Digital wallets like Payit have become people’s preferred choice when making payments. As innovation is on the rise, people are now ditching traditional methods like cash and cards, and opting for the faster and more reliable mode of payment, called digital wallets.
According to the latest reports, the number of digital wallet users worldwide was 4.3 billion in 2024, and it is expected to rise to 5.8 billion by 2029, 35% in the next 5 years.
Payit is one of the fastest-growing digital wallets, rapidly gaining popularity among users. In this blog, you will get to learn about how much it costs to develop a digital wallet app like Payit.
Along with this, the blog will also cover the development process, top features to add to a digital wallet, technology stack, and monetization strategies for an app similar to Payit.
What is the Payit App?
Payit is an innovative UAE-based digital wallet that makes sending and managing money convenient.
The digital wallet is designed for individual users and businesses and is equipped with numerous user-friendly features, such as money transfers, rewards, split bills, international payments, recharges, and more.
To sign up, users require an Emirates ID and a phone number, however, it is not compulsory to have a UAE bank account, making this app accessible to a wide user base.
How Much Does It Cost to Build Digital Wallet App Like Payit
The development costs for a digital wallet app like Payit range from $20,000 to $150,000 or more, depending on the factors, such as its complexity, the tech stack required to build it, the development team working on it, advanced technologies to be integrated, and others.
Look at the following table to have a clear understanding of the costs of building an app similar to Payit.
| Type of App | Estimated Development Cost | Expected Features |
|---|---|---|
| Simple Apps | $20,000 – $40,000 | User registration, basic payments, transaction history, simple UI |
| Advanced | $40,000 – $80,000 | Multi-currency support, bill payments, QR payments, better UI/UX, basic analytics |
| Complex | $80,000 – $150,000+ | Advanced security, AI fraud detection, P2P transactions, crypto support, AI chat support |
So, these are the estimated costs to build a digital wallet app like Payit. Now, let’s discuss the factors that influence app development costs.
Factors Influencing the Payit-like Digital Wallet Development Costs
The following factors influence the overall costs of developing a digital wallet like Payit. Have a look:
1. Project Complexity
The complexity of the app is the major factor that affects the digital wallet development costs. The basic wallet is less expensive to develop, and the costs rise as it goes to the moderate and then complex versions.
2. Features and Functionalities
Another factor influencing the developing costs of Payit-like digital wallets is features and functionalities.
If you build a simple digital wallet with simple features and functionalities, the costs would be less. Moreover, as you integrate more advanced functionalities, the development costs will surge.
3. Platform and Tech Stack
The platform you are building for, your digital wallet, also influences the development costs. If you develop the wallet for platforms separately, for example, for iOS and Android, it will cost you more.
On the contrary, if you build leverage Flutter or React Native to build a cross-platform digital wallet, it will cost you less, as a single codebase can work on both platforms.
Furthermore, the technology stack you use to build the app will add to the overall development costs of a digital wallet like Payit.
4. Advanced Technologies
Leveraging advanced technologies, such as artificial intelligence, blockchain, cloud, and others, also contributes to surging development costs of digital wallets like Payit.
The more cutting-edge technologies you integrate into your wallet, the more costly it will be to develop the complete application.
5. Regulatory Compliance and Licensing
Another factor that influences the Payit-like wallet development costs is regulatory compliance and licensing.
There are different industry standards, compliance, and government policies designed for well-functioning digital wallets. To build a digital wallet like Payit, you need to get permission and follow compliance regulations, which adds additional costs.
6. Development Team
The development team is the most important factor that influences the development costs for building an app like Payit. It consists of the number of members working on your project, their expertise, level of seniority, their location, and other additional perks and benefits (variable).
The more people working on your project, will rise the cost but finish the project sooner, and vice versa. So, you need to manage the balance between the development team size and digital wallet development costs.
7. App Deployment and Maintenance
App deployment and maintenance do not come under the direct costs of development but you need to prepare their budget in advance to keep track of your expenses.
For app deployment, you need capital to publish your digital wallet on app stores and market it. On the other side, app maintenance includes upgrading the digital wallet like Payit after the launch.
By considering these major factors, you can prepare your budget to develop a digital wallet similar to Payit more effectively. Read the next section to learn the development process.
