PayPal is one of the largest eWallet and digital payment solutions in the world. With more than 440 million active users, the platform is inspiring a lot of other businesses to create their own apps like PayPal.
Another factor that makes the resolution even strong is the fact that the global eWallet market is expected to reach $2.1 trillion in transaction value by 2023. In addition to this, the number of eWallet users worldwide is predicted to reach 1.31 billion by 2023.
So, if you want to get a piece of this trillion-dollar cake with your own app like Paypal, this is the right time. Now, finding a development company that can bring your eWallet app development idea to reality isn’t the hard part.
The hard part is, figuring out the cost to build an app like PayPal. So, if you are wondering “How Much Does It Cost to Build An eWallet App Like PayPal” you aren’t the only one.
To save you the trouble, in this blog, we shall be discussing everything related to building an eWallet app like PayPal and the cost related.
Therefore, let’s get right into it:
Should You Build An App Like PayPal?
One of the first questions that come to mind when you are considering eWallet app development is “Should I Invest in It”?
Well, you should. And here are some reasons to build an eWallet app like PayPal for your business.
- High demand
Digita l payments are becoming increasingly popular, and there is a growing demand for secure and reliable payment solutions.
Paypal is a highly profitable company, with a market cap of over $300 billion as of 2021. And in 2023, these figures will grow much more.
An app like Paypal can be used for a wide range of purposes, from sending money to friends and family to making online purchases.
You can tailor your app to meet the specific needs of your target audience, whether that be individuals, small businesses, or large corporations.
There is always room for new and innovative ideas in the digital payments space, and building an app like Paypal gives you the opportunity to develop new features and services that can set your app apart from the competition.
With this out of the way, let’s look at some of the reasons to invest in an app like PayPal or Venmo. Now, let’s see how much it cost to build this idea into reality.
How Much Does It Cost To Develop An App Like PayPal?
The cost to build an eWallet app like PayPal largely depends on several factors such as the complexity of the app, features, functionalities, the platform it will be built on, and the development team’s location.
On average, the eWallet app development cost can range from $50,000 to $150,000. However, this is just an estimate, and the actual cost may vary depending on the aforementioned factors.
To get a more accurate estimate, you can consult with the eWallet App Development Company which can provide you with a detailed breakdown of the development cost based on your specific requirements.
EWallet App Development can be quite expensive, but it is a worthwhile investment in the long run as it opens up a world of opportunities for businesses and consumers alike.
Moreover, if you want to learn more about the cost and what are the various factors that affect the total cost to build another app like PayPal, we shall be discussing all about that in the section below, therefore, let’s get right into it:
Factors That Affect the Cost To Build Apps like PayPal
So, what are the different factors that affect the e-wallet app development cost? Well, in this section of the blog, we shall be discussing these different factors which may affect e-wallet software development and it’s cost.
Therefore, with this said, let’s get right into it:
· eWallet App Development Platform
The very first thing that you need to choose when developing apps like PayPal to send money is a platform.
Here, you can either go with hybrid app development or native one. There aren’t actually many options in the former one and hybrid app development cost ranges from $20,000 to $60,000.
Moving on to native app development, you get two options here.
- android app development
- iOS app development
Both android and iOS are amazing native platforms offering unmatched services. And the choice at the end of the day depends on your business preferences as well as project requirements. In any case, costs for both of them are
Android app development cost ranges from $15,000 to $160,000
iOS app development cost ranges from $10,000 to $150,000
Therefore, depending on the location you are developing your app, the total cost to build an app like PayPal can differ highly.
· User Interface
The user interface (UI) of an eWallet app is one of the most important factors that affect its cost. The UI determines how users interact with the app, and it can make or break the user experience.
A well-designed UI can increase user engagement and improve the overall user experience, while a poorly-designed UI can lead to frustration and decreased usage. Building a user-friendly and visually appealing UI requires expertise in design and development, which can add to the cost of building the app.
