Do you want to develop a digital wallet mobile application?
eWallets are one of the most popular types of fintech mobile applications in the market. And the success of this niche has attracted a lot of people from across the world to develop their own.
Now, whether you are a seasoned fintech company, a startup-to-be, or investors, this can be a really good idea.
But the question is, how do you develop an eWallet application for your business?
The answer is this blog.
Here, we shall be going through all you need to know about how to create an eWallet app. This includes everything from basic introduction to the development process, cost, and more.
Therefore, with this being said, let’s get right into it, starting with:
What’s the eWallet App?
So, before we talk anything about eWallet app development, let’s first see what an eWallet application really is.
The concept of an eWallet mobile app is a really simple one.
This is a mobile application that lets users transfer money, make virtual payments, manage their bank accounts, keep track of the same, and so much more.
While these are basic functions, more advanced ones can actually help you with a lot more. This includes:
- International money transfer
- Currency exchange
- Ticket booking
- Apply for and manage loans
- P2P Lending
And so much more.
eWallets are a concept that doesn’t really need all that much explaining since billions of people are already using the same across the world.
And there are a lot of eWallet apps in the market.
Let’s look at some of these below:
- Google Pay
- Cash App
- Samsung Pay
- Venmo
- PayPal
- Zelle
- Square
Now that we are done with some of the most popular eWallet applications and clear about their concept, it’s time to see, whether or not you should develop them.
Let’s do that in the section below.
Should You Develop eWallet App?
Before you go and join hands with an eWallet app development company, it’s important to know whether or not should you develop this app.
And if yes, then why?
Well, there are a lot of reasons to do so. And in this section of the blog, we shall be looking at the exact same thing.
So, these are, as mentioned below:
1. Growing Market
So, let’s start with important things.
The first reason to develop an eWallet mobile application in 2024 is the growing demand and even faster-growing market.
Today, the market is worth billions of dollars.
In the future, as per trusted reports, this amount is going to increase many folds, making it that much better.
This is one of the big reasons to develop an eWallet application for your business in today’s time. But this isn’t the only one, let’s look at more.
2. Revenue Generation
Is there any business or startup that doesn’t love money?
Well, you know what we are talking about.
Monetization, revenue generation, being profitable, and making lots of money, is one of the main targets of any business regardless of their business model.
Enough beating around the bush, the fact is, there’s a lot of money to be made in the eWallet field. These apps make millions in pure profits and the number keeps rising each year.
Do you think you have an idea that you can turn into reality and make it profitable? Well, it’s worth a try.
3. An Opportunity for Fintech Businesses
Last but not least, it’s time to talk about how good of an opportunity this is.
You see, there have been many new apps and new platforms that have become profitable within a few years or even less time.
This is a sign to all those who have been pondering this opportunity but didn’t turn it into an actually project, do it now.
So, these are the reasons to develop an eWallet app in 2024 or 2025, depending on the time when you read it.
With this out of the way, it’s time to discuss the app development process required to make the eWallet app.
Let’s do just that in the upcoming section in mere detail, let’s get going.
eWallet App Development Process
We have discussed in detail the reasons to develop a digital wallet app and what is it that you should do it.
And along with this, we also discussed what these platforms are. So, with this being out of the way, it’s finally time to talk about what’s the process to develop a mobile app for eWallet business.
Speaking of which, the development process is, as mentioned below:
- Come up with an idea
- Hire an eWallet app development company
- Make a plan
- Polish the idea
- Choose a tech stack
- Choose a platform
- Decide features
- Design the app
- Front-end development
- Back-end development
- Testing
- Deployment
- Maintenance
This is the process through which eWallet mobile app can be developed by businesses. If you are looking for more details on the same, it’s highly recommended that you consult an app development company.
With this out of the way, it’s finally time to discuss the final thing which is cost to make an eWallet mobile application.
Cost to make an eWallet app
Finally, it’s time to talk about the most important thing of all, the cost.
eWallet app development cost is one of the biggest concerns when developing such an app. And in this section that’s exactly what we will talk about.
So, cost to develop an eWallet app can range from a few thousand to hundreds of thousands of dollars.
There are various factors that can affect the cost, including:
- App concepts
- Complexities
- Feature set
- Developer’s location
- App’s design
- Testing phase
- Maintenance
And much, much more.
This is how you develop an eWallet app and the cost it incurs on you.
If you have any more questions about the eWallet app development cost, it’s highly recommended that you consult an expert app development company.
With this being said, it’s time to conclude the blog.
Conclusion
Developing a secure and user-friendly eWallet can be a big task. And in this blog, we discussed how exactly you can do this. With this out of the way and everything else cleared out, it’s time to put this blog to an end. Bye-bye.