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What Are Payment App Development Cost Determinants?

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By Author: Madhukar Jangir
Total Articles: 6
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In your quest to build a payment app, you will certainly face challenges in determining the cost of payment app development. The cost to build a payment app depends on several factors including the features you want to incorporate, the technologies you will need with the development,the hourly rate of your e-wallet app development partner, and many niche situation factors.

Payment App Development Cost

The cost to develop a payment app with basic features lies around $25,000 to $50,000, whereas fully-featured mobile wallet development costs around $75,000 to $100,000. The cost comprises several tasks and aspects of payment app development. So, without further auo, let’s deep dive into the determinants of the cost of payment app development.

Features You Incorporate

The first and foremost determinant of e-wallet app development cost is the features you want to incorporate into your payment app. The following are the features that most mobile payment solution providers prefer to implement into their apps.

Instant Intra-Wallet Payments

If your payment app has the wallet functionality, ...
... you should make sure that the users are able to transfer money between their wallets instantly. There is no purpose of having a wallet option, if your app cannot transfer money instantly. These are the core characteristics of a payment app with a wallet feature, so there is no room for errors.

Payments Via Card or Bank

Other than payments via wallets, your payment app should also facilitate payments via bank account or debit cards. However, many apps lack in terms of allowing the payee to choose whether they want to receive funds in the wallet or their bank account. So, don’t forget to incorporate that.

Third-Party Bill Payments

Modern payment apps aren’t just about making person to person (P2P) payments; these apps should also facilitate a platform, where users can pay for various services such as mortgages, utility bills, loans, rent, school fees, etc. If you want your customers to frequently use your app, you need to provide them with an app that offers more than peer to peer payment.

Contactless Payments

In the post pandemic era, contactless payments will be on a boom. Recently, Markets and Markets predicted that the contactless payment market will grow to $18 billion by 2025 from $10.3 billion in 2020. Retail customers prefer paying for in-store purchases via contactless payment methods including NFC and QR codes.

BIll Splitting

With implementation of such features, you can make your payment app much more than just a peer to peer payment app. When you enable your customers to split their bills with other users, they are more likely to prefer paying via your app over other payment methods. Other than keeping existing users happy, this feature will help you obtain more customers due to word of mouth marketing and ease of payment.


Although offering an overdraft facility doesn’t require any new technology to be implemented, there will be a need for several new steps, such as user authentication and their credit score data access. Your developers will have to integrate the open-banking APIs to obtain credit score data. Overdraft facility is what many users will desire to have within their payment app. So if you want to increase the number of your app users, you definitely should consider this.

Spend Analyser and Budgeting

Everyone can benefit from tracking their financial health. Features like monthly budget planning and spend analysis, will make your users more dependent on your app for their finance handling. Such features can be more effective with data visualization via diagrams and graphs.

Your Payment App Development Partner

The features and the complexity of your app adds to the total time taken for your payment app development. As the cost for IT projects is calculated on an hourly rate basis, the geographical location of your development partner will significantly affect your payment app development cost.

Different area demographics have different hourly rates for IT projects. The following are the recently fetched hourly rates for software developers:

1. Western Europe: $67.20
2. North America: $46.35
3. Latin America: $45.71
4. Eastern Europe: $32.29
5. Africa: $28
6. Asia: $25.83

Wrapping Up

The key to a successful payment app development lies in the ROI-centric approach. It is true that you can incorporate all the available features powered by advanced technologies. But, you need to look at the feasibility side of it. Do your users really need such features? Can’t you launch an MVP first to find out what your users prefer to use? Every successful payment app was launched with limited features first.

You should consult with your payment app development partner to find out which features can be quickly implemented with less cost. If you have a partner company that has expertise in developing FinTech mobile apps, they should have this answer. Therefore, always aim to partner with the right software development company.

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