Step-by-Step Process to Develop Digital Wallet App Like Payit
Follow the given step-by-step process to build a custom digital wallet similar to Payit.
Step#1: Conduct a Market Research
Before start developing a digital wallet like Payit, you need to conduct a thorough market research to get insights in how the e-wallet market is functioning.
Study the competitors including Payit, understand what users want, and find gaps where you can place your digital wallet and excel. Set your target user base, and set a unique selling proposition for your e-wallet.
Step#2: Set up The Development Team
After the market research, you need to set up a development team to build your digital wallet like Payit. Your development team must include members like developers, project managers, testers, UI designers, and others.
You can either hire mobile app developers to set up an in-house development team or outsource the project to a leading fintech app development agency in India.
Step#3: Design the UI/UX
Once your development team is ready, start with designing the UI/UX of your e-wallet similar to Payit. You can begin with creating prototypes and wireframes initially, and finalize the design later.
You can also opt for creating an MVP for your digital wallet to get basic insights into how your wallet will look and function. This approach will help you reduce mistakes, make rapid changes, and save costs.
Step#4: Develop the Digital Wallet
Now, develop a digital wallet like Payit. Based on the wireframes and UI designs, code the frontend and backend infrastructures.
You can use advanced mobile app development frameworks like React Native and Flutter, or other SDKs (software development kits) to speed up the development phase.
Step#5: Add Features and Security Measures
While coding the infrastructures, integrate cutting-edge features and APIs into your digital wallet similar to Payit to enhance its functionality and user experiences.
Also, add robust security measures to protect sensitive user information and transactions from unauthorized access and hacking.
Step#6: Testing and Quality Assurance
Post the development phase, test your Payit-like digital wallet to check bugs and glitches and fix them.
Also, run performance tests to ensure that it is functioning as per the expectations. You can engage your team of testers and QA to run manual and automated testing to test your digital wallet similar to Payit.
Step#7: Deploy the E-Wallet
After the testing is done, deploy the digital wallet on app stores like Google Play Store and App Store. When publishing the application, you need to follow the guidelines of the respective platform to ensure that it is approved on the first attempt.
Furthermore, use marketing strategies, both online and offline, to promote your digital wallet to your targeted user base. Market its features and USPs to ensure that it stands out from Payit and other similar digital wallets.
Step#8: Maintenance and Upgradation
Post-launch, digital wallets face issues related to functioning, performance, security, and more.
Hence, it is advised that you monitor your e-wallet after the launch using different KPIs, and upgrade it frequently with new versions, functionalities, designs, and more, to keep it relevant.
Top Features to Integrate Into a Digital Wallet Like Payit
The following is the list of cutting-edge features that you can consider adding to your digital wallet app.
1. User Registration & Authentication
The following is the list of cutting-edge features that you can consider adding to your digital wallet app.
2. KYC Compliance
Know Your Customer (KYC) process for identity verification and compliance with financial regulations.
3. Multi-Currency Transactions
Feature to enable transactions in different currencies for global users.
4. Instant Money Transfers
Peer-to-peer transactions instantly within the wallet network.
5. Bank Account Linking
Feature that helps users connect their bank accounts with the wallet for seamless transactions.
6. QR Code Payments
It allows users to make quick payments using QR scanning.
7. Bill Payments
For making utility bill payments, phone recharges, and subscriptions directly from the app.
8. Merchant Payments
This feature enables businesses to accept digital payments from customers.
9. Contactless NFC Payments
Tap-and-pay functionality for fast and secure transactions.
10. In-App Budgeting & Expense Tracking
User-friendly feature to help users track and manage their spending.
11. Loyalty & Rewards Program
It offers cashback, discounts, and rewards for transactions, empowering customer loyalty.
12. Split Payments
This feature allows users to split bills among friends or family.
13. Subscription & Recurring Payments
This feature automates monthly payments for services like Netflix or gym memberships.
14. AI-Powered Fraud Detection
This feature leverages AI’s capabilities to detect suspicious activities and prevent fraud.
15. Crypto Wallet Integration
This feature supports cryptocurrency transactions and storage leveraging blockchain technology.
16. Customer Support Chatbot
AI-powered chatbot for instant and 24/7 customer assistance.
