The Cost And Features Of An eWallet App - Coffee with CIS - Latest News & Articles

The Cost And Features Of An eWallet App

The money went digital a long time ago but still, there are new ways of using and transferring it that are coming up in the market.

Since the boom in the mobile app development industry, there have been a lot of payment applications that support users and vendors with net banking, UPI, and now digital wallets. These are the ones that make it easy to pay as they have their own servers and don’t take time like UPI or other payment apps do. The biggest problem that people face with UPI applications is that the server to the bank doesn’t respond sometimes.

That can put people in a difficult situation a lot of times. Digital wallets have different servers that are not connected anywhere else and offer users a safe and fast mode of payment. There are several of them in the market as of now and they have made it big already. These eWallet applications can be taken as an example but can’t be taken for the idea. If any android and iOS app development company tries to make a similar application, the idea will fail. There should be something different than what users are expecting from these big brands or something that they are not expecting but is really helpful to them. This is something that needs thinking and research. Research is the most important aspect when it comes to application development and no development company can compromise on that.

In this article, readers will get to know the features that are important for these applications and also the amount of money that it takes to incorporate them. It is not easy or cheap to make an app that will be used in the future for transferring money or for making payments. The app needs to be safe, fast, and should have the latest and all the basic relevant features. Any mistake in the application will lead to its failure.

What Are eWallet Applications?

eWallets are payment-related applications that are a great alternative to traditional payment methods. They have a wallet and a collection of all the digital payment methods from debit/credit cards to UPI. This is the reason why they are in demand. They will make sure that the user never faces any problem while they are making payments. These applications also provide their users with a lot of offers and codes that give them discounts or freebies on their purchases. They are for the benefit of the users and along with that, they charge a very nominal and most of the time no extra charges.

How do they function? The answer to this is pretty simple. For a user, they are just like any other payment application. They can scan, or use a unique ID or their registered mobile number to make payments. Many of their wallet accounts can be linked to their bank accounts, which makes it very convenient for everyone to make payments. These applications have PINs and other ways to protect the integrity of the payments that are being made. They make sure that the money of users stays safe in their wallets. There are many UPI applications that are also eWallets and because of that, they are really popular, especially with the youth.

Why Are eWallet Applications In Demand?

These applications are in great demand and the reason for this is the need for fast and reliable payment options. The demand for these applications is more than any other type of application. These applications are easy to use and provide fast processing and a lot of other features to users. They allow people to easily load and pay money. These applications are continuously being updated and there are many new features that are in development that will make many things easier.

Features To Be Included In eWallet Applications

An application is made up of various different features and functions. This part will deal with the features and why they are important. It is important to find the perfect balance between the latest features and the basic features. These features are divided into different categories and are explained in brief below so that readers can get the gist:

  1. Solutions

    • NFC

NFC or Near Field Communication is a technology that has been used in payment applications recently. This technology allows people to pay quickly when their devices are near each other. NFC is an easy and convenient way of paying vendors or other users. This technology is relatively new and that is why it is not present in many applications that are there in the market.

    • QR Codes

Using QR codes in payment applications is something that has been normalized in the current time. People use payment applications or eWallets at shops, tolls, and other places where they visit frequently. Entering one’s registered mobile number or the unique ID might not always be feasible and that is the reason why QR codes are used. QR codes make payments simple and save a lot of time. The integrity of the payments is also maintained. The user doesn’t have to ask for the details like the shop name to confirm if they have entered the correct ID.

    • Blockchain Applications

Blockchain technology is being used in payment applications very extensively. The reasons for this are many. It makes payment safe and fast. It allows the use of the cryptocurrency that makes payments and other things transparent. There are many government organizations that are also using blockchain technology for their payment needs. Blockchain is the future of banking and eWallet industries and also other apps and websites.

    • Payment App

These applications are payment applications as they are used to pay for a lot of things. Right from paying to the vendors to paying to friends, from paying for a movie ticket to paying the bills, everything can be done over these applications. These applications are fast, they have everything and support all the devices that are present in the world.

