How Much Does It cost to Develop an E-Wallet Mobile App?

Updated 13 Mar 2024
Published 12 Mar 2019
Satyam Chaturvedi 4932 Views
eWallet app development company

There was a time when the only type of transaction people was aware of used to be cash transactions, with the rest being nowhere in the vicinity.

However, today the scenario is the exact opposite as nowadays there are myriad modes of cashless transactions available, in the form of Credit Cards/Debit Cards/PayPal, Braintree, and not to forget the e-Wallets, and m-wallets, that have paved the way for mobile payments.

So yes, e-wallet app development is going to be our area of discussion in this blog. It goes without saying that people absolutely love this idea of digital payments via e-Wallet mobile apps or payment gateway models to carry out their day-to-day transactions.

This way, they are also not required to deal with the hassle of carrying a big amount of cash with them, which is not a good idea, from a safety point of view as well. In the case of e-Wallet mobile applications, it offers a safer ecosystem to make payments and at the same time, they are fast & reliable.

This way, e-Wallet mobile apps have been a boon of sorts for people, as it saves them from many unpleasant experiences, like standing in long queues for paying bills, making payments at the cash counters, depositing cash, or making a transfer.

This is why people have wholeheartedly embraced this concept of e-Wallet mobile apps and businesses have also come forth with their own customized and robust financial solutions.

Rise of Mobile Wallet Applications

So, what are mobile payments exactly? Well, mobile payments refer to any payment that is made by the use of a mobile device.

These days all of us are witnessing the extreme usage and importance of mobile phones in our lives, and thus to take advantage of this fact and to add to the convenience of the customers, several ways have been developed to enable them to make easy payments via their phone.

Mobile Wallet Usage

Market Size and Statistics of E-Wallet Mobile App

Even the statistics vouch for the significance and prominence of e-Wallet mobile applications, as research shows that a third of consumers in the UK are currently using their NFC-enabled mobile device to make contactless payments in stores.

The e-wallet market has seen a mercurial rise due to the increasing use of digital and touchless transactions. in the use of digital payment applications that facilitate touchless transactions. Let’s explore some stats to support this trend:

  • e-wallet will enjoy a phenomenal CAGR of 28.2% in a couple of years.
  • As per Allied Market Research, the global market for e-wallets could reach $7.58 trillion by 2027.
  • By 2023, the global e-wallet transaction industry is projected to be worth $2.1 trillion.
  • Almost 66% of Americans prefer e-wallets to make financial transactions.
  • The covid-19 pandemic and social distancing have boosted the demand for e-wallet-based digital payment services. 
  • e-wallets are getting adequate attention from both entrepreneurs and innovators, due to their enormous potential.
Market size of mobile wallet transactions
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Prominent Mobile Payments Methods

When it comes to mobile payments, there are more types of them than just contact-less phone payments, both for remote or say face-to-face payments. And if you have decided to develop an ios mobile wallet app for your business, then it is important it is vital to determine what type of mobile wallet you require.

Mobile Payment App Development

Also features that your mobile app is integrated with, will be affecting the final cost of the mobile app development. Like, the app can integrate offers regarding coupons and discounts, or maybe you can include a payment feature, bill payments, or P2P payment app like cash, ticket booking, etc., in your app

However, first, let’s explore the different ways of payment that can be used to pay via a mobile phone.

Near-Field Communication (NFC):

Standing for Near-field Communication Protocol, it enables contactless money transferring between an NFC-enabled smartphone & a transmitter that is attached to a Point-of-Sake device. In NFC, a card emulation technique is used for storing the card details in a digital form in a mobile wallet.

It automatically retrieves the payment information of the users and then transmits the information via NFC to the payment terminal while the payment is being made.

When the data is stored, the user is not required to connect to the internet. NFC used HCE & NFC technology to develop an Android app while it uses tokenization or EMVCo technologies for creating a mobile wallet for iOS.

Sound-waves based Payments Methods:

In the case of Sound-based payment systems, Ultra Sonic (frequency) Sound waves are used for communication between the two devices. Here, the transmitter will use a built-in speaker for transmitting sound waves (Not the NFC that uses Radio Waves) to the Receiver which uses a Standard Microphone for receiving these Sound Waves.

With Ultrasonic Sound waves being inaudible to humans, some apps tend to overlap an audible sound for indicating communication between two devices.

Sound waves execute transaction details, such as Merchants, Amounts, IDs, etc., whereas Mobile Wallet uses available funds in a wallet in order to confirm funds availability and payment transaction.

Magnetic Secure Transmission Payments:

In this case, the mentioned technology uses magnetic signals for forming a connection between the user’s mobile device & terminal. Mainly, this process mimics the magnetically connected created while processing the traditional cards.

