Nowadays, a mobile wallet app is highly in demand. PayPal, Paytm, Amazon Pay and Apple’s Wallet are some of the popular e-wallet applications. All the mobile wallets are extremely helpful to users as it eases the transaction of money. You can pay bills, recharge and even shop online with these apps. Now business owners are also using the mobile wallet applications for transactions of their business amount.
A consumer can also use wallets to pay in stores when shopping or eating out. Another fact about payment apps is that not many foods and beverages companies have created their own wallet apps like Starbucks. In the USA, Starbucks earns more through their mobile wallet. Its representatives in an interview said, “There was a 30% increase in a transaction made through Starbucks mobile app.”
Thus, as far as mobile wallets go, they drive mobile payment, brand management with customers and build more infrastructures for existing businesses. The best part about wallets is that it allows the consumer to use master and visa cards without carrying it.
If you want your business to be more successful and accessible to the consumer, go for mobile wallet application development. In this blog, we will talk about how to develop mobile wallet apps and cost involved in creating it.
What is the average cost of developing a mobile wallet app?
A first step towards developing a mobile wallet application: Planning and Research
We just read the importance of mobile wallet application; now let’s learn how to develop a successful and feature-rich app.
Developing a mobile wallet app needs investment in terms of cost, time and effort. Of the three, the cost is the biggest concern for any company as there is no guarantee of the app’s success.
But a mobile wallet app promises huge returns on investment and more consumers. So, take the plunge and develop the app, but research and plan before you do so.
Thus, it is important for you to research the market, target consumers and the mobile app development company.
Here are some things that you need to ask the app development company before plunging into developing a mobile wallet app:
- What are the methods of charging used by development companies?
- The difference between cost if you go for iOS mobile app development or Android mobile app development?
These are some of the questions that you need to ask the company. Also, it is crucial to plan and research about your company and the intended features you want in the app.
Cost of developing a mobile wallet app:
The cost of developing a mobile wallet app varies depending on the types of feature you want in it.
The most common payment apps have the following features:
- Linking and integrating various payment methods/gateways. It includes credit/debit cards or digital currency.
- It has additional features like coupon codes, loyalty points, wallet limit and so on.
- Any app that sells things can have a mobile wallet added to their app. Like Amazon has come up with its own wallet- Amazon Pay.
Here are the types of mobile wallet application:
A retail application:
A retail app like Amazon can have a mobile wallet with all the basic functionalities. It has coupons and reward points that are redeemable. It allows all types of payment including net banking.
A dedicated payment app:
It allows P2P money transfers by storing a variety of cards online. You can even pay internationally. Examples of such apps are Apple Pay, Samsung Pay, and PayPal.
PoS (Point of Sale) payments
PoS payment wallet applications are found at the storefronts. It allows the user to make contactless payments (without standing in queues). They are very popular in the USA.
The cost of the above mobile app development:
$40k-50K is the cost of developing the mobile wallets for your business. The time needed for the development of the mobile wallet app will be around 4-6 months.
The above cost is calculated by including billing hours, no of app developers, designers, API integration and hardware/software integration if required. The cost of developing infrastructure, hardware, and an overseas office is also included in $40-$50k.
Cost for a feature-rich app:
If you want to develop a wallet app with more features, the cost will go above. If the app has NFC and iBeacon technology, the cost will increase even more.
The advanced features won’t affect the cost of native iOS and native Android app development for a mobile app. But the time and efforts involved in developing the app would increase.
Apart from the basic feature, a mobile wallet with advanced technology will boost the following features:
- GPS modules for location search.
- The feature to use Wi-Fi or network data for real-time connectivity.
- Push notification and reminders about offers.
- Coupon codes
- Loyalty programs especially offered by retailers.
- The feature to enable POS mobile wallet payments using NFC, iBeacon, and Bluetooth technology.
- Authentication using fingerprint scanning.
- A tool that allows a user to see how much are they spending on the app throughout the month.
- Online payment receipts.
The cost of developing a mobile wallet with these features may require a little over $40-$50k.
If you want to develop a hybrid mobile wallet app, the cost will be significantly low. The cost of a hybrid app will be $20-25k. Also, the time required for developing it would be around 2-3 months.
The payment app which is also called Amazon Pay is much in demand. They make consumer’s life easier and help the company to bring more customers. Cash payment is not preferred by many and not all stores take master/visa cards. With mobile wallets, you can pay using your credit/debits cards with just a click. So, for companies, it is a great opportunity to make more revenue and mark amongst people. Cash comes at risk while mobile wallet comes handy. And you don’t need to have cash you can pay through mobile wallet apps.