How much does it cost to develop a blockchain-powered e-wallet app like Fincy?

17 Sep

Everyone is aware of the name Fincy when it comes to the e-wallet app.

Fincy is basically a multicurrency app for money management. The launching of the Fincy app took place last year in Cambodia. The parent company f this Fincy app is GBCI. More than 40 companies use this Fincy app for payroll purposes. Many people are having a question in mind that what is the cost involved in developing an app like the Fincy. There are many features that come under consideration for developing such an app.

The number of mobile devices used in today's world is increasing in a daily basis and the usage of the app is also increasing. People are preferring to pay via digital mode. Paying in cash is just losing the ground and people are preferring to pay through internet banking or by using debit or credit cards.

Technology is improving daily and is going to a different level every day and so because of this many wallet blockchain apps are being developed by blockchain app development services. There are many good reasons for the presence of blockchain in the present day. The blockchain is basically adopted by many industries and so because of this adoption, there has been emergence of curiosity among the business owner regarding the adoption of the mechanism of blockchain.

How can the business owners adopt the blockchain and why is it so essential?

This may be the most common question but still, the answer for this is very simple. By using the blockchain applications, a business owner can adopt blockchain. Different industries adopt different blockchain applications. However, the most important app which is becoming famous is the apps for blockchain wallet.

A blockchain wallet is nothing but an e-wallet or digital wallet. These wallets play a major role in storing various cryptocurrencies like bitcoin, and ether. Fincy is one such famous app for blockchain wallet. The application plays an important role in order to transfer digital tokens without the help of any third-party intermediaries. Moreover, the transactions will be based on the peer-to-peer method. The popular blockchain wallets are easily available in the Apple store or the Android play store.

According to certain researches, many financial companies are there who can save a total of around $12 billion in a single year just by using blockchain. This stat shows, how powerful the blockchain wallet app is and why all the companies should invest in such kinds of stuff. Now getting the advantages everyone must be thinking about the costs involved in developing a blockchain e-wallet app like that of the Fincy. The companies for blockchain application development play an important role here that will provide you with the cost according to your requirements. There must be certain features in your app that will reflect the cost involved in developing the blockchain e-wallet app for your business.

Blockchain wallet apps and its features

Before going to the cost involved in developing the blockchain wallet app for your business you must have some idea about the features of the blockchain wallet app. This will help you to figure out which features you must include in your app and which features you don’t need. However, these are some of the basic features that you must include in your blockchain wallet app in order to make it a perfect one. The number of features you include for your app, the cost starts to increase. But if you start reducing the feature in order to save the cost, that won't be helpful at all for your company. So some of the basic features for blockchain wallet app that you must know or include are-

  • Authorization- When we are talking about the digital wallet, authorization is the first and foremost thing that you must consider. This is the basic and very important feature for any kind of digital wallet. Now when the wallet is for cryptocurrencies, then there will be authentication of two-factor. The two-factor authentication is a user signup form and the next one is Google’s authentication feature. The authentication feature of Google will be an extra layer of security protocol for any kind of transaction involved.

  • Support for Multi-currency- Today's world is a very busy place as well as competitive in nature. Business in the present-day is basically global in nature and so to make the process of payments easy, blockchain wallets, crypto wallets are having the feature for supporting multiple types of currencies. This feature of multiple currencies will help in establishing transactions among different types of currencies.

  • Rate of conversion- The crypto wallets play a major role in allowing transactions from different currencies and modes. So it is very essential to update them. The update must be on the value of a real-time currency.

  • Push notification- Now the feature of push notification is also very important. If the feature is present in your blockchain wallet app then it will help to notify your uses about the price, failure, and also the success of digital currencies. This feature of push notification will help the user to remain updated in real-time with all of their activity related to the account.

  • Import Paper wallet- There are many mobile wallet apps that are having features to scan the QR code. This scanning of QR code is an additional feature that must be present in the blockchain wallet app. This will help the user in scanning the paper bitcoin wallet with the help of this QR code. After the completion of scanning, it will add keys in the wallet app for performing any kind of transaction.

  • Transaction features- Transaction is the most important feature for any wallet whether it is a blockchain wallet app or a normal one. Everyone uses this app to establish a transaction. The transaction feature of a blockchain wallet app is its eccentricity that will allow a crypto user for performing any transaction which must be speedy and also 100 percent hack-proof.

