Ewallet Mobile App Development Cost and Monetization Strategies

Ewallet Mobile App Development

Today’s world has changed dramatically and people have moved to a digital world. The transition from traditional purchasing to digital online purchasing has taken a long time. And with the pandemic, continuous digital evolution is becoming more and more frequent. For this reason, payment methods are becoming more and more digital today, requiring dedicated developers to create the necessary e-wallets.

The world is witnessing the development of new mobile e-wallet applications every day. Today, people prefer to pay with mobile banking/banking or credit or debit cards. This is the fastest payment method. The most successful e-wallet apps are PhonePe, Mobikwik, and Paytm. To get the best-performing apps to interact with your customers, you need to hire a reputable mobile app developer.

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What is an eWallet?

An e-wallet is a digital or mobile wallet for depositing money online. These wallets can be used in the same way as online banking, but here you have to deposit money into each wallet to earn more money. Alternatively, you can link each bank account to this wallet and trade instantly. You can through eWallets simply scanning the QR code or entering the recipient’s mobile number. With these technologies, the conversion process takes only a few seconds and users can use it more efficiently. Currently, eWallets are also used for making transactions in trading for Ethereum, cryptocurrency, bitcoin, and so on. This has increased the demand for cryptocurrency wallet development as well, as people have now started investing in cryptocurrency.

But as these wallets consist of all our financial details thus it is necessary that these payment gateways are fully secured, and all the details entered are always in encrypted form only so that it is not accessible.

Industries that Can Leverage the benefits of Mobile Wallet Applications

vello crypto wallet app

On-Demand Grocery and Food Apps


In general, everyone has a smartphone, and everyone is looking for household items and luxuries in eCommerce apps. Some people are very interested in buying products online. Due to the advent of outdated applications and the gap between sellers and buyers, the demand for food delivery application development is increasing and is being replaced by many small businesses and industrial start-ups. Buying more products online should be considered a good thing, as this growth has been so great that user behavior has increased dramatically.

Online Bill Payments

The days of going to the electricity company address to pay your monthly electricity bill are over. This can be done very easily and easily at home. This feature not only simplifies payments but also helps users pay on time. Almost all e-wallets allow users to pay all outstanding bills through the app. This includes phone bills, gas bills, and utility bills.

Ticketing and Booking

Another big industry that has saved money for the success of e-wallets is the tickets and reservations industry. Users can now use this wallet to book plane, bus, and train tickets. With its help, they can even book tickets for movies and book concerts.

On-Demand Taxi Booking

Do you book can and pay in cash? Well, this scenario is very old and most of the time it doesn’t happen. People have changed their priorities, health is a top priority, but they are starting to pay through e-wallets First, it helps maintain transparency between users and app owners. Second, it is the simplest and most efficient way to do business.

Ecommerce Industry

In general, everyone has a smartphone, and everyone searches for household items and luxuries in eCommerce apps. Some people are very interested in buying products online. With the advent of persistent apps that affect both sellers and buyers, the number of e-wallets is increasing and many small businesses and startups are thriving in the industry. We have to believe that this growth is huge and is on track due to a dramatic trend in user behavior to buy more products online. Also, users often want to pay upfront, so they don’t have to pay anything.

Types of Transaction Methods in Wallet Apps

As the eCommerce market emerged as a winner in this COVID-19 pandemic and people have become dependent on it for ordering essential products, this dependence has also given rise to eWallets. Here are various methods available that can be used to make transactions and online payments nowadays. Some of the most common methods are:

Mobile App Wallets

This is not something new as we have already discussed this above and will share more below. Some of the most famous eWallet applications that have completely changed the way of making payments are Google Pay, Samsung Pay, PayPal, Android Pay, Venmo, and many more.

Internet Banking

So, you have a bank account, then there is no doubt that you will also be having access to internet banking. This method has been in trend for the last couple of months now. To make payments with internet banking, users first have to add a receiver by entering all the required details. Then they have to wait till the receiver adds them to their payee list. Voila now you are ready to make transactions.

Near Field Communication (NFC)

POS Payments Integration in eWallet Application Development.

This method is a fully contactless method of making payments. To make payments with NFC, users don’t have to touch any other device, instead, the receiver’s pay pad reads the code of the receiver. Although old smartphones do not have this technology, all the latest smartphones are integrated with this mode of making online payments.

Sound Waves Payment Methods

This contactless method of payment is a unique way of making it quick and fast that allows the user to make transactions with the soundwaves released by mobile devices. This method of payment can be easily integrated into any smartphone, feature phone, card-swiping machine, etc.

Bluetooth or iBeacon

Bluetooth or iBeacon

iBeacon is a Bluetooth Low Energy technology that was launched by Apple with iPhone 7 and is available for iOS users only. This is a unique and creative way of offering payment services on the basis of location. Beacons are small transistor devices that emit signals to Apple devices when in range.

Similarly, Bluetooth technology also works like this. It identifies all the available nearby devices and is used by most of the eWallet solutions.    

