s ideas, vision, objective, and goal. The discovery phase includes competitor analysis, market research, and app prototyping, and the cost varies at every step. For instance, the app prototyping phase can alone range from around $4,000.
You can even identify the ongoing market trend or technical requirements to meet your digital wallet app expectations. The average cost of the discovery phase can range between $15,000 to $20,000, and it may vary based on the app’s complexity.
Start the App Development Process
After discovering the digital wallet app ideas, business owners can finally begin with the eWallet app development process with the help of a well-established wallet app development company.
In this stage, business owners will pick a suitable platform as per their app project requirement to reach the targeted audience. The average app development cost for Android and iOS platforms will vary and can range between $50,000 to $1,70,000. However, the more features you would like to add to your eWallet app like PayPal, the cost is likely to increase.
App Security
A digital wallet app security is every business owner’s concern because it builds users’ trust that later creates a loyal customer base. Entrepreneurs are more likely to spend between $70 to $320 per month maintaining the eWallet app security.
As a business owner, it is your responsibility to create a secure digital wallet app for your targeted users.
You can enable them to trust your app with their personal information, like a phone number or credit/debit card details. As a result, you can start practicing different security checks in advance.
Mobile App Testing
Another factor influencing the digital wallet app development cost is mobile app testing. However, investing in app testing is crucial because it focuses on improving the app’s performance by eliminating bugs or glitches.
The quality assurance (QA) team conducts app testing by following a proper technique to ensure the digital wallet app’s reliability, stability, and usability.
The app testing cost is directly connected to the overall digital wallet app’s functionality. However, the average eWallet app testing cost can range between $5,000 to $10,000.
Post App Launch Maintenance
If you want your digital wallet app on the user’s phone for a longer time, ensure post-app launch maintenance. You can keep an eye on the emerging trends or the upcoming versions of Android and iOS platforms.
On average, the eWallet app maintenance services can cost about 20% of the overall app development cost. For instance, if the eWallet app development cost is up to $100,000, you have to pay around $20,000 yearly for maintaining your app.
Also, focus on upgrading the app’s design to attract new users and keep them hooked.
What Is the Cost to Create an eWallet App?
When you reach out to a digital wallet app development company, the chances are high that the agency will not directly inform you of the exact cost of the digital wallet app.
The company’s project manager will understand your app requirements first and send you a price quotation. Later, the team of app developers will estimate the overall mobile wallet app development time based on the hours, project requirements, and more.
Following is a list of several factors that can influence the digital wallet app development cost.
App Development Platform
One of the primary factors affecting the digital wallet app development cost is picking a suitable app platform. The app development platform you choose changes the technologies that directly impact the price.
For instance, if you select an Android app development platform, developers will either use Kotlin or Java. There are multiple Android phones available in the market compared to iOS that directly makes Android app development quite expensive.
Digital Wallet App Design
Another factor that can influence the mobile wallet app development cost is design. eWallet app’s user interface matters because it directly impacts the user experience.
Thus, if you want to attract a large audience, ensure to create an app with an aesthetically pleasing and interactive user interface. You can even add graphics or navigation to boost the user experience.
App Size
The size of a digital wallet can also affect the digital wallet app development cost. The app size includes the number of complex or basic features you integrate into your app.
For instance, if you want a small-scale app with advanced features, the time and effort required will be more, which will automatically increase the app cost.
That said, app size is a significant deciding factor in the digital wallet app development cost. If you want an app with basic features, you have to spend less and vice-versa.
Team Strength
There will be a whole team for developing a digital wallet app that includes the app developers team, designers, QA team, project managers, etc.
Based on a skillful app development team and their experience brings a huge difference in the overall digital wallet app development cost. In simple words, the bigger the team will be, the more costly an eWallet app development process will be.
Conclusion
Now, you might have an idea that the cost of an eWallet app like PayPal varies from factors, and it never remains the same.
The average price of creating an eWallet app like PayPal ranges from $20,000 to more.
When you add more complex features to the eWallet app, the cost is likely to increase, and it could range between $75,000 to $2,60,000.
The best way to get an idea of the digital wallet app development cost is by understanding your project requirements, conducting market research, etc.
The factors mentioned above might have familiarized you with the approximate cost of the eWallet app development based on different factors. You can even get a no-obligation consultation from us.
