It’s a set of tools and tactics designed to check the viability of your concept from both the business and technical points of view. In turn, the discovery phase consists of sub-steps that are incorporated into the overall development process, namely: This will greatly reduce the risks of creating a useless product, and help plan the budget for the design, development, support, and promotion of your FinTech startup. This stage is designed for the development team to understand the concept, audience, and market of the future application. The discovery stage is the first step in developing an e-wallet. Let’s go through the details of creating an e-wallet app from scratch. Collect feedback and improve the mobile digital wallet appīut this is an extremely succinct idea of what the development process looks like.Create wireframes or clickable prototypes.Validate an idea of your e-wallet startup.Let’s take a look at the 7-step checklist: It would help if you did not skip any of these steps as they’re all intricately linked to building a user-centric product. Here are the steps to follow in developing your e-wallet. Step-by-Step Guidance in E-wallet App Development So let’s look at the step-by-step process of e-wallet app development, which determines the necessary budget for the design, development, and support of the application. However, the hourly rate in different countries makes the difference, note the difference of 100 hours: $4000 in Ukraine or $17,000 in the US. The creation price is directly proportional to the complexity of the application. We’ve looked at the key pricing factor in digital wallet development. Here is a breakdown of development costs by the countries. Cost of Development Based on Team Location In addition to the type of team, the price of digital wallet development is influenced by the location of the team. To calculate the MVP development cost here and below, we will use the example of an app, which requires 1,500 development hours.īelow is a spreadsheet depicting the team-type cost of developing an e-wallet mobile application. The required budget depends on multiple developmental factors such as the number of integrations, complexity of workflow, and type of the development team.īeyond these developmental factors, the design and discovery phase also has a role to play in determining the overall app cost. The cost of e-wallet app development varies from $45,000 to $250,000. What’s the Cost of Developing an E-wallet App? Let’s take a look at the cost of developing an e-wallet application. We hope that you and we now have the same understanding of the market reasons for launching a new wallet app. Revolut is the perfect example of how fast a FinTech startup can grow with an e-wallet application to make payments, and then transform it into a super app, an all-in-one service provider with a bunch of different financial services. It’s a kind of personal finance application.Īlthough the startup launched in 2015, it currently has 4.5 million users worldwide and is valued at $1.7 million. Revolut is a financial technology company with an e-wallet app that helps users gain more from their money. Example to Learn From: RevolutĪ company that has excelled in this industry within a short time frame is Revolut. To avoid just dry numbers, let’s look at a real-life example of mobile app development in the e-wallet niche. ![]() 66% of Americans consider e-wallets as the most convenient option for financial transactions.The global e-wallet money transfer industry is expected to be worth $2.1 trillion by 2023.A 2021 study by FIS shows that the use of e-wallets at the point of sale (or POS) has increased by 19.5% in the past one year.This CAGR reflects the opinions of many that mobile payment apps have a high adoption rate by new users. It is estimated that the market for e-wallet will enjoy a 28.2% CAGR, representing growth from $1 trillion to $7.5 trillion in 2027.Take a look at some statistics suggesting why you should own an e-wallet: Why Every Fintech Startup Develop an E-wallet App If you prefer visual to text, then go straight to the bonus infographic “How to develop mobile wallet application”. How to find a reliable FinTech development partner.How much does it cost to create a digital wallet mobile app.A step-by-step guide to building your e-wallet product.Basic information about e-wallet startups.In this article, we’ll touch on the following points: If you gave a positive answer to this question, then read this for all you need to know about creating an e-wallet app from scratch. Are you a founder, a product manager, a FinTech company, or an executive from a financial institution with a desire to build an e-wallet application?
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