As a business owner, you're always on the lookout for ways to make your customers' lives easier. You know that providing a convenient, secure payment method is key to keeping them coming back. That's why you've been considering creating your own e-wallet.
By creating your own e-wallet, you could offer your customers a seamless and secure way to pay for their purchases. No more typing in credit card numbers or dealing with clunky checkout processes. With your e-wallet, customers could simply click a button to pay for their items, and the money would be transferred to your account instantly.
But before you jump into creating your e-wallet, you need to know how much it's going to cost. Developing an e-wallet is no small feat, and you need to be prepared for the financial investment required. In this article, we'll break down the costs associated with creating an e-wallet so you can make an informed decision about whether it's the right move for your business.
In this article:
What is an e-wallet?
Electronic wallets have emerged as an alternative to traditional payment methods such as cash and credit cards. Such wallets store payment information and make it easy and convenient to pay for purchases on the Internet and in stores.
An e-wallet is an electronic payment method that stores your payment information (cards, cash, bank accounts) and with which you can make payments in stores and on the Internet. E-wallets can be thought of as the digital equivalent of your physical wallet. Essentially, e-wallets store funds and payment information in the same way that a wallet stores cash, cards, or checks.
If the names ApplePay, Google Wallet, Samsung Pay, Venmo, and Cash App sound familiar, then you have probably already used an e-wallet. In recent years, electronic wallets have become increasingly popular and, according to analysts, in 2022 they were found at points of sale more often than cash. Also, Coinbase Wallet, MyEtherWallet, and Trezor are the top wallets based on Blockchain technology, which you have probably heard about repeatedly. Based on Blockchain.com research, the total value of assets stored in blockchain e-wallets reached an all-time high of over $120 billion in 2022.
Factors affecting the price of app development
1. The development platform / Number of screens / Devices
You must choose the right platform with the help of experts on which your wallet application will be developed. The application can be developed for three different platforms - iOS, Android, and Web.
It is clear that the individual development of an application for three different platforms will cost more. This is why experts suggest including JavaScript in their wired framework and using cross-platform development (the cost of a wallet application can be significantly reduced).
2. Features and complexity of the application
This is one of the main factors that determine the cost of developing an e-wallet application. The more features an app has, the more time and effort it will take to develop, which can increase costs. You must consciously and clearly define the structure of the application so that it has sufficient complexity and features to ensure smooth operation and provide a simple interface for users.
A simple e-wallet with a few basic features will be less expensive than a more complex app with a wide range of features. Apps with more complex algorithms, data processing, higher security level, complex infrastructure and DevOps services, hosting, databases, or heavy calculations will be more expensive as well. Also, third-party integrations such as payment gateway, analytics, and push notifications can also affect the cost.
At the same time, it should not be too complicated so that users are perplexed. Remember that as the capabilities and complexity of an application increase, so does its price. You can also refer to the digital wallet guide for any clarifications and knowledge regarding the cost.

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Find out more3. Design and User interface
Design and user interface (UI) are important factors that can affect the cost of developing an e-wallet. The design and UI of an app can play a big role in determining its overall usability, ease of use, and aesthetic appeal. A good design and user-friendly interface can take more time and effort to create and, therefore can increase the cost of development.
A well-thought-out user experience can greatly improve user engagement and retention, which can lead to success. Creating a user interface that is responsive, intuitive, and easy to navigate can take significant time and effort, especially if the app has a lot of features and functionality. This stage also involves testing and iteration. A/B testing and user testing are important steps to improve the design and user experience.
Creating a unique, custom design can also add to the cost, as it may require more time and effort than using pre-existing design elements.
4. Third-Party Integrations
Third-party integrations refer to the process of connecting an app to external services or APIs (Application Programming Interface). These services can include things like social media login, payment processing, location services, and more.
These integrations can add complexity and cost to the development of e-wallet apps because they often require more development time to integrate and test. Additionally, ongoing costs may be incurred for maintaining the connection to these third-party services, such as subscription fees or usage charges.
Integration with third-party services typically requires a developer to use a pre-built SDK (Software Development Kit) or API to connect to the service rather than writing all the code from scratch. Some popular third-party services include Firebase, AWS, Google Cloud, Stripe, etc.
It is important to consider these additional costs when planning the development of the e-wallet app, as they can have a significant impact on the overall budget.
5. Technology stack
The technology stack used to develop an e-wallet can have a significant impact on the price of development. The cost of development can vary depending on the complexity of the technology stack, the expertise required to work with the technology, and the availability of skilled developers.
For example, if a development team chooses to build an e-wallet using a common technology stack like JavaScript or PHP, the development cost may be lower since there are many developers skilled in these technologies. On the other hand, if a team chooses to build an e-wallet using a less common technology like Rust, which requires specialized knowledge, the development cost may be higher.
Another factor that can impact the cost of development is the use of blockchain technology. Blockchain technology can add significant complexity to an e-wallet development project due to the unique requirements and challenges of working with blockchain.