Read Also: –  What is Digital Commerce? Benefits, Challenges & Trends 2023

Mobile Wallets Apps (Digital Wallets):

Herein, the customers are able to utilize all the stored information just by opening the app on their phones, then entering the PIN, fingerprint, or password, and then they have to select the information that needs to be accessed.

Mobile Wallets Apps

Here, the app uses information transfer technology, like Near-Field Communications (NFC) for interacting with mobile-wallet-ready payment terminals.

Direct Carrier Billing (DCB):

This payment method offers a bigger payment coverage as compared to traditional payment methods, such as credit cards. With high ownership of bank cards, most consumers opt to pay via direct carrier billing owing to its ease and security.

Mobile Banking:

This service is provided by a bank or financial institution that enable its customers for conducting financial transaction remotely using smartphones or tablets.

Internet Banking:

These unique payment methods tend to attract more traction as compared to credit cards. Internet Banking is simply about paying via account directly sans any interference of Master Card or Visa card.

Here, the customer will be in direct connection with their specific bank and the amount will be deducted from their accounts instantly as the payment is made.

Read Also: – How Much Does It Cost To Develop A Mobile EWallet App Like Paytm

Usage of Mobile Wallets for Multiple Purposes

Presently, mobile wallets are being used immensely by a large group of audiences for a number of purposes. The most significant being: to carry out transactions (day-to-day transactions at petrol pumps, shopping malls, food delivery apps, and taxi-billing).

For mobile phones, gas, and other recharge, for paying bills, to execute donations, and they are also used to transfer funds to Paytm, for making payments at several places using Paytm. After all, Paytm often comes up with coupons and other exciting offers that make shopping fun for users.

General Features of E-Wallet Mobile App Development

User Panel Merchant Panel Admin Panel
  • User Registration via email or social profile
  • Add/authorize bank account
  • Add amount
  • Check account balance
  • Pay Bills or set autopay
  • Transfer money
  • Budget management tool
  • Split bills
  • View transaction history
  • POS integration
  • Send payment requests
  • Accept payments
  • Send invites and get referral points
  • Log in to an interactive dashboard
  • Add/manage products
  • Generate QR code
  • Manage customers
  • Add promotional offers & discounts
  • Offer loyalty points and rewards
  • Manage staff & employees
  • Manage EMI payment options
  • Push notifications
  • Secure login to an interactive dashboard
  • Manage Users
  • Real-Time Analytics
  • Manage Users & Merchants
  • Add New Offers
  • Manage/extend security
  • Revenue Management
  • Users data control
  • Reporting & Auditing


Features of User Panel

User Registration:

Here the user can simply sign in with their social media accounts, like Facebook, or can also use their account credentials.

Ewallet App Development company in USA and Asia

Authorizing Bank Account:

Here the users are able to select bank details from which they desire to make transactions. In order to make instant payments, bank account information can be registered beforehand.

Adding Balance:

Users can add a specific amount as an account balance as per the transactions they have to make.

Checking Balance:

After making the required transaction/transactions, the users can now view their account balance and check all incoming & outgoing cash flows.

Transferring Money:

Cash amount can be transferred to the other users simply by entering that user’s account information. This allows for making transactions effective & convenient.

Bill Payments:

Bills payments can be made by the users using their registered bank accounts. This also helps in keeping track of all cash flows pretty easily.

Offer Notifications:

Herein, the users will be able to see offers as they make transactions and can redeem points as well.

Invite Friends or Referrals:

Users can send invites to their friends and they can also send and receive funds. Thus, it gets easier for them to transfer the money whenever required without having to ask for the account details every other day.

Mobile wallet app development

Transaction History:

From here, the users would be made to make a record and track all of their transactions. They can use an advanced filter to carry out their search from the transaction history.

Splitting Bills:

Some of the e-Wallet mobile apps offer these split-bills features as well. Here the user is required to add profiles of other users and then add the total bill amounts, then the app will split the app. The app will also notify the other members of the group. This feature is highly prominent among college-goers & students who follow this same bill-split formula.

Transfer of Funds:

From this section of the app, funds can be easily transferred by the users to payees as and when needed.

Budgeting Tool:

This section helps the users to maintain a budget and keep track of their cash flows all way through.

Digital Mobile Wallet App Development

E-Wallet App Merchant Panel Features

Although a wallet is free for consumers, vendors charge merchants for wallets. Some wallet vendors make arrangements for merchants to pay them a percentage of every successful purchase directed through their wallets. In other cases, digital wallet vendors process the transactions between cardholders and participating merchants and charge merchants a flat fee.

Interactive Dashboard:

From here, the admin can track and monitor profiles and basic information of all the registered app users.

Creating QR Code:

The QR code is created by the merchants so that it can be scanned by the users to carry out online transactions.

