1. Introduction
Nowadays, all financial companies have started investing in blockchain technology with its rising popularity. There has been a lot of demand for developing a Bitcoin app or e-wallet app lately and knowing blockchain-powered e-wallet app development cost. Bitcoin is a cryptocurrency wherein people could perform peer-to-peer transactions in a secure manner with very low or even zero transaction costs.
A Bitcoin wallet application is the best alternative for making payments easier. It enables making payments from one’s wallet to the vendor. So, how much would an e-wallet app development cost you?
Before you dive further into the cost of e-wallet app development, understanding what a crypto wallet is actually is important.
2. Cryptocurrency or Digital Wallets—an Overview
It’s essential to have a place to store and trade cryptocurrencies, thus a cryptocurrency wallet is necessary. Moreover, a digital e-wallet is one that stores passwords, and private keys, which permit access to cryptocurrency. It lets you send and retrieve Bitcoins.
The keys prove ownership of a digital currency and lets you perform transactions. In all, crypto or e-wallets are a reincarnation of the Blockchain app development company. Thus, the Blockchain app development services in an exponential manner.
3. Understanding the Factors that Affect the e-wallet App Development Cost
You have to factor in several things if you want to develop an e-wallet app that’s bitcoin-powered. The following will help you have a better understanding of how much an e-wallet app will cost you.
3.1 Features and Complexity
This is one of the numerous factors that determine the price of digital wallet app development. There should be a clear and concise definition of the wire framework. The application, moreover, should have enough features and complexity for an easy user interface and smooth operation.
Nonetheless, making the app so complex is important to get users confused. The higher the price would be for a more complex application. Having complex app features adds to the cost of the development.
3.2 Size of the Firm
As different companies have distinct pricing ranges, prices differ for similar apps. To make sure that you choose the right development company, doing extensive market research is key. How much would it cost you to develop a digital wallet app? The answer to this will also be affected by the size of the company providing development services.
Companies generally are divided into small, medium, and big. While the cost will be high if you go for a big Blockchain app development company, you can be assured that you will get a reliable app anyway. Nonetheless, a small company may charge a lesser cost but does not guarantee quality. Consider a medium-sized provider with a good reputation and lesser digital wallet cost instead.
3.3 App Design
The success of an e-wallet depends on the app design. Although the right plan will cost you more, it would benefit in the long run. Depending on your requirements, every part of the app, such as wireframes and UI/UX design would take some time to make.
A more intricate design naturally would cost more and so the digital wallet cost is high.
3.4 Tech Stack
When creating a powerful and robust bitcoin mobile app for cryptocurrency, applying the right tech principles is crucial. Before putting resources into app creation, developers should be familiar with the details and technicalities of the framework. For the best tech stack, it’s preferable to go for the best app development services from a reputable service provider.
4. Time to Know the Cost
The amount would depend on the features you want to implement in your digital wallet app. And again, the size of the blockchain development company differs, so this is also a major consideration when calculating the cost of having a digital wallet application for your business.
When working with a big company then the cost involved would be around $4500 to $15,000 with a development team that has more than 3,000 experts. The estimated cost for a medium-sized company is between $2500 to $20,000 with a team of around 100 experts. For small-sized service providers, the cost would be less, ranging from $2000 to $25,000 with a team of ten to fifty experts.
The complexity of the app always plays a major role in determining the cost of an e-wallet application. Consider the following:
4.1 Platform
The platform will help build business apps easily. The most preferred and common platforms for the development of blockchain apps include Hyperledger Fabric, BigChainDB, and Quorum. To choose among these platforms, be smart in determining the app that helps you meet your business goals.
4.2 Mechanism
You can choose the mechanism for your digital wallet app. Some of the numerous mechanisms include Delegated Proof of Stake, Proof of Elapsed, Proof of Stake, Federates, and more. It’s essential to see which is best for your brand and then you can choose wisely among these different mechanisms.
5. Benefits of a Mobile e-wallet Application
There are many benefits to having a blockchain-powered e-wallet application.
5.1 Helps minimize fraud
In mobile wallets, the stored data is encrypted, which means the actual numbers in the card account are not transmitted while making payments. Furthermore, mobile wallets use random payment codes that could not be reused. They also often rely on certain security features, such as biometrics for payment authorization.
Moreover, the full card account number will not be displayed anywhere in the digital wallet, thus, there will be no prying eyes that could capture the card number for future use. Additionally, transactions are covered by the same privacy and security protections as physical cards.
5.2 Shop Online while on the go
Forget about typing in the numbers of the card when shopping online from your mobile phone. Mobile wallets could pay for some purchases. Instead of using a card on file when shopping online, using a digital wallet means minimizing the places where your card numbers will be stored, without having to sacrifice a quick checkout.
5.3 Saves Time
With a digital wallet, making payments is fast. All you have to do is to hold your mobile phone over the payment terminal and verify your purchases. Most transactions could be done within a few seconds.
5.4 Trim wallet contents
Aside from credit cards and debit cards, some mobile wallets could also store gift cards and loyalty cards. This lets you have them on hand all the time without having to put bulky stuff in your wallet.
5.5 Get and Receive Rewards
Using your card in a digital wallet, you could still receive offers, such as cashback and other rewards. You always have, as a matter of fact, your virtual card on hand, and it could be easier for you to rack up rewards.
5.6 Help Traders keep everything together
Today, more and more people are involved in crypto or forex trading. E-wallets are great for online traders since they keep everything in a single place. With just one click, you could move money in or out of every kind of online trading platform.
6. Conclusion
The costs mentioned above are estimated ones. Nevertheless, if you need more features for your digital e-wallet app, the price would of course also increase. Additionally, if you opt for a big company for your app development, the cost would also be higher.
Blockchain-powered e-wallet apps are great for securing payments. Furthermore, they also add convenience when shopping online and transferring funds without the need to use your physical credit and debit cards.