How much does it cost to develop a mobile wallet application?
A mobile wallet can be interpreted as a financial tool used to receive or send funds to individuals and business entities using mobile phones.
It is an e-commerce model in which ease of use and convenience are developed and developed accordingly.
You can also call the mobile wallet to move money or electronic money.
Your ordinary wallet may be full of cards and money.
An E-wallet is a solution where users can save their card information and make payments easily by scanning a QR code or simply entering the payee number.
The money is deducted from the payer’s account and transferred to the payee’s account.
What are the benefits of the mobile wallet app?
- Simplified payment process
- Unlimited use period
- Convenient work in online mode
- Fast transaction speed
Best practices for creating mobile wallet applications
- Appropriate availability
- Safety
- password
- Tokenization
- Biometric technology
- Key file
- Account blocked
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What is the average cost of a mobile wallet application? How is it different?
Going back to mobile wallet application development, the Cost to Develop a FinTech App depends on the various functions it contains and the time required to develop the application.
Generally, mobile wallet applications allow linking and integration of different types of payment gateways/methods, such as credit/debit cards or digital currencies, and additional functions such as coupon codes, membership cards, reward points, wallet limits, etc.
In most cases, the wallet application is an extension of e-commerce/retail applications or online restaurant ordering applications, or ride-hailing applications such as Uber or Zomato. Any application that sells services or products can add a mobile wallet.
Types of mobile wallet applications by technology
Broadly speaking, we can divide mobile wallet applications into:
Retail application with mobile wallet function: It allows users to redeem their coupons and reward points, allowing all types of payments, including credit/debit cards/online banking.
Dedicated payment applications like Apple Pay, Samsung Pay, PayPal: Allow users to store and use various cards and transfer money internationally. They allow P2P remittances.
PoS (point of sale) payment in mWallet application development: occurs at a storefront that allows users to make contactless payments.
On average, for an application like the above, the development cost ranges from $40,000 to $50,000. It will take about 4–6 months to develop the application in the end. This cost includes the number of billable hours, application developers, designers, and other important resources involved in the project, API integrations, or any hardware/software integrations. The cost of the company’s application development also includes infrastructure, hardware costs, and office expenses.
If you want to develop feature-rich applications, including NFC and iBeacon technologies, for example, this cost may exceed and vary. However, Cost To Make A Mobile App will not change at all, but the time estimate and the effort invested may be slightly different.
In addition to the basics, some important features of modern wallet applications are:
1. GPS module used to determine the location
2. Real-time connection via Wi-Fi/mobile data
3. Send push notifications or reminders about offers in the wallet
4. Special offers or coupon codes related to the wallet
5. Tailor-made retailer loyalty program
6. Use NFC, iBeacon, Bluetooth technology, QR code, or payment application to enable POS mobile wallet payment.
7. Fingerprint scan authentication
8. Point-to-point encryption can further protect payment transactions during interaction with PoS terminals.
9. A budget tool that allows customers to see how much they spend each month and how it translates into rewards.
10. Electronic receipt
11. You can consider using them to make your application more powerful and user-centric.
On the contrary, if you want to develop a hybrid mobile wallet application, the cost will be reduced to $20–25,000. The experienced team of developers takes about 2–3 months to publish your application.
To accurately estimate this type of application, please contact the best Mobile app development company in USA.
One piece of advice:
If you are building a mobile app for your business or plan to launch an app shortly, always think about what your customers want before proceeding.
USM Business Systems is the best AI development company . We help companies accelerate digital transformation and empower their ability to run business intelligently in this world of a connected ecosystem. We help your company begin a journey of transformation using the power of advanced and futuristic technologies. We provide unbeatable technology solutions and Cloud Migration services in USA to clients throughout the United States: Chantilly, Virginia, Frisco, Texas, California and New York.