  1. User Panel

    • Login/Signup

These applications cannot be used if a user is not authorized, which means that there should be something that provides a gateway. eWallet applications mostly provide two-layer security, i.e., they firstly ask for the password and then they also make sure that the user is the same person by sending them an OTP. This creates a profile of the user where they can add and manage their bank accounts and their cards. Login/Signup features allow everyone to use applications wherever they want and on whatever device they want.

    • Linking With Bank Account

Users should be able to link their accounts with wallets. This is so that they can directly send and receive money into their bank account and do not have to transfer from and to the wallet. Not all people might have an active wallet but everyone has an account and this is why they need to link their account to use these applications in their best form. Only when the user links the wallet and the bank account can they be allowed to use the UPI and direct payment features. This is an important feature to have and is mandatory. This increases the speed and the security of the payments that are made. It is not easy to trace the payments that are made from one bank account to another. That is managed by other banking bodies.

    • Adding Money To The Wallet

Users should also be allowed to add money from their bank account to the wallet that belongs to the app. This is fast, reliable, and secure. When the bank servers don’t respond, this is what saves the day for the users. Because this works over the app’s personal server, there will never be any issues in payment. The wallets also guarantee that if the payment is not completed then users get their refund at the earliest possible time. People can also use the wallet balance to purchase things on different eCommerce websites. Most websites have integrated with these wallets and are still open to other new ones.

    • Passbook/Transaction History

The user should be able to look at their virtual passbook or transaction history so they can keep a check on their expenses. Also, because the bank accounts are also linked, users will need to look at what comes in and what goes out. This is what helps them to manage their budget and know if they are capable of buying or paying something. Passbook or transaction history feature is also mandatory for such applications.

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    • Balance Status

This is something that users should be able to see distinctively. This will tell them when the wallet balance will be about to get over. Developers can also integrate another feature that will tell users to recharge their wallets whenever it gets empty. Balance status shows how much a user can pay without recharging and this can also be used to show the balance in their bank accounts. There can be 2 different vertices or tabs under this feature where a user can select whose balance they want to see. This feature is something that cannot be ignored at any cost as people want to check their balance every time before they pay. A lot of people use this feature without any reason and that is why it can also be called the most used feature in the app.

    • Money Transfer

When users are allowed to integrate their accounts and pay and check the balance that is left in their accounts, they should also be allowed to transfer money to other accounts. This can also be in many ways different for Android and iPhone app development services. They can either transfer from one bank account to another or they can transfer from one wallet to another, or they can cross-transfer. There are some applications that don’t allow cross-transfer but most of them are now allowing it on some grounds. The ones that don’t allow users to send from wallets to accounts allow them to transfer the money from their wallets to their own accounts. There might be some extra charges on this but this makes it possible for users to share the money in their wallet to someone’s account.

    • Bill Payment

Users should be provided with a feature with which they can pay various bills. Most of the applications have a feature that allows their users to pay the electricity bill, water bill, and all other kinds of bills. This can be extended to recharges and various other day-to-day expenses of people.

  1. Admin Panel

    • User Dashboard

This is the part where users will get the details of their accounts, their past transactions, and various features that they use the most. This can also be described as a brief summary of the things that users need the most in the application. Any application that does not have a dashboard may never be able to provide users with 100% of what they have to offer. Dashboards make an application look attractive, they save users time and also make sure that they are updated with all the relevant information.

    • Offers

There are various offers that users can be provided with. These can be the offers on payments, a discount on a purchase, or a benefit that they will get when they do something specific. This should be there in the admin panel so that users never miss out on any offer and keep using the application. Providing offers and rewards is a great way to keep people hooked on to the application even when they really don’t want to use it for what it is made for. Because of this feature, the number of people who may use this application will increase.

    • Account Management

There should be a feature that allows users to manage their accounts. This is the vertical where they can add or remove their bank account, or change the credentials to protect the account from frauds. They can also change the information that they provide to the application when they sign up. There can be other things that can also be added and the user should be allowed to use them according to their preference.

