“Money is moving from the physical to the digital world, and mobile wallets are a key part of that transition.”
– Satya Nadela
Quick Summary: Are you planning to build an e-wallet app like Freecharge? Do you have a unique idea that can boost your business to the next level? No worries!! In this blog, you will be getting every information from development steps and critical features to cost and maintenance. So, grab your entrepreneurial spirit, ditch the bulky brick in your pocket, and get ready to build an e-wallet app like never before!!
Ever get that sinking feeling when you reach for your wallet and find tumbleweeds instead of cash? Or maybe you’re tired of juggling a million loyalty cards, each promising discounts you never remember. Well, not to worry anymore because the future of finance is here with an app called Freecharge.
With a market valuation of $7.42 billion in 2022, the worldwide e-wallet industry is projected to expand at an average CAGR of 28.3% between 2023 and 2030. By looking at these statistics, it is clear that the demand for wallet app development will be rising in the near future.
However, the main question is how do you, the rising entrepreneurs, build your own empire in this digital domain? Buckle up, because we’re about to take you on a whirlwind ride through the secrets to build an ewallet app like Freecharge.
So, let’s begin.
What is a Freecharge App?
Freecharge is an e-wallet app that enables users to send or receive money by using digital wallets. Users can easily make payments, from bill payments to mobile recharges. It makes it simple for users to pay utility bills, reload prepaid mobile phones, and make online purchases of products and services.
FreeCharge saves users time and effort by facilitating quick transactions through a simple and secure interface. So, if you are wondering how to build an e-wallet app like Freecharge for your venture, then you should hire an e-wallet app development services provider for better results.
Ewallet App Market Size & Statistics
Words without facts are meaningless. Although the market for digital wallets is growing, these claims signify little in the absence of concrete data. Thus, to back up our statements, consider these intriguing figures.
- According to Worldpay’s 2021 prediction, digital and mobile wallet payments comprised 49% of global online transactions; by 2024, that percentage is expected to rise to 53%.
- With a market valuation of $7.42 billion in 2022, the worldwide mobile wallet industry is projected to expand at an average CAGR of 28.3% between 2023 and 2030.
- By 2023, it is anticipated that the digital payments sector will produce $2,041 billion for all transaction costs.
- By 2027, it is anticipated that the overall transaction value will have grown at a 14.66% annual rate, totalling $3,528.00 billion.
- Digital commerce is the industry leader, with a predicted $1,362 billion in total transaction value in 2023.
- By far the most widely used online payment option globally, mobile wallets accounted for about half of all e-commerce payment transactions in 2022.
- The majority of Vietnamese respondents (47 per cent) said that MoMo was their preferred e-wallet.
These statistics indicate that the fintech industry boom is exploding and offering ventures a gold rush of possibilities to invest in e-wallet app development. So, if you’re ready to join the frenzy, dive in and discover how swiftly your own Freecharge-like app can become a reality.
Steps to Build an E-wallet App Like Freecharge
Creating an e-wallet app like Freecharge requires thorough planning. You must be aware of every step, from planning to the final release of the app. Thus, it is recommended to hire developers who can build an e-wallet app like Freecharge. Let’s have a look at the step-by-step development procedure of creating an e-wallet app and transforming your idea into reality.
1. Define Your Project Objective
To begin the process to develop a mobile application like Ewallet, you must first define your goals and determine what features your app will include. You may want your application to be able to store different currencies, to transfer money, to make payments to retailers, to pay bills or to do any other activity. Before moving to the next stage, make sure you have clearly defined your goals.
2. Design UI/UX
It is essential to design a user-friendly UX/UI for your customers. As per statistics, 90% of app users abandon an app due to a bad experience. Developing an eWallet with the help of an iOS app development company that is easy to use and visually appealing will help users access their accounts quickly, make payments and transfer funds.
3. Integrate Security Measures
Digital wallets are no exception. When creating e-wallet apps, security ought to be the first consideration. Because of this, you need to incorporate strong security measures, like biometrics, to stop data breaches and lower the chance of cyberattacks.
4. Start the Freecharge App Development
Development is the most technical step in the process. Depending upon the UI/UX, your user base and other factors, you should implement continuous integration and deployment, incorporate essential features, deploy technology stacks and ensure that your product behaves correctly with the help of an on-demand app development company.
