How Much Does It Cost To Build Your Own Digital Wallet?

How Much Does It Cost To Build Your Own Digital Wallet?

How Much Does It Cost To Build Your Own Digital Wallet?

The cost of developing your digital wallet depends upon many different factors, including the developer's location, the platform you want to establish your e-wallet for (iOS, Android), and the features required. 

On average, the e-wallet development cost can range between $30,000-$100,000, depending on what you have in mind. However, one thing is for sure – everything is powered by the latest technologies in the internet-driven world. Everything from ordering food to shipping and taxi booking can be done with a few clicks or taps on a mobile device.

Lately, e-wallet mobile app development has been on the rise as the leading industries have realized how useful it can be for paving the way for customer-centric, user-friendly accessibility of a wide variety of services, goods, and products.

The constant innovations coming from the ever-evolving smartphone technology have revolutionized how modern consumers interact with the business. Nowadays, customers can tap into an array of mobile applications and have all available services and products in the palm of their hands. 

Since there is immense opportunity for business growth here, let’s talk about how much it can cost to develop your e-wallet.

The cost of developing a digital wallet

To understand how much it can cost to build your own digital wallet, we must first determine the features of your mobile wallet app. Every digital wallet has two different panels – the admin panel and the user panel. 

Each panel has its functionalities, and together, they incorporate a system that ensures each user receives an unprecedented user experience. On the other hand, this system also ensures that the admin who manages the app can address the user's issues timely and efficiently. 

The user panel should contain the following features:

  • Customer onboarding and registration – the e-wallet industry is a bit specific for digital customer onboarding. Users need to submit their identities for verification. You need to ensure this process is as smooth as possible.
  • Connect bank account – allow your users to link a bank account of their choosing.
  • Add money – the add money option allows the users to add funds from the bank accounts into the wallet.
  • Transfer funds – users can transfer funds as per their needs quickly and efficiently.
  • Accept payments – top-class digital wallets allow users to receive payments simply.
  • Pay bills or mobile recharge – users can tap into the convenience of paying bills or recharging mobile phones directly from the app.
  • Transaction history – if a user needs to access the past transactions, they can do so quickly and easily.
  • Booking tickets – provide your users with a hassle-free booking experience on demand.
  • Bank to bank transfer – a digital wallet should allow users to complete bank transfers.
  • Insurance fund or taxes –whether it’s a sales tax, income tax, or an insurance premium, a digital wallet should provide features to allow users to make their payments easily.
  • Online shopping – users can buy everyday items without leaving their homes.
  • Additional offers – promotions, discounts, and deals help convert users to loyal consumers.
  • Invite others – happy customers will do your marketing for you.

The admin panel should contain the following features:

  • Dashboard
  • Offers and discounts
  • Manage contacts and users
  • Real-time analytics
  • Block users
  • USSD payments
  • QR code scanner 
  • Virtual cards
  • Digital receipts
  • Push notifications

Now, since you have some basic understanding of the essential features, let’s get deeper into the determining factors that influence the cost of your digital wallet.

Digital wallet app features

The range of features you choose for your digital wallet will significantly impact the cost of the development. If you decide to go with basic features, it will cost less than going with the full suite. 

However, you should keep in mind that modern consumers demand an unprecedented level of customer service and support. In other words, investing in more features will be worth it in the long run.


The next step is to decide whether your digital wallet is for multiple platforms or a single platform. If you decide to develop an e-wallet for both Android and iOS, it will cost more. Keep in mind that the cost of developing a digital wallet for Android is slightly higher than for iOS.


If you’re going with a local developer, the cost might be higher. That is why most businesses outsource their e-wallet development as some regions make it more affordable. 

The average cost of building a digital wallet website and app

Websites and applications are two completely different things. The cost of developing an application is higher than creating a website. On the other hand, the functionality of a website isn’t the same as an application, as app features are better and more customer-centric when compared to a website. Developing a basic digital wallet application will range between $25,000 and $50,000, while a website will range between $20,000 and $40,000. 


Mobile payment applications play a vital role in the customer journey in the modern era, allowing modern consumers to make cash transfers, pay for goods, book services, and make their everyday lives more flexible and convenient. If you’re considering building your own digital wallet, the time has never been better for doing so than it is today.