Adding products:

Merchants can add new products from time to time.

EMI Options:

For making it easy and affordable for the users, merchants can offer the EMI option in their payments options.

Managing customers:

From this section, the admin will be able to manage all of their registered customers.

Managing Staff:

From this section, the admin will be able to manage the entirety of their staff members.

Withdrawing money:

As the payment is made by the user after the shopping, the money can then be withdrawn by the merchant from their own accounts whenever desired.

E-wallet app development

Create Events:

Events can be created from time to time by the merchant to allure the customers and make them shop and then make online payments. For instance, discounts can be offered to users who choose to pay online.

Offering Loyalty Rewards:

It is again a great idea to offer loyalty rewards to your loyal customers. This way, they would be more than excited to shop more and more often.

Promotional Offers:

Such kinds of offers can be run by the merchants during special occasions so that the customers feel that it would be beneficial for them to shop at this time and best utilize the offers.

Push notifications:

Customers can be informed regarding the sales, new stock, discounts, and other necessary information via push messages.

Soundbox at your store:

Instant Payment announcement with a loud alert sound in vernacular languages for the payment received when any customer makes a payment. This helps the user from any fraudsters who may vanish by showing fake screenshots of payments made or without making digital payments. 

Admin Panel Features

Interactive Dashboard:

From here the admin can track the profile and basic information of all of the app’s registered users.

Managing users:

Admin can track and monitor all of the users associated with the app and make transactions via the app.

Real-time Analytics:

Here, the reports regarding the number of associated users, number of transactions that took place, bounce rates, app usability, and types of most availed offers, are generated. Then the admin can validate all of these reports and outline specific solutions to augment the app’s visibility.

e wallet mobile app wallet in uk

Add & Block Users:

Here the admin will be able to block the users depending on the user behavior and the count of rejected/unauthorized payment processes. Similarly, the admin will also be added to add new user requests as per a number of users aligned with the app already.

Extending new offers:

Admin can extend new offers as well for its customers.

Manage Contacts:

From here admin manages all of the app’s associated users (mainly those who make payments using the app very often). Along with that admin also manage user retention & acquisition techniques from this section.

Manage Merchants:

From here the admin can track and monitor all the users (merchant-side) associated with the app and making transactions.

Revenue Management:

The admin is also responsible to manage revenues from this section.

Managing Queries:

All the queries related to the app can be managed by the admin from this section.

Enhancing Security:

From here the admin can take appropriate actions to ensure and enhance the app security. This will also increase the user’s reliability with the app.

Promotional Offers:

Admin can run promotional offers from time to time to entice the users to make more online transactions.

Audit Management:

To ensure that the auditing is up-to-the-mark, the admin needs to manage the audit from here.

Additional Features & Integrations

Data Synchronization:

Within this functionality, the app is synchronized with the user’s registered social networking account & phone number in order to deliver high-grade accuracy and security. Also, the bank accounts that are linked with phone numbers are displayed automatically, thus users don’t have to fill in long bank account forms.

Booking Calendar:

Using this functionality, the user won’t be required to remember dates when they have to make the transactions. They can just choose to highlight the date on the app calendar, and then as that particular day comes, users will be sent an alert for the same.

Thus, it gets easier to carry out transactions. Also, the users may choose to share the calendar with their friends for making the whole payment ecosystem quite effective.

In-app Camera:

This comes useful to scan QR codes. Using an app camera, users will be able to send transaction receipts to other users. This way, all transactions can be easily confirmed within the app, so validate all fund transfer requests quite instantly.

Wearable Integration:

By choosing to integrate their mobile apps with smart wearable devices, like a smartwatch, the admin enables its users to monitor all payments from their wrist itself.

e wallet app like paytm

Create Virtual Cards:

The technology advancement enables users to create virtual cards, yes apart from the usual debit and credit cards that they carry. The virtual cards look quite similar to the other cards themselves, and they can be used by the users within the app.

Here, the users won’t have to enter account information, and can simply enter their username & password to initiate payments.

QR Code Reader:

This functionality works by scanning the QR code of the user’s mobile in order to carry out the payments. This functionality has a very convenient approach and is most used among users.

qr code payment app


Integrating this functionality will spike up the cost of e-wallet mobile app development, it is an essential function to have on your app, as it hugely increases the visibility and popularity of the app.

Using the GPS functionality, users will be able to locate nearby users and they will also be able to make payments with just a simple tap on the username. This saves a lot of time, as this way the users won’t be required to fill in the account information.

Push Notifications:

This technology is useful to enhance user engagement with the app. One can keep the users informed regarding new offers, coupons, and promotional schemes by sending alerts as the user starts to make a transaction.

Digital Receipt:

Mobile E-wallet App Development Company

Herein, digital receipts are generated for all accomplished transactions. It can be shared within the app, by email, or via phone.