5. Test Your App
Before you submit your digital wallet to the app store or make it available to end users, test it thoroughly to ensure that it is secure, functional, and easy to use. Testing includes bugs, errors, glitches and vulnerabilities. Once you have tested and improved your app, it’s time to put it on the market.
6. Maintain the App
Mobile app development might be a one-time project, but the process of ensuring that it performs according to market trends continues. Be sure to regularly upgrade and maintain your application by knowing the ewallet maintenance services cost so that it remains active, competitive and up-to-date.
Read More: Best Apps Like Venmo
Unique Features to Build an Ewallet App Like Freecharge
Winning the e-wallet game requires standout features! Craft your Freecharge-like app with essentials like seamless payments; bill recharges, and loyalty programs. However, integrating such features can cost you more, so choose carefully by taking help from an e-Wallet app development company. But let’s first check out the unique features.
1. Seamless Registration
You should always keep your future users in mind when you are wondering how to build an e-wallet app like Freecharge. Firstly, users would check when they download your app in the signing-up process. It must be as convenient and straightforward to use as possible. You can also sign up and log in. Also, it must be simple for users to finish the work that they are looking for.
2. Instant Wallet Payments
This is a crucial feature of your future electronic wallet. This app’s primary goal is to make payments instantly. You can also do payment gateway integration so that it helps users choose any payment method for transfer. This is why users will download your app.
3. iBeacon Integration With Bluetooth
If you are looking to build an e-wallet app like Freecharge that can be used at physical stores, then we recommend integrating Bluetooth with your e-wallet. If the Bluetooth beacons are located inside a store, then the phone will open automatically or send an alert about the available deals.
4. QR Code Based Payments
Pack your eWallet with a QR code scanner to ensure payments are made quickly and easily. Contactless payments are more user-friendly as social distance and personal hygiene become more popular.
5. Wearable Integration
It is convenient to carry gadgets at any place where the user installed the app. As a result, users may easily use it from anywhere without carrying cash or wallets for transactions. So, with the assistance of dedicated developers, you must integrate this feature in your ewallet app like Freecharge.
6. Payment History
Modern people want to be able to track every payment they make. So, you should provide easy access to payment history. As a result, you should anticipate more honesty from your app users and a rise in consumer loyalty.
7. Money Transfer
The feature allows users to quickly send money to another user of the app. This feature has shown to increase users. You can integrate your app like Freecharge into the phone contacts to make it easier for the users to use. Customers can choose someone and send money to them in just a couple of taps.
8. Add Money Via Bank or Cards
You should consider how users will be paid when you build an ewallet app like Freecharge. Ask the android app development company to either add money to the wallet or get money from another user. There are two ways to integrate money to their wallets: via debit/credit card or bank. We also recommend that users be able to choose their preferred method for adding money to accounts.
9. Account Management
Users will require this feature to update or edit their bank account details, payment information, card details, and preferences. You should make sure that any changes are subject to a difficult verification procedure.
10. Push Notifications
Push notification is the must-have feature of every e-wallet app. Users are kept informed of any changes, updates, transactions, money received, or rewards. With your app like Freecharge, you may even maintain users engaged and raise retention rates.
Popular E-wallet Apps Like Freecharge of 2024
Freecharge is a popular e-wallet app in India with 100 million active users. Also, it has more than 50 million downloads on Google Play Store. Isn’t it amazing? Well, if you are amazed by the Freecharge app’s success, then you must be thinking of building your own wallet app. Below is the list of the top 5 trending mobile wallet apps, like Freecharge, that will rule the market in 2024. So, let’s have a look:
Apps Like Freecharge |
Available Platforms | Downloads |
Ratings |
Google Pay |
Android | iOS | 1B | 4.1 |
Apple Pay | N/A | iOS | 100M |
4.7 |
Cash App |
Android | iOS | 50M | 4.6 |
PayPal | Android | iOS | 100M |
4.2 |
Venmo |
Android | iOS | 50M |
4.2 |
1. Google Pay
Google Pay is among the most famous e-wallet apps used by millions of users all across the globe. The famous app like GPay has more than 150 million users, and with their Android-based smartphones, users may conduct transactions and make purchases using this e-wallet.
2. Apple Pay
A popular e-wallet app like Apple Pay has 507 million users and covers 43.9% market share. It enables customers to utilize their Apple products, like the iPhone, iPad, and Apple Watch, to perform e-payments for both in-store and online transactions. An e-wallet app protects users’ financial details with security features.