Blockchain is a distributed ledger technology that uses cryptography to maintain a secure and tamper-proof record of transactions. In a blockchain network, transactions are validated and added to the ledger by a decentralized network of nodes or computers. This means that there is no central authority controlling the network, and all participants have equal access to the ledger.
The benefits of using blockchain technology in an e-wallet include increased security, transparency, and accountability. However, working with blockchain technology can be challenging due to its unique requirements. For example, developers need to ensure that the e-wallet is compatible with the specific blockchain network being used, and they need to take into account the potential for high transaction fees and slower transaction times.

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Find out more!6. Development team
The development team can include developers, designers, project managers, and QA testers. The cost of the development team can have a significant impact on the overall cost of the e-wallet development.
The cost of the development team will depend on a number of factors, including their location, experience level, and the number of team members required for the project.
Location: Developers in certain regions or countries may have different hourly rates based on the cost of living and the demand for their skills. For example, developers in the United States or Western Europe may have higher hourly rates than such countries as Ukraine or Poland.
Experience level: Developers with more experience and specialized skills may command higher hourly rates than those with less experience.
Team size: The number of team members required for a project will also affect the overall cost of the development team. A larger team will typically be more expensive than a smaller one.
It's important to consider the cost of the development team when planning the budget for an app development project, as it can have a significant impact on the overall cost of the project.
To maintain cost-effectiveness, outsourcing the development team or building a remote team could be an option, as it could lower the cost of the development team.
7. Testing
Testing is essential for ensuring the quality and security of e-wallet applications. However, it can increase the cost of development due to the time and resources required for designing, executing, and analyzing test cases. Additionally, testing often reveals bugs that need to be fixed, which can be a time-consuming and expensive process. Security checking may also require additional resources and impact the cost of development. However, not testing can lead to a flawed or insecure application, which can result in even higher costs in the long run.
8. Updates & Maintenance
Updates and maintenance are critical components of e-wallet development that can impact the overall cost of the project. Frequent updates may be required to ensure the app remains compatible with the latest technologies and security measures, which can increase the cost of development. Neglecting updates and maintenance can lead to security vulnerabilities that require additional resources to fix or prevent data breaches, resulting in increased costs. On the other hand, regular maintenance can help prevent issues from arising, reducing the overall cost of development by avoiding costly repairs or downtime. Properly managing updates and maintenance can help ensure the e-wallet app functions as intended, providing a positive user experience and increasing the app's overall value.
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How much does e-wallet development cost?
Of course, the final amount will depend on the above factors. When pursuing goals such as wide functionality and a high degree of security, it should be remembered that the amount of time and cost is directly proportional to the required results.
So, let's define the main stages of the development of a classic e-wallet.
First of all, you need to identify the main goal - investing or trading, long-term storage, transactions, and the like. Next, you need to define and deliver a technical task. The development of both simple and more complex electronic wallets begins with the analysis of available data, adjusted for user requests. After that, you should pay attention to the choice of technology. The simplest and most justified solution will be to use popular technological solutions for Android, iOS, and Windows systems. This option will allow you to create a high-quality product that will contain the most complete set of functions. This is followed by prototyping and a test run, which will allow you to control all aspects of the correct operation of the application and, as a result, detect and fix faults, if any.
The average price for developing an e-wallet from scratch by a knowledgeable development team ranges from $35K to $150K or beyond depending on scope, features range, and more. This price includes both the user panel and the admin panel, which are vital for the normal functioning of the electronic wallet. You can expect the development of a basic product with the minimum required functionality.
This price includes the following items of expenditure: There’s a typical scope for an e-wallet app:
- creation of a reliable application protected from the most common types of hacker attacks;
- a wide range of tokens available for transactions, both the most popular and little-known ones;
- search engine optimization of the site for an accessible and popular system in the country of the customer, as a rule - Google;
- maintenance of the application in the future in the 0-1 levels of support.
Also, Geniusee experts create a table where you can see visually what features should include different levels of e-wallets.
Despite the fact that the price of freelance development looks very attractive, it can offer several disadvantages over hiring outsourced developers. One major advantage of outsourcing is access to a larger pool of talent, including experienced developers, designers, and other professionals. Additionally, outsourcing companies often have established processes and methodologies that can improve project management and increase efficiency. But, of course, it's up to you :)
You may also be interested in “Outsource Developer Rates in 2022. How to Choose a Software Outsourcing Country”.
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Geniusee Experience
If you need to develop an electronic wallet and secure your assets, the best solution is to contact professionals. By ordering an e-wallet in Geniusee, you will receive an Android/iOS/Web application with wide functionality and an intuitive interface. The e-wallet developed by our team will be able to connect to exchange and banking APIs.
We provide reliable protection of the storage from hacker attacks using common encryption technologies using certificates and passwords, as well as a two-step authentication system (confirmation by SMS code, etc.).
We are ready to offer users a lot of interesting ideas for creating electronic wallets - whether it's a custom wallet or an application based on existing solutions. The development process is transparent, so you can make adjustments to get the desired result.
To order the service of developing electronic wallets or learn more about it, just fill out the contact us form on the site or contact us in any convenient way (contacts in the site footer).