How Much Does It Cost to Build an E-Wallet Mobile App Like PhonePe?

Undeniably, technology has changed the way of our living. All thanks to the technology and the innovators who introduced these exclusive solutions. Mobile app development solutions are one of them which revolutionized every industry. Today, we are living in a world where all our essential services are available at our fingertips in our mobile devices, and mobile e-wallet apps are one of them.

Today, mobile e-wallet apps are the hottest trending topic, and the market of digital mobile payments crossed USD 780 billion in 2017. According to the market experts, soon it will cross 1 trillion in these upcoming years. Over 90 million people are using mobile e-wallet solutions to make their payments, and the number is continuously increasing with every passing year.

Why mobile e-wallet app become so popular?

In the US, 39% of the users prefer to make payments through their mobile devices; from there, the idea of mobile e-wallet apps has born. Today, customers are more depends on their smart devices, not only the entertainment sector, but people are firmly using the technology to purchase and sell anything varying from grocery to booking a taxi for their weekend getaway.

The market of e-Wallet App Users

The massive success stories of Paytm, MobiKwik, PhonePe, and others have been stirring. For instance, PhonePe has over 5.8 million business on its platform, and it had around 55 million active users until June 2019.

Salient Features Mobile E-Wallet Apps

• Easy accessibility
• Simple to load money
• Range of uses
• Split bill facility
• Ensures timely payments
• Incentives and promotions
• Quick transfer of funds

Which industries get benefit from mobile wallet application?

Indeed, mobile e-wallet apps are usually associated with the financial sectors after the monetization. Though, the apps can also use as a money transfer app in several fields such as:

• Retail sector
• Financial sector
• Logistics sector
• Transportation sector
• Tech Enterprises sector
• Telecommunication sector

Salient Features to comprise in a Mobile E-Wallet App

If you decide to build a mobile e-wallet app, you should consider some basic features that every mobile wallet app must offer to fulfil the demands of the users.

• User Registration 
• Bank Account Authorization 
• Option to Check Balance
• Money Transfer 
• Payment for bills
• Discount coupons 

Additional features

Mobile E-wallet app development is a profitable solution for your business which can turn into the best method to increase your customer base and upsurge the database of loyal users. But, to improve your business and the popularity of your app, you should incorporate some advanced features-

• Loyalty Card
• Reward Offer
• Loyalty Card with Promotional Offers; 
• Gift Vouchers
• Pop-up Notification
• Exclusive offers
• Geo-Locating
• Membership Discounts. 

How much does it cost to build an e-Wallet mobile app in India?

According to the statistics, In India, if we talk about the hourly development rates of mobile e-wallet apps, it will cost you around USD 25- USD 80 per hour.

The development cost of an e-Wallet Mobile app will cost you around 000- 000. However, apps with exclusive features like PHONEPE can cost you around USD 100,000 to USD 150,000.

Conclusion

Mobile E-wallet apps is not an overnight sensation; today, it becomes a necessity for us. Though, to enjoy the advantages of this fast-growing market, you need to confirm the perfect execution of facts and features.

All you need to do is the detailed market research which helps you to get an estimate about the development of a mobile e-wallet app. Get in touch with SVAP InfoTech and discuss your unique ideas in detail.

About This Author

Vipin Nehra Joined: February 24th, 2020