QR Codes

This technology is mostly used by people to make payments on a daily basis. For making payments, they just have to scan the QR code of the receiver and the payments can be done in an easy and simplified way.


This technology is integrated into most of the eWallet apps as they offer a secure and immutable environment. The apps integrated with Blockchain are mostly used by most organizations as the payments made with blockchain technology are huge money values.

Benefits of eWallet Applications for Making Payments

Many businesses create their own wallets, such as Amazon Pay, Google Pay, and Apple Pay, and earn money from every transaction made through the wallet. Therefore, each company provides its users with a variety of information that allows them to use their wallets. E-Wallet is a great environment for anyone spending money online these days. These platforms provide easy access to payments and easy storage of mobile money. The benefits of using an e-wallet include:


It brings more convenience to many consumers. Users can shop in seconds. Simply put your device in the cash drawer or scan your mobile device to pay for your purchases. As a result, your item shopping experience will be faster, easier, and more satisfying as a result. Also, the faster the transaction, the shorter the checkout lines in the store.

High Security

E-Wallet provides advanced security to users with the idea that every transaction can be completed using a PIN, password, or fingerprint reader. Also, when paying with your e-wallet, you don’t need to disclose your debit/credit card information whether online or offline. Information is stored by external providers. It is locked with a password or biometrics. You can access your e-wallet after losing your device or receiving a new one.

Enhanced Payment Options

Digital wallet applications provide customers with an easy way to process transactions and give businesses using this technology a competitive advantage in the marketplace. Redefine your users’ payment experience and add a new dimension to every purchase. Freecharge allows you to spend your digital money in several places, including PayPal also has partners such as eBay, Best Buy, and Southwest. So, e-Wallet offers many options and saves time.

Less Transaction Fee

Merchants can reduce the cost of banking transactions by issuing their own payment cards that can be used in e-wallets. These cards are digital cards and are similar to gift cards in stores, except that there is no plastic card issuance fee. Also, it is not the bank card that allows the bank to end the payment cycle and reduce transaction costs.

Receded Cart Abandonment

The main advantage for retailers is the short basket distance. This will increase sales. Simplifying the buying process allows more shoppers to complete a purchase. In a statistical survey of shoppers who abandoned their carts, 21% said the checkout process was confusing or too long.

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crypto wallet

Monetization Options Offered by eWallet Applications

Billing Commission

Applications used by humans receive a percentage for each transaction made by the user. This is one of the most popular ways to make money, and most popular with open e-wallets.

eCommerce Enablement

This wallet allows users to start their own businesses and sell products through the app. Other companies may also contract with you and allow them to sell products on the platforms you offer. Share the interests of this company. By attracting new customers, it can become a platform with a good user base where multiple companies and brands can learn more about the platform. Customers can contact you to integrate a payment gateway into your application.


Well, we all know that various applications are shown during advertisements for promotion. You can free up space on third party-branded apps and earn money with this app. The cost of ad serving varies depending on when and when the ad is displayed.

Types of eWallet Applications

Information stored in mobile wallets is encrypted, making it more difficult for cybercriminals to trick them. Real credit and debit cards can be stolen or copied, but they are difficult to steal because mobile wallets contain encrypted keys that do not reveal useful information. Following are the main types of eWallets:

Closed Wallets

A closed wallet is tied to a specific merchant and users can only spend their budget on transactions initiated by that specific merchant. Users cannot use these funds to pay or withdraw money for transactions with other third-party merchants or suppliers. An example of an Amazon Pay wallet.

Open Wallets

Open wallets are used directly through banks or third parties. Open Wallet allows customers to use money; from their mobile wallet to pay for transactions and withdraw funds from their accounts. An example of an open mobile wallet is PayPal. This allows users to shop and shop online while withdrawing money.

Semi-Closed Wallets

A semi-closed mobile wallet allows users to use wallet credits to pay for transactions with multiple merchants if a contract is signed between the merchant and the mobile wallet company. Users can also withdraw funds from their bank account. However, in a semi-closed wallet, users cannot withdraw money.

Must-have Features of eWallet Applications

The mobile app is as good as its features. Before starting the development phase, do market research to determine your software’s goals. To dominate the market, you need to incorporate some basic features into your application. If you can’t decide everything yourself, you can seek help from a professional e-wallet app developer who has the resources to develop robust and transparent mobile wallet apps. 

The eWallet application will be used by various people, so you need to create separate panels for each user. The E-Wallet mobile app has three panels, i.e. user, reseller and admin panels.

Individual application development for each aspect gives each user access to all features. Here is a list of the most interesting features available in the application panels.

User Panel

  1. User Registration

The very first screen at which the user lands. To start using the app, users first have to create an account. They can create an account with a mobile number or they can use social media credentials for it.  

  1. Connect Bank Account

After creating the account, users can add their desired bank account for receiving or transferring funds.

  1. Add Money

To transfer funds, the users can add money to the application wallet through the connected bank account.

  1. Check Balance

Users can easily check the available balance in the bank account or application wallet just with few clicks.

  1. Transfer Cash

This feature enables the users to easily make transactions from the application.

