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Home Digital Payment Solutions The Cost of the Remittance Digital Wallet App Development: Market Trends, Feature List, Steps, Team Setup

The Cost of the Remittance Digital Wallet App Development: Market Trends, Feature List, Steps, Team Setup

(13 min)
Peter Shubenok
Managing Director
Blog_RNDpoint_The Cost of the Remittance Digital Wallet App Development

Digital wallets have revolutionized the way people send money today. With just a few clicks, users can instantly transfer funds across borders or domestically. These digital wallets offer speed, simplicity, and low fees, making them increasingly popular in global finance. 

The number of digital wallet users is expected to surpass 5.2 billion by 2026, with the market revenue already exceeding $54 trillion. 

Digital wallets are actively used by businesses and individuals, and the market for remittance apps is growing day by day. Thus, creating and launching your own remittance wallet is always a good idea with sound monetization potential.

If you’re considering entering this business niche, read our detailed guide on building a remittance app, its cost, essential features, and how RNDpoint as a digital wallet app development company can assist you in the development process.

Gain a competitive edge in the remittance business with our proven white-label software. Get a functional and secure app from RNDpoint.

Global Remittance Market Overview and Growth Prospects 

Over the past decade, there has been an immense transition from traditional payment channels to digital payments and remittances. The change was enabled by technological advancements that have made instant, affordable transactions possible. 

The global remittance market size reached $49.86 billion in 2022 and is expected to continue growing at a CAGR of 10.1% until 2030.

The global remittance market

At present, remittances to developing countries dominate the market, with many immigrants sending money to support their families at home. The most pronounced in these market stats are the volumes of remittance to India and Pakistan. 

In 2020 only, international UK-based remittance businesses processed over £3 billion to India. The volume of transfers to Pakistan reached £400 million.

Therefore, the digital remittance market redefines the financial sector with fast, low-fee payment options, making money transfers affordable and user-friendly. Emerging Trends in Remittance Wallet Development 

Though the remittance market is not new, it’s dynamically developing at present, keeping pace with innovative technology. The most popular trends you should keep an eye open for in 2023 are as follows:

Blockchain and cryptocurrencies

The crypto industry entered the mainstream less than a decade ago, but now its adoption in various digital sectors is fast-moving. Many businesses embrace the benefits of blockchain and crypto assets for quick and cheap transactions without intermediary fees and oversight. The number of crypto wallet users exceeded 84 million in 2022, and the figure grows further. 

Mobile wallets and digital payments

Mobile technology is gaining widespread adoption as people are getting used to completing dozens of operations from the comfort of their smartphones. The mobile wallet market size exceeded $6.2 billion in 2021 and was projected to grow at a CAGR of 27.4% until 2030, to surpass $51 billion by that time.

AI-based wallet solutions

Conversational AI is making digital wallets more user-friendly and enables easy operations via chatbot prompts and voice control. The efficiency and security of remittance operations are also going upward due to AI. 

Biometric authentication

Biometric user authorization methods make remittance apps safer and enable more rigorous access control. The number of smartphones with biometric access grew from 68% in 2016 to over 80% as of 2020, and the biometric authentication market was valued at over $3.5 billion in 2020. These features simplify user access, as it’s much easier to log in using one’s fingerprint or face ID, compared to entering passwords every time.

Integration with messaging and social media platforms

Omnichannel customer outreach and communication are still heading the list of successful marketing technologies. It’s always a good idea to equip your remittance app with social media and messaging integrations, enabling sharing, informal customer support, and referrals. 

Internet of Things (IoT) integration

Though the connection between IoT and remittances may not be that obvious, let’s recollect what IoT means. In fact, it is a system of interconnected physical devices operated via a smart controller, and any part of that IoT system can become a user’s payment tool (e.g., smartwatches or smartphones). 

Cross-border remittance APIs

According to World Bank’s data, the lion’s share of remittance payments goes to third-world countries from immigrants working in developed countries. By following the money flows, remittance businesses should arrange international money transfers to enable users to support their families.

Enhanced compliance

The global remittance business has a complex regulatory environment as it deals with money transfers. The minimal mandatory requirement is to follow the KYC/AML regulations. Another point to consider is the GDPR, a comprehensive piece of legislation governing user data protection. All financial service providers need to ensure their app architecture and policies are compliant. Otherwise, they may face fines or be urged to close their business. 

Remittance tracking and analytics

Data analytics is the new normal, and data-backed insights can empower both businesses and service users. It is imperative to integrate concise reporting and analytics tools to enable users’ smart expenditure tracking, analytics of their remittances, and other handy data elements. 

RNDpoint’s team stays updated on current and emerging trends. We ensure our remittance software is equipped with cutting-edge features. Contact us to learn more.

Feature List for a Remittance Wallet 

Functionality is a vital aspect of any remittance wallet’s cost estimation. The number, type, and complexity of planned features determine your budget for this project to a large degree. 

Here are the most frequently included features and optional perks a modern app should have.

Get state-of-the-art digital wallet functionality at RNDpoint, your professional remittance app development company.

Essential Features of a Remittance Wallet 

  • User registration and identity verification. Mobile wallets should allow new users to create a profile and deposit/withdraw money. In line with the international KYC/AML legislation, it’s vital to verify new users’ identities and check their documents. 
  • Secure transaction processing. Money transactions lie at the heart of any digital payments business. Your solution should allow user-friendly, cheap, and seamless transfers with minimal user information input.
  • Multi-currency support and exchange rates. As a remittance company, you can win a loyal audience by providing seamless cross-border payment coverage, which is impossible without multi-currency support and convenient in-app currency exchange. Ensure your exchange rates don’t deviate too much from the banks’ offers to guarantee fair conversion terms for users.
  • Integration with payment gateways. You should consider the key services for integration with digital wallet to ensure your app delivers comprehensive service coverage and allows users to achieve their goals. 
  • Transaction history and tracking. Users want to have a 360-degree view of their in-app activities, which is possible with user-friendly, visually neat reports and tracking data. Include this functionality in your app, and you’ll see how user loyalty and satisfaction grow.