17. Transaction History & Reports
Enables users to access their detailed financial statements
18. Virtual Cards
Enables users to access their detailed financial statements
Technology Stack to Build an App Like Payit
Here is a technology stack that you can use to develop a wallet like Payit.
| Category | Technology Stack |
|---|---|
| Frontend Development | React Native, Flutter, Swift (iOS), Kotlin (Android) |
| Backend Development | Node.js, Python (Django/Flask), Ruby on Rails |
| Database | PostgreSQL, MySQL, MongoDB, Firebase |
| Payment Gateway | Stripe, PayPal, Razorpay, Braintree |
| Blockchain (For Crypto Payments) | Ethereum, Binance Smart Chain, Hyperledger |
| Security & Encryption | AES-256, SSL/TLS, OAuth 2.0, Biometric Authentication |
| Cloud Hosting & Storage | AWS (S3, EC2), Google Cloud, Microsoft Azure |
| Push Notifications | Firebase Cloud Messaging (FCM), OneSignal |
| QR Code & NFC Payments | Zxing Library, NFC APIs (Android/iOS) |
| AI & Machine Learning | TensorFlow, OpenAI, IBM Watson |
| KYC & Identity Verification | Onfido, Jumio, ID.me |
| APIs & SDKs | Plaid, TrueLayer, Open Banking APIs |
| Customer Support | Zendesk, Twilio, Freshchat |
| Multi-Currency & Forex | Open Exchange Rates API, Fixer.io |
| Analytics & Reporting | Google Analytics, Mixpanel, Amplitude |
Please note that these are only for recommendation purposes. You can use other tools, technologies, and development kits that align with your needs and goals.
How to Generate Revenue From an E-Wallet Similar to Payit
We have already discussed that to build a digital wallet like Payit, you need to invest thousands of dollars. However, as a businessperson, you also need to make positive returns on investments to make your digital wallet a successful venture.
So, in this section, we have mentioned the proven ways using which you can monetize your Payit-like digital wallet and generate income.
1. Transaction Fees
You can charge a small percentage as transaction fees on every financial transaction, including money transfers, bill payments, and merchant transactions.
2. Merchant Service Fees
Another proven way is to earn commissions from businesses and merchants who accept payments through your wallet by charging a processing fee per transaction.
3. Foreign Exchange Fees
You can also opt for charging users a nominal fee when they conduct international transactions or currency conversions within the app.
4. API Monetization
You can also offer API integration for third-party developers and businesses, charging them for access to your e-wallet’s payment gateway.
5. Data Monetization
To generate income, you can also leverage anonymized user transaction data to generate insights for businesses and financial institutions, ensuring compliance with data privacy laws.
Other proven methods to monetize digital wallets like Payit are subscription plans, charging interest on wallet balance, advertisements and promotions, white labeling, licensing, and more. Choose the right monetization strategy that suits your requirements.
Conclusion
Digital wallets are the necessity of any individual’s life who prefer and trust technology. The Payit, a UAE-based app, is the best example of how people are embracing digital wallets over cash or other transaction methods, because of their convenience and security.
If you are planning to enter the fintech industry with a game-changing digital wallet, then this is your chance. Read this blog as we have broken down the cost of developing a digital wallet like Payit, along with the development process and features that can help your e-wallet stand out in a crowded market.
By partnering up with Developer Bazaar Technologies, the top mobile app development company, you can build your digital wallet professionally and compete with other industry leaders. So, don’t wait any more! Partner with us and start building your digital wallet today.
Frequently Asked Questions
Q1. How can I make my digital wallet stand out from others?
To make your digital wallet stand out, you can consider adding unique features, enhancing its security, providing a seamless UI/UX, offering rewards and loyalty programs, etc.
Q2. How long does it take to build a digital wallet like Payit?
The basic app takes around 3-4 months. Advanced app takes around 7-10 months, and the complex app takes 10 months to 1 year, or even more.
Q3. What factors should I consider while hiring a fintech app development company ?
Consider the following factors when hiring a fintech app development company:
- Expertise in Fintech
- Regulatory Compliance Knowledge
- Security Standards
- Portfolio & Reviews
- Post-Launch Support
Q4. How can I contact Developer Bazaar Technologies?
Click here and fill in the information to get in touch with the experts at Developer Bazaar Technologies.
RM Mishra
Co-Founder
Developer Bazaar technologies