  1. Bill Payments

A bonus feature that allows the users to pay utility bills such as electricity bills, TV recharge, mobile recharge, and so on.

  1. Accept Money

The wallet application makes the user receive payment into the application wallet or directly into their bank account.

  1. Transaction History

All the payments done earlier are available in the transaction history and the users can retrieve it anytime.

  1. Invite Friends

Offering cash back or points when the user invites their contacts in the application will boost the app’s presence in the market.

Merchant Panel Features

  1. Intuitive Dashboard

This feature gives you a complete overview of your purchases from your dealer and all of your transactions.

  1. Edit Profile

Merchants can enter information such as name, bank account information, and business address.

  1. Add Products

Merchants can update various products using the user wallet program with this function.

  1. Create QR Codes

In order to receive payments from customers, providers can generate QR codes for fast and hassle-free transactions.

  1. Customer Management

Sellers can manage customer data by viewing transaction history.

  1. Withdraw Money to Bank

All funds received from clients can be directly transferred to the bank using this function.

  1. Offer Discounts and Coupons

To attract more customers, sellers can offer discounts and discounts on all transactions.

  1. Loyalty Points

Points offerings also help merchants attract customers to the app.

Admin Panel Features

  1. Dashboard

Additional and basic information for all registered users and traders can be found on the dashboard. Administrators can also track app analytics from the dashboard.

  1. New Offers

To incentivize and attract customers to the wallet app, administrators create new listings and offers in the app.

  1. Manage the Users

All user actions such as personal data, transactions, and performed actions are tracked and controlled by the administrator.

  1. Revenue Management  

This feature allows administrators to generate daily, weekly, and monthly total income.

  1. Analytics and Reporting

The administrator analyses all the details about the total number of registered users, the largest number of offers, completed transactions, and the usability of the application through the admin panel.

  1. Add/Block User

Administrators can block users in the app by monitoring their behavior in the wallet app. Likewise, new users can be added to the application depending on who already meets the application’s requirements.

ewallet app development cost

Cost of eWallet Application Development

Information stored in mobile wallets is encrypted, making it more difficult for cybercriminals to trick them. Real credit and debit cards can be stolen or copied, but they are difficult to steal because mobile wallets contain encrypted keys that do not reveal useful information. Calculating the exact cost of the eWallet application is not possible as there are various factors that affect the development cost. Yet calculating a nearby estimation is possible by designing a prototype of the app idea. Some of the most common factors that affect the development cost are:

Development Platform

If the application is developed for a single platform, either Android or iOS, the cost will vary according to the features you are planning to integrate into the application. Generally, an application developed for the iOS platform costs more than an application developed for the Android platform. But if you want your application to run on multiple platforms, then you can choose

Size of the App

Size is one of the most important determinants of the application cost. The overall cost is low due to the small program, a small number of pages, and relatively low features. Also, if someone is looking for more features in your app, they need more space to integrate features. In other words, there are more pages, so it costs more.  

Design of the App

The focus here is on UI/UX elements, demonstrating that the design should be simple yet interactive. The UX/UX designer controls the graphics and navigation and designs the program accordingly.

Geographical Location

This is also one of the main factors affecting the final cost of programming. Since resource costs vary from place to place, it will affect the cost of creating an e-wallet. India is generally one of the cheapest countries to develop research programs on the technical quality of e-wallets.

So, the cost of creating an e-wallet will depend on all of the above factors. The initial cost to create the simplest e-wallet based on the Android platform is around $20,000 to $45,000, and $80,000 to $15,000 for all the advanced features of the app.

Developing the same basic app on the iOS platform costs between $25,000 and $55,000, but the advanced version costs between $100,000 and $150,000. Also, the cost of adapting an application to a new requirement depends on the complexity and simplicity of the requirement.

Technology Stack for eWallet App Development

  • SMS, Phone, and Voice Verification: Nexmo
  • Front-End:CSS, HTML5, Angular, and JavaScript
  • Cloud Environment: AWS, Azure, Google Cloud, and Salesforce
  • Data Management: Datastax
  • Real-Time Analytics: Big Data, Hadoop, Apache, and Spark
  • Payment: PayPal, Stripe, PayUMoney, and Braintree
  • Database: MongoDB, HBase, MailChimp, and Cassandra
  • Push Notifications: Twilio, Urban Airship, Amazon SNS, and Push.IO
  • Email management: Mandrill
  • QR-Code Scanning: ZBar Code Reader

Team Structure for eWallet App Development

Apart from searching for an eWallet app development company, you will be needing a whole team of key persons that will be managing the whole development process. Here is the team structure required for the eWallet app development:

  • App developers
  • Front-end developers
  • Back-end developers
  • UX/UI designers
  • Quality Analyst
  • Business Analyst
  • Project Manager


Developing a robust e-wallet app is not an easy task and not all mobile app developers can do it right. Creating a market-successful e-wallet application takes time, exert effort, and dedicated resources. Therefore, before hiring a mobile application development company, you should be aware of the company’s track record and efforts in developing mobile electronic wallet applications.

For more info: Whatsapp us at +91 9887133338

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