Security is another critical factor that affects the cost to build an eWallet app like PayPal. eWallet apps deal with sensitive financial information, making them a prime target for cybercriminals.
Ensuring the security of an eWallet app requires implementing robust security measures, such as encryption, two-factor authentication, and fraud detection. These security measures require expertise in cybersecurity and can significantly add to the cost of building the app.
· Payment Gateway Integration
Integrating a payment gateway is a factor that affects the cost to build an eWallet app like PayPal. Payment gateway integration is the process of connecting the app to a payment processor, enabling users to make transactions securely.
Moreover, The cost of payment gateway integration varies depending on the payment processor and the level of customization required. Some payment processors charge a flat fee per transaction, while others charge a percentage of the transaction amount.
Customization of the payment gateway to meet specific business requirements can also add to the total eWallet app development cost.
Location is one of the biggest factors which affect the eWallet app development Cost. So, if you want to create the next best payment app like PayPal, here is how much it will cost you in different locations.
The average hourly rate for an app developer in the US is around $150 to $200. Developing an e-wallet app, on average, takes around 1500 hours. Therefore, the total cost of building an e-wallet app in the US will be around $225,000 to $300,000.
The hourly rate for software developers in Europe is slightly lower than in the US, ranging from $100 to $150. An e-wallet app would still take around 1500 hours to develop, this will make the total cost of building an e-wallet app in Europe to be around $150,000 to $225,000.
The hourly rate to Hire eWallet App developers in Asia is much lower than in Europe and the US, ranging from $40 to $80. Developing an e-wallet app would still take around 1500 hours, making the total cost of building an e-wallet app in Asia to be around $60,000 to $120,000.
Calculating the Cost to Build an eWallet App
So, how do you calculate the cost to build eWallet app? if you want to create an eWallet app and want to calculate the cost to do so, here’s how you can do it.
In this section of the blog, we shall be looking at different steps that can be used to estimate the cost to build an app like PayPal. These are, as mentioned below:
Step 1: Determine App Features
The eWallet development cost for a paid app like PayPal depends on the features it has. The more features your app has, the more expensive it will be to develop.
Some essential features that eWallet apps should have include:
- User registration and login
- Wallet balance management
- Payment gateway integration
- Transaction history
- Push notifications
Additional features that may increase the cost of development include:
- QR code scanning
- NFC integration
- Loyalty programs
- Bill payment integration
- Ai Chatbot Integration
- Virtual card creation
Step 2: Decide on the Development Team
The cost of building an eWallet app also depends on the development team you choose. You can either hire an in-house team or outsource the development to a third-party company.
The cost of hiring an in-house team will be higher, but you will have more control over the development process.
Outsourcing the development can be more cost-effective, but it can be challenging to manage the project remotely.
Step 3: Estimate the Development Time
The cost of building an eWallet app also depends on the development time. The more time it takes to develop the app, the more expensive it will be.
The development time can vary depending on various factors, including the app’s complexity and the development team’s experience.
Step 4: Calculate the Development Cost
Once you have determined the app features, development team, and development time, you can calculate the digital wallet app development cost. You can use the following formula to estimate the development cost:
Development Cost = Development Time x Hourly Rate
The hourly rate will depend on the development team you choose. In-house teams typically have higher hourly rates than third-party companies. The development time will depend on the app’s complexity and the development team’s experience.
In conclusion, building an eWallet app that is like PayPal requires careful planning and consideration of various factors. By following the steps outlined above, you can estimate the cost of building an eWallet app and ensure a successful launch.
eWallets have changed the fintech world. And with the revenue, this industry is generating everyone wants to build an app like PayPal, GooglePay, Apple Pay, and so on. But the first question they ask is, how much does it cost?
In this blog, we discussed everything related to the building cost of an app like PayPal as well as how you can calculate it. In any case, if you want to learn more about the same, it’s highly recommended that you consult a Mobile App Development Company.