Digitization of payment methods surged the demand for the eWallets app. Ewallet apps make consumer's life easier and help gain more traffic to online selling platforms.
Digitization of payment methods surged the demand for the eWallets app. E wallet app ensures safe money transfer and the cashless services, which also eases the life of a buyer.
Nowadays, the eWallets app is in high demand and the major payment apps such as PayPal, Amazon Pay and Paytm are contributing very largely for better services.
There are many eWallets apps available in the market, and few are being worked over by mobile app development services, which not only helps in buying at the local shops while also helps for cross border transactions. With few taps over the screen, users can transfer the fund to family/friends, pay the bills, recharge their mobile package and make almost every legal transaction.
The result of the huge popularity came in the form of a huge demand for eWallets app development all over the globe. The industry leaders are hiring developers and setting up the infrastructure to pick up the trend and earn money.
A consumer can also use an e-wallet to pay while shopping or dining.
The innovative industry leaders and food and beverage companies like Starbucks have created their e-wallet app for paying in stores. In the USA, Starbucks makes more earning through the mobile wallet solution.
As far as the e-wallets go, it drives the mobile payment, pushes the brand management and builds infrastructure for the business. The best thing about the e wallet is that the customer can use Master and Visa cards without physically carrying them.
Industry experts recommend that if you want your business to be successful and make your business more accessible to the consumer, you must go for mobile Ewallet app development. Mobile wallet apps are much helpful in every kind of business for making the transaction to the clients without wasting any time.
It has also decreased the workload for the financial institution and automated the work now. In this article, we will understand the features and the cost to develop the cross border international mobile wallet app development.
The average cost of building the mobile wallet app:
Planning and research is the very first step for developing a successful mobile application. Developing a mobile wallet app requires investment.
Investment is meant in terms of cost, effort, time and knowledge. Cost is the biggest concern for the companies, because of the contingency to run successfully.
A mobile wallet app ensures a rich ROI (return on investment) and more consumers. However, it all depends on the research and planning beforehand.
Therefore, it is important to research the market and target the end-users before promoting the app. Such apps can be developed by trustworthy mobile app development services.
Here are a few questions you must ask before hiring a mobile wallet app Development Company.
• What are the methods of charging, the app development company is using?
• What is the cost of Android and iOS app development?
• What are the pros and cons if you go for cross platform mobile app development?
Above are a few questions that you must ask the company you hiring or while hiring app developers. It is also essential to plan and research for the company and make a list of the desired features.
For this, you can explore the other competitive apps.
Cost of developing the mobile wallet app:
The e-wallet app must be the feature-rich for success in the market. Also, the cost of development strictly depends on the features included in the app.
Most common payment apps have the following feature:
Linking and integrating the payment methods or gateways. It includes the debit/credit card and digital currency.
The app must have the following features such as coupon code, loyalty points, and wallet limits. Few ecommerce platforms have their mobile wallets integrated into the app.
For example, giant online selling platform Amazon offers the service of its e wallet- Amazon Pay.
Feature to link the bank account with the wallet.
Types of the mobile wallet app:
The retail apps are often associated with the online retail-selling platform and contain is basic functionalities. The retail app offers reward points and redeemable discount coupons.
The retail apps allow all payment including net banking.
Dedicated payment app:
The dedicated payment app allows the peer-to-peer money transfer for a variety of cards. The apps can also be used for international transactions.
Example: Apple Pay, PayPal, and Samsung Pay.
Point of Sale Payment:
These payment apps are much popular in the storefronts of the USA. The app allows the user to make the contactless payment without the need of standing in a queue.
Cost of Mobile app development:
A similar app like the above types can be made with $40K-$50K and takes around 5-6 months for the development. The cost is though estimate but includes billing hours, the number of the mobile app, hire app developer, API integration cost, hardware and software cost, infrastructure cost, and the remote development cost if hired.
If you want to include several features, the cost raises more. Today, few app demands, NFC and ibeacon technology, which costs more.
Majorly, the hours of development are the main cause of development cost.
Few salient features:
• GPS module for location search
• Real-time connectivity and network data
• Coupon codes
• Customer loyalty programs
• Point of Service eWallets payments
• Bluetooth technology
• Fingerprint scanning
• Online payment receipts
• Integration with existing online selling platforms.
For the hybrid or cross platform app, the cost goes significantly low and might cost around $20-25k, depending on the mobile app development services. Also, the time reduces to 2-3 months, which results in a significant decrease in the cost.
The eWallets apps like Paytm and PayPal and the e-wallets integrated with the online selling platform like Amazon Pay are too popular today and much in demand. These apps make consumer's life easier and help gain more traffic to online selling platforms.
Most of the brick and mortar stores are also adopting the systems for wallet payment; also, many stores do not take Master and Visa cards. If using mobile wallets, the customer can pay with credit and debit cards with just a click.
It is a great opportunity for the stakeholders to invest upon the cross border mobile wallets and raise more revenue through eWallets app development. Mobile wallets are a handy way for making the transaction; therefore, the businesses prefer the mobile wallet app.
Category: Mobile App DevelopersCompany about: Dev Technosys is an ISO 9001:2008 certified web and mobile app development company. Started out in the year 2010, we hold 7+ years of experience in which we have had tremendous opportunities to prove our technical prowess while polishing our in-depth knowledge, placing us today in the class-leading Software development companies in the tech domain. We have continually proven our superiority by delivering benchmark products, here we depend ourselves on only the out-reaching technology stack. In o ...