As new technologies are being introduced, there is a massive change in the industry. Businesses are accepting online payments from customers.
According to the study, the global e-wallet money transfer industry is expected to be worth $2.1 trillion by 2023.
66% of Americans prefer an e-wallet as one of the most convenient options for making an online transaction. Seeing the data, it can be easily said that e-wallet has a huge scope in the upcoming days.
If you are planning to develop a digital wallet app for your business but are worried about the app development cost, you are in the right place.
In this blog, we will be talking about the cost of developing a digital wallet app in 2022.
What Is The Cost Of Digital Wallet App Development?
The cost of developing a digital wallet app depends on various factors. Let us discuss them.
If we talk about the cost range, it will cost you between $45,000 to $2,50,000 based on the features you want to integrate into the app, the complexity of the app, and the functionality.
1) App Complexity
One of the most important factors that affect the cost of digital wallet app development is app complexity. It can be divided into three sections:
i) Basic App:
If you are a beginner and want to try an app, you can develop a basic app with basic functionality and features. It will cost you between $45,000-$60,000.
ii) Mid-level App:
If you are a startup or small business, you can try up a mid-level app with some features, graphics, and basic UI/UX customization. Developing a mid-level digital wallet app will cost you between $60,000-$1,40,000.
iii) Complex App:
These types of apps are usually developed for big brands and well-established businesses. These types of app have full-fledged features with immersive graphics and UI/UX design. Developing this type of app will cost you around $1,50,000-$2,50,000.
Based on these three classifications of an app, you can choose anyone and connect with your digital wallet app development company for further discussion.
2) Choosing the Right Platform
It is your responsibility to find what your users are using the most. Based on the majority, you can pick the platform, either Android or iOS. The cost is based on the platform you are selecting for your business app.
3) Choosing the Right Development Team
If we talk about the team, there will be a difference in the cost based on your choice.
- Hiring an in-house team will cost you around $1,50,000.
- If you are hiring an agency based in the US, it will cost you around $2,20,000.
- If you go with a freelancer, it will cost you around $45,000.
Conclusion
If you are a business owner and thinking of developing a digital wallet app, 2022 is the best time you can go with. We have seen immersive growth in technology, and choosing an e-wallet app for online transactions is the right decision for your users and your business.
You can connect with a mobile wallet development company and proceed with your development process.
Read more:- Top Reasons Why You Should Invest in Mobile App Development