Loyalty Program:

For every referral, offer a reward for your users. This way, users will be pleased to receive the loyalty rewards, while it will also help in increasing the visibility of the app.

Cloud Operations:

Using cloud technology, it is possible to store all transactions in a safe & reliable manner. This way, the quality standards of your app can also be augmented as well as it enables the users to carry out faster transactions. Besides, it also helps in accessing data in a way powerful manner and capturing high user attention.

Real-time Dashboard:

This Dashboard has all the information about the registered and associated app users.

Real-time Analytics:

This functionality is useful to generate reports related to the number of transactions taking place, the number of associated users, app usability, bounce rates, types of availed offers, etc.

Blockchain Technology:

With technology progression, e-Wallet apps have also started using Blockchain technology which is basically developed for initiating cryptocurrency.

It is a highly-secure & encrypted method. However, it is yet to be legalized by many governments, so if you are developing the app for a region where the government has not legalized cryptocurrency, then you can’t integrate this functionality into the app.

Read Also:- Top 10 Emerging Technologies to Learn Now to Thrive in 2022

The Selection of the App Development Partner is Vital

When it comes to choosing a mobile app development partner to create your android e-Wallet mobile app, it is vital to make the right choice. Not just it will cut off unnecessary expenses but will also reduce the time framework required to create an e-Wallet mobile app to a big extent.

Choose a firm that has a good reputation in the market and carries a good past record, with satisfied customers.

Banking Laws & Regulations

As you stride into the arena of the e-Wallet mobile app business, it is important to tread carefully as one must have enough understanding of the banking laws and regulations that go into making online transactions. Abiding by the norms, rules, and regulations of the government will ensure that your app never gets into any sort of legal trouble.

As you create an e-Wallet app, then you are executing as a bank, and thus you will require to submit a certain security amount (depending on the region you are developing the app in) to the government as per the guidelines.

There are several other banking laws and legal aspects as well, and for this, it will be great that you hire a financial & banking advisor who can explain it all to you.

How much does the E-Wallet mobile app development cost?

How Geography can affect Development costs?

developer hourly rates worldwide

There are a number of factors that affect the cost of an e-Wallet app development like it could be app design, the number of platforms (Android, iOS, or both), features, MVP, app testing & publication.

Other than that, the choice of an e-wallet app development company, its pricing model, and other crucial aspects also affect app development pricing. However, as it comes to the approximate cost of creating an e-Wallet mobile app, may range around $35K-$50K.


The upsurge of e-wallet app development has transformed the way we are making transactions. Although we had net banking, credit/debit cards, and mobile banking around for a long time, e-wallet apps have captured the imagination of consumers who are availing blazingly fast transactions via e-wallets.

If you want to have a niche edge over your competitors, then your business must follow the current market trend and invest in e-wallet app development. However, it takes time, effort, resources, and cost to develop a high-quality e-wallet mobile application. Hence it is important to hire a seasoned e-wallet app development company to transform your unique app idea into a successful e-wallet app.

You can contact our expert consultants to get a free quote for a bespoke e-wallet solution for your business. Arka Softwares is a renowned e-wallet development company, with a decade-long experience in delivering state-of-the-art e-wallet solutions across the globe. Don’t be shy, get in touch with us!

FAQs for E-Wallet Mobile App

  • How much does it cost to build an e-wallet?

    Multiple factors influence the cost of e-wallet app development, such as the number of platforms, MVP, features, testing, and publication. It may cost you $25,000 to $35,000 to build a basic e-wallet application for the android platform. App development costs could reach $55,000 if you develop a cross-platform app with some innovative features.

  • What technologies are used for e-wallets?

    We use the following technologies for e-wallet apps:
    1. NFC – It uses electromagnetic signals to enable laptops, smartphones, tablets, and other gadgets to share and transfer data with other devices in proximity.
    2. QR (Quick Response) codes – It uses black and white barcodes to encode information, that could be accessed by users via a mobile wallet scanner or their smartphone camera to initiate a payment.
    3. MST (Magnetic secure transmission) – It enables smartphones to initiate wireless payment transactions with both no-swipe card terminals and magnetic stripe systems.

  • What is the future of e-wallets?

    The e-wallets are all set to transform the contactless payment system. e-wallets will encourage people to make payments via their smartphones, instead of carrying cards or cash everywhere. As per the World Payment Report, e-wallet users will increase phenomenally and reach 4 billion by 2024. The non-cash transaction will reach nearly 1.1 trillion by 2023.

Satyam Chaturvedi

Satyam Chaturvedi is a Digital Marketing Manager at Arka Softwares, a leading app development company dealing in modern and futuristic solutions. He loves to spend his time studying the latest market insights.

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