Digital wallets are becoming a new hue because of technological advancement, and it boosts user experience in multiple ways. For instance, an eWallet app like PayPal provides user convenience, greater flexibility, top-notch security, etc.
With the growing popularity of eWallet apps, business owners are embracing its development and hiring a wallet app development company. However, the first question that comes to their mind is- how much does it cost to develop an eWallet app like PayPal?
The blog has mentioned a complete cost breakdown of digital wallet app development based on different phases.
eWallet App Development Cost For Different Phases
-
Discovery Phase
Before developing a digital wallet app like PayPal, every business owner should consider the first step is to discover their app ideas, goals, and objectives. The Discovery phase includes competitor analysis, market research, & app prototyping, and cost differentiation at each step.
The estimated cost of the discovery phase can range between $15,000 to $20,000; however, it will change as per the increasing complexity of the eWallet app.
-
Begin the App Development Process
The next step after the discovery phase is the actual digital wallet app development process, where app developers start doing the coding. With the guidance of a reliable wallet app development company, you can pick a suitable platform as per your business requirements.
The digital wallet app development cost will vary based on your chosen platform. For instance, the Android app development cost of an eWallet app with a simple design can cost $19,000 to $46,000.
If you wish to add more advanced features to your digital wallet app like PayPal for an excellent user experience, it might cost you more than expected.
-
Digital Wallet App Security
Another crucial factor affecting the digital wallet app development cost is app security. Also, you must invest in maintaining the app’s security because it enables the users to trust your app, which automatically increases the customer base.
Businesses spend nearly $70 to $320 monthly to maintain the eWallet app’s security. Once you build your intended user’s trust, they will be able to add their personal information, like phone number, personal address, and credit/debit card details.
-
Mobile App Testing
Mobile app testing can also affect the eWallet app development cost, and you should consider investing in app testing because it boosts the app’s performance. The quality assurance (QA) team assures the elimination of unwanted bugs or glitches to smooth the user experience.
The QA team conducts suitable testing techniques to ensure the digital wallet app’s reliability, usability, and stability. The eWallet app testing can range between $5,000 to $10,000.
-
Post App Launch Maintenance
You should consider providing post-app launch maintenance to keep the eWallet app in your user’s phone for a longer time. The best way to offer app maintenance is by meeting the latest market’s ongoing trends or the latest versions of the iOS or Android platform.
The estimated cost of maintaining a digital wallet app is nearly 20% of the entire app development cost. If your digital wallet app is developed for around $100,000, you will pay approximately $20,000 for the maintenance. You can even upgrade the app’s layout to attract new users.
What is the Cost of Developing a Digital Wallet App?
No digital wallet app development company will tell you the exact cost of developing an eWallet app like PayPal because it depends on various factors. The criteria for deciding the overall app development cost begin with the app requirement’s understanding from the project manager’s end.
Afterward, the team sends a price quotation and accordingly estimates the app development cost based on hours spent. The primary factors influencing the digital wallet app development cost are the app development platform, UI/UX design, app size, and team strength.
Conclusion
After reading the blog, you might know that there is no definite cost of developing an eWallet app as it has various influencing factors. However, as an estimation, the average digital wallet app development cost can range between $75,000 to $2,60,000. For more details, you can get a no-obligation consultation from us.
Read more Top 7 Emerging Digital Wallets You Should Know About in 2022
