Payment gateways and multi-currency blockchain wallets are popular for transactions in the current scenario.
More and more people prefer to pay for their purchases online, giving rise to the concept of automatic digital payments across the globe. It’s why plenty of individuals and companies are growing interested in the idea of owning a blockchain-powered e-wallet app.
They must, however, ensure a highly secure experience for their users, which might seem challenging while designing a custom crypto wallet.
This blog post will discuss the essentials of creating a Blockchain-powered e-wallet app. These include must-have features, criteria to select a blockchain development company, and the cost of building such an app.
What is a Cryptocurrency Wallet?
Crypto users are rising quickly, and they all need a place to store the cryptocurrencies they have been trading. Hence, there’s a significant demand for cryptocurrency wallets.
A cryptocurrency wallet is a digital wallet that stores private keys to use cryptocurrency. These keys are secure digital codes you need to interact with a blockchain and make transactions.
You must consider digital wallet app development services to build a crypto wallet. A blockchain app development company best does this with teams of expert professionals.
Cost-Driving Factors in Blockchain E-Wallet App Development
Once you have decided to have a blockchain-powered e-wallet app made for your business, look at the following cost-deciding factors:
- Features and Functionalities
The primary factor that influences E-wallet app development cost is its complexity. Apart from a well-defined wire framework, the app must contain all the features that enable smooth operations.
Take care not to make the app too complex; otherwise, users may find it too confusing to use. Also, the development cost will increase with more complicated features.
The app’s complexity accounts for about 10-15% of the development expenses.
- Technology Stack
The technology you choose will directly impact the cost of the final blockchain wallet app. Implementing the proper technology principles is just as important when building a powerful cryptocurrency e-wallet app.
The developers you appoint must also be familiar with the framework and everything related. A professional blockchain developer will not only be well-versed in the details but also recommend you the best tech stack for your requirements.
The technology stack forms 20-25% of the total project cost.
- Blockchain Development Company Size
Different development companies offer different blockchain app development rates, just like various brands offer varying prices for similar products. Therefore, extensive market research is crucial if you want to select the best blockchain development company for your business.
The size of the development company in question will affect the cost of your crypto e-wallet app. There are three major categories of service providers to pick from, based on their operation scale: small, medium, and large.
Going with a larger company almost always means higher costs. However, an app development company that has reached this level is also highly reliable.
- Customized Design
The design of your crypto wallet is what the users will notice and respond to first. So, the simpler and more engaging it is, the better. Although the perfect design may cost more, consider the long-term benefits before deciding.
Your crypto wallet development will cost more or less, depending on the requirements. The time it will take to create the design components, such as the UI/UX and wireframes, will vary. The more intricate the design, the longer it will cost in terms of time and, subsequently, money.
Remember, while the right plan may cost more, it will benefit you in the long run. Based on our research, app design takes up approximately 20-25% of the total development cost.
Cost for Different Features in Blockchain E-Wallet App Development
Given below are the top features every blockchain-powered e-wallet app needs to ensure secure, uninterrupted operations:
- Authentication
The fundamental feature every digital wallet needs is an authorization. Securing the wallet is the first thing you should think of when you start to build one for your business.
Cryptocurrency wallets, for instance, contain two-factor authentication: there will be a signup form with Google’s authentication feature for additional protection.
- Speedy Digital Currency Transactions
Transforming the future of transactions is the goal of blockchain technology. Hence, this is where the blockchain development company must focus.
Crypto wallet users should be able to send and receive their choice of cryptocurrency in a swift and secure manner.
- Real-Time Rates
Cryptocurrency rates are constantly fluctuating. So, allowing the e-wallet to show each cryptocurrency’s latest value is essential. It will update to reflect every change occurring in the rates simultaneously.
- Support For Different Currencies
Blockchain-powered e-wallets require the functionality to support all the currencies that exist today. It will enable them to keep up with today’s congested and competitive environment by simplifying payments.
Users will be able to transact using different currencies, meaning they will prefer a more accommodating platform. However, the more currency variants you want your blockchain wallet to support, the more digital wallet app development will cost.
- QR Scanning For Paper Wallets
Mobile wallet apps, in general, can scan QR codes and make payments. Therefore, your blockchain wallet app also needs this feature so that the user can decode the crypto paper wallet.
The scanner will add keys to the app once it scans the paper wallet successfully. This will enable the user to conduct their choice of transaction.
- Alerts And Push Notifications
Application owners and admins convey important messages using push notifications, so this is another essential feature. The notifications and alerts may be about anything, from crypto rates and transaction status to profile editing.
These features allow users to keep track of all their account activity, which is why they are significant additions to the app. A market leader and a leading Blockchain development company are the keys to obtaining such advanced features.
To Conclude
You can see why having an e-wallet application will benefit your company or startup. However, to ensure a secure and robust e-wallet app, you’ll have to rely on a reputable blockchain development company.
As for the cost of building one, no one can give you an exact figure. That’s because the final price depends on way more than scope and platform. You will have to define the scope, security, and support features of the e-wallet app clearly before you start anything.
However, it would fall in the $80,000–$100,000 range based on all the above-mentioned factors. The cost includes backend development, OS, design, and QA.