3. Cash App
Cash App is an online mobile payment app. Through this app, users may send payments to others using their phones. An e-wallet app like Cash App has more than 50 million users and has been downloaded over 50 million. Additionally, it has been named as Square Cash, and in 2018, the company has rebranded it as Cash App.
4. PayPal
It is also well-known among US millennials, at 81%. PayPal is used by those who often deal online, like gig economy workers, freelancers, and e-commerce customers. An app like PayPal has over 100 million downloads and had a 435 million user count in 2022.
5. Venmo
Popular e-wallet apps like Venmo have gained popularity among GenZs that enable users to send and receive payment from their loved ones. It is an e-wallet app that users may utilize to invest in items at their stores, hotels and so on. Users may utilize Venmo to multiply bills with their friends, etc.
Cost to Build an E-wallet App Like Freecharge
The cost to build an e-wallet app like Freecharge depends on multiple factors. However, it is crucial to know that time and technological change are also responsible for the fluctuation in the cost.
Usually, a basic freecharge-like app can cost you around $ 10,000-$ 15,000 with minimal feature integrations. However, if you go for a complex app with advanced features, then you may have to spend $ 16,000-$ 25,000 or more. It totally depends on your project requirements.
Below, we have created a table that showcases the cost to build a mobile app on app complexity:
Complexity |
Cost estimation |
Time duration |
Basic app |
$10000-$15000 | 2-3 months |
Medium app | $16000-$20000 |
4-5 months |
Complex app |
$25000 |
7-8 months |
Thus, if you want to build an e-wallet app like Freecharge, then you should hire a mobile app development company. All you need to do is share your project requirements with them, and they will craft an e-wallet app in your budget.
How Much Does It Cost To Maintain An App Like Freecharge?
Building a great app like Freecharge is just the first step. To keep it humming, regular maintenance is essential, and that comes with the maintenance cost of mobile apps. What can you anticipate spending, though?
Keeping your Freecharge app up and running isn’t just about development; it’s about ongoing care, just like maintaining a car. An e-wallet maintenance app costs roughly 15-20% of its initial price. So, if your Freecharge app costs $15,000 to build, expect to spend around $2,500 annually on app maintenance.
For e-wallets like Freecharge, regular maintenance is essential. So, you should consult with a reliable mobile app maintenance and support services provider specializing in fintech app maintenance. They can give you a precise estimate to make your app run smoothly and securely. So, don’t wait, only act fast!!
Ready to Build An App Like Freecharge With Dev Technosys?
Freecharge’s success has inspired you to build a similar e-wallet app. Dev Technosys, a fintech app development company, is ready to make your vision a reality. We will help your app build, from crafting a winning fintech app to choosing the perfect tech stack.
From popular e-wallet apps like GPay to Apple Pay, our developers may create different types of digital wallet applications. From ideation to the final launch of your project, we specialize in creating engaging e-wallet apps.
Our skilled developers are motivated individuals with years of expertise, which enables each app we design to join the market and outperform competitors effectively. By availing of our mobile wallet development services, you may be sure that your wallet app will be created quickly and to the highest standards by highly qualified developers who can integrate the newest features you need.
So, ditch the spreadsheets and embrace the future of finance. Contact Dev Technosys today and get ready to revolutionize the way people manage their money!
Frequently Asked Questions
1. What is an E-wallet App?
An e-wallet app is a digital wallet stored on a user’s mobile or other device that allows them to make payments and transactions without carrying physical cash or cards. Some of the popular e-wallet apps are GPay, Freecharge, Apple Pay and so on.
2. How Long Does It Take To Build An Ewallet App Like Freecharge?
The time to build an e-wallet app like Freecharge can be around 2-4 months for a basic app like Freecharge. However, a complex app like Freecharge with highly advanced features can increase up to 5-7 months.
3. How Much Does It Cost To Build An Ewallet App Like Freecharge?
The mobile app development cost really depends on various factors like app complexity, features & functionalities, developer’s location, backend development and so on. Basically, the e-wallet app development cost can charge you between $10,000-$25,000 or even more.
4. What Are the Benefits of Creating Apps Like Freecharge?
The benefits of building an ewallet app like Freecharge for business are to boost user engagement, build brand loyalty, offer exclusive deals, and dominate the e-wallet space.
5. How to Monetize Apps Like Freecharge?
To make money from an app like Freecharge, you should follow the below methods:
- In-app purchase
- Freemium model
- In-app advertisement
- Affiliate marketing
- Subscription model