These were some of the basic features which you must include in your blockchain wallet app. However, now the most important thing which you must know is the process of hiring a blockchain development company or else your money would get wasted even if you make an app as that won't be of any great use to your business.

Tips for hiring a Blockchain development company for making your Blockchain e-wallet app

Some of the basic things which you must keep in mind before hiring the best Blockchain app development company for developing your blockchain app are-

  • Company’s size- In order to make your blockchain wallet app, it is important to see the size of the company that will develop your app. If the size of the company increases, then the cost of making your app will also increase. According to the standards of the industry, three types of companies are there and they are small, large, and medium. According to records, many companies choose the medium-sized companies as the small-sized companies are not so reputed and the large size companies will cost a huge amount. So if you are choosing the medium size, then the cost will be lesser than the large one but the quality will be good. However, the cost that is given below are estimated, there are various other factors on which the cost of developing a blockchain wallet app will depend. There are many IoT solution development services that can be a good guide.

  1. If you are working with a company of large size then the cost involved is between $4500 to $15,00,000 with a team size of around 3000+ experts.

  2. While you are working with any medium-sized company then the estimated cost is between $2500 to $200,000 with a team size of around 100 experts.

  3. In the case of small-sized companies the cost will be very less and the range is between $2000 to $25,000. However, it will be a team of 10-50 experts.

  • The complexity of the app- All business are not the same and so the requirements, as well as the complexity of developing an app, is different. Designing your application’s wireframe is very important that will involve the mechanism and complexity present in application development. From this, you will have some idea about the cost involved in developing an app depending on the complexity involved.

Read the blog- Blockchain Development: How Much Time And Cost Does It Require?

  • Mechanism- Because of the presence of a certain mechanism only, the transactions in a blockchain is successful. You can also play a role in choosing the mechanism for your blockchain e-wallet app there are various options. If you take any example you will see that Proof of Work is the mechanism for Bitcoin. Many other mechanisms are also there which include Proof of Elapsed, Proof of Stake, Federated, Delegated Proof of Stake, etc. It is essential to see which mechanism is best for your business and then you can choose wisely among these various mechanisms. There are many mobile app development services that can guide you through this process of choosing the best mechanism for your blockchain wallet app.

  • Platform- If you are not having clear ideas or any basic knowledge about what is essential to develop your blockchain app then you don’t have to worry much as the blockchain platform will help you in building the application for your business in a very easy manner. The most common and preferred platforms for developing blockchain apps are BigChainDB, Hyperledger Fabric, and Quorum. In order to choose among these platforms, you must be wise enough in determining the app that will help you in meeting your business goals.

  • Stack- Before hiring the best developer for developing your blockchain wallet app, you must know that in the case of every platform, there are some sets of languages and tools. These languages as well as tools are provided by the platforms only. So it is essential for you to consider the pros and cons before choosing any one of them. So knowing the pros and cons of each of them will help you to determine which one of these will work best for you.

Cost of developing a Blockchain wallet app

There are many services for IoT application development that can guide you through the process of the cost involved in making your own blockchain wallet app. The wallet of cryptocurrency as discussed earlier is a digital application that helps in storing, receiving, and sending digital currencies. There are official wallet apps for most of the coins or they may also use any third-party wallets. So the main thing is that in order to use your cryptocurrency you must need a wallet that is the crypto wallet.

The blockchain wallet app is built for three platforms, one is for the Android, the second one is for iOS and the third one is for the web. The price for developing your blockchain wallet app can be reduced by using technologies of cross-platform. The technology of cross-platform includes JavaScript along with its framework. However, it may reduce costs but still a great amount of work is essential for the development of the app.

It is essential to work for both the server-side with the help of REST API and also fo the mobile devices of the client-side or for the client side’s web. You can also have a second option which includes the building of an application that is standalone. There are advantages as well as disadvantages for each and every approach.

A dedicated team is very essential that will have many senior developers, project managers, QA engineers, and also business analysts. Now creating an MVP or a Minimum Viable Product which will support three major cryptocurrencies like Litecoin, Etherium and Bitcoin will cost around $40,000. So this is the cost to make a blockchain wallet app like that of Fincy.

Read the blog- How much does it cost to build a blockchain-based platform?

Conclusion

The cost which is mentioned above is an estimated one. However, if the number of features which are mentioned above increases and if you choose a large company for your app development then the cost will increase. So the cost of developing the blockchain wallet app depends on the process of hiring the developers and the features to include in your blockchain wallet app.