    • Analytics/Reports

This is very useful. This shows users how they have been using the application and how much they have paid. There should be a detailed report that shows users where they have spent money, how they spent it, and how much they saved. These details will help users to improve their spending style and save more.

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  1. Advanced Features

An android or iOS application development company that deals with eWallet project development will know that having advanced features will increase the costing of the app. This is the reason why only the most relevant features should be added to it.

    • Location

Though this feature will increase the cost of the application it will also increase its visibility at the same time. This feature can also allow personalized changes to be made to the content and graphics according to the region of a user. This will improve the application in many other ways as well.

    • Data Sync

A user might change their device or might have to use the application on some other device temporarily. In that case, they will want all the data, payment records, contacts, and offers that they got to stay the same. This can be done by adding the data sync feature into the application. An eWallet app blockchain development company knows how important it is for applications to be able to sync data. This will also be easy as there is not too much data on these applications.

    • Camera Integration

This can be done to allow users to scan QR codes and also for the face unlock feature or for taking a picture to show on the profile. Camera integration is a must. Without this feature, no application can function in the way it should. There are many applications in this category and all of them have the camera integration feature, so there is no reason why any new one should ignore this one.

    • Virtual Cards

Virtual cards or virtual debit cards can be used to pay on various websites, eCommerce platforms, and streaming platforms. These cards are just like normal debit cards but the difference is, they cannot be used for taking out cash.

    • Loyalty Programs

This is something that all mobile application development services or websites are doing to improve their customer base and the connection they have with them. The addition of this feature will increase the number of transactions that happen, the time people spend on the app, and the rate at which the application gets shared. This is one of the best marketing tricks that are used by businessmen. These programs provide users with something in return when they either share the application or use a specific feature on it or buy something within the application.

How Much Does The Development Of eWallet Applications Cost?

The overall cost of a wallet app development with basic functionalities may cost between $20,000 to $50,000. However, if the organization or individual wishes to develop an advanced application that is loaded with all latest and complex features, the total cost of development may stretch up to $90,000 and even more than that, according to the design and features of e-wallet. The cost of development also varies according to the platform on which the application is being implemented.

If the e-wallet app is developed for the Android operating system, the overall cost of development ranges between $20,000 to $45,000. An app that is developed under this cost will consist of all basic features. With advanced features, such as Google Pay or Alibaba Pay, the cost of development may reach up to $150,000.

On the other hand, if one wants to develop an e-wallet application for the iOS platform, the cost of development will be between $20,000 to $55,000. Thus, the cost of development doesn’t really differ for an Android and an iOS application development company when only the basic features are to be included in the app. Similarly, the cost of developing an app with advanced features will go up to $150,000.

Nowadays, the development of web applications is also considered by many companies. The reason behind this is that they give the look and feel of a full-fledged application or a native application. Additionally, it required less effort, time, and members. As a result, the cost of development also decreases to the range of $25,000 to $50,000. The only drawback that is present in the deployment of an e-wallet into a web application is that it does not have the ability to contain all features that an e-wallet should contain.

Factors Affecting The Cost Of Development Of eWallet Applications

Apart from platforms, there are many other factors that affect the cost of development. The geographical location where a blockchain development company is going to release the e-wallet app plays a very critical role in the cost associated with it. Developers charge differently in various countries around the world and there are significant changes in the price paid to them. Additionally, other factors such as the design of the app, development hours, features, etc. are also some important aspects that decide the cost of developing eWallet applications.


Developing an eWallet application is a task that needs a lot of time and also money. All the factors that affect this have been mentioned in the article. Features make an app and contribute to its cost, and that is the reason why a wallet app development company should know what is the perfect balance of basic and advanced features. Using too many advanced features might make the application attractive but will increase the cost and divert the app from the main idea. Blockchain and other technologies are making these applications better than what they were. The world is changing and the companies that develop the e-wallet apps need to change with it as well. There can’t be development in doing something that has already been done.