Must-have Digital Wallet Features

RNDpoint experts can help you determine the needed minimal feature list for the future remittance app so that it operates efficiently and safely. Contact us to learn more.

Additional Features for Enhancing User Experience 

  • Push notifications and alerts. It’s vital to keep users updated about the status of their transactions and incoming/outgoing operations. It can be conveniently done via in-app or push notifications that inform the user about changes in real-time. 
  • Peer-to-peer transfers and social payments. P2P transactions are gaining immense popularity today, and you may include this feature to enable transfers between app users with minimal data (e.g., email). Social payments to approved organizations and NGOs can be arranged in the same way to stimulate socially meaningful user activities. 
  • Loyalty programs and rewards. Users love rewards, and you can stimulate their engagement by assigning activity rewards or competitions. 
  • Biometric authentication. AI-based wallet solutions employ smart authentication features that allow quick and convenient biometric identification. These elements make the app use way easier and more convenient, thus contributing to a great UX.
  • In-app customer support. Something can go wrong at any moment, and every user should have a helping hand 24/7 to resolve emerging issues and concerns. It’s highly recommended to set up a human support team complemented by chatbots.

Additional Digital Wallet Features

We at RNDpoint can advise on the inclusion of any extra features and conduct an extensive cost-benefit analysis of advanced software development.


Steps Involved in Remittance Wallet Development 

Digital wallet app development involves many stages, without which the next step will be impossible or flawed. Here is the proprietary algorithm of mobile remittance app creation we at RNDpoint use to ensure the process goes smoothly. 

#1 Market Research and Analysis 

It’s better to look before you leap, as the global remittance market is changing quickly, and things that trended a couple of years ago can already be outdated. 

We at RNDpoint always start with a solution discovery for a software project to examine the current market dynamics, identify the best features, determine the market gap your product can fill, etc. 

As a result, you get a tried and tested solution that will surely be in demand and will give you a stable revenue stream without guesswork.

#2 Requirements and Scope 

Next, we move from the business idea to more specific technical requirement gathering and define the project’s scope. 

Your software must comply with your broader business goals and brand identity, so we generally prepare a remittance business plan at this phase to help you move on with a tangible idea. 

#3 UX/UX Design 

We develop user-friendly, intuitive, and sleek designs to help you win a loyal audience and grow the user base quickly. 

It is possible with minimalist interfaces and a complete set of on-demand features that simplify the app’s use and contribute to a positive user experience. 

#4 Back-End Development and Integrations 

The next stage is the actual creation of your international remittance app. We employ a team of qualified front-end and back-end designers who build the app’s interface and server-side architecture and then combine these parts into a single, functioning whole with cutting-edge software integration solutions.

#5 Testing, QA, and Security 

It’s vital to test all digital payments solutions before you launch them for open user access. Financial apps deal with sensitive user data and money, so any loophole in security can be a critical error, costing you reputation and your clients – hard-earned cash.

It’s essential to take this step seriously and never skip it before the official app release. 

#6 Deployment and Launch Strategy 

The most-awaited moment of launching your app comes, and it’s time to tell the world about your new solution that may produce a digital payments revolution

At this stage, everything should be ready technically (users may start massively downloading your app, which can cause the system to collapse) and in marketing terms (you should launch a marketing campaign to inform the audience about the perks and unique features of your solution).

#7 Maintenance and Updates 

It’s vital to understand that the money transfer app development process is not the end, but rather the beginning of your partnership with a development agency. 

As soon as your app is deployed and starts being downloaded and used by end-users, you will need to provide 24/7 maintenance, troubleshooting, and updates. This is what you can train your in-house staff to do or engage the development agency in this support work. 

We at RNDpoint support many remittance apps built for our clients for years, ensuring they work without errors and are regularly upgraded with innovative market features.

7 Steps To Make a Digital Wallet


Team Setup for Remittance Digital Wallet Development 

Now that you know everything about the development process, it’s important to decide who will be responsible for what tasks. 

The app development cost depends heavily on the number of specialists you engage. Depending on the needs of your project, this could be a small team – the one with a couple of developers, a designer, and a PM. Or a larger team with 5+ engineers with varied qualifications, a team of UX/UI designers, business analysts, QA specialists, and a manager.

In a nutshell, your team should include the following members: 

  • Project manager
  • UI/UX designer 
  • Front-end and back-end developers 
  • QA specialist
  • Security expert

The RNDpoint team of remittance app creators includes all these experts with advanced qualifications and expertise. Learn more about our Dedicated Development Team services.


The Cost of a Remittance Digital Wallet Development 

It’s pretty hard to estimate the cost of digital remittance software because the prices vary depending on a number of factors, and your individual project estimate is possible only after considering all the details. 

The broadest estimation is from $45,000 to $250,000. Where will your project be on that continuum? 

It depends on: 

  • The number, type, and complexity of planned integrations;
  • Workflow complexity;
  • The number of people in the development team, their seniority level, and qualifications;
  • Team’s location (region);
  • The inclusion of design and discovery phases in the development workflow.

With all these issues in mind, you can plan your budget and workflow with a specific team based on the hourly rates they charge for this service.

Keep in mind that building a remittance app with your in-house team’s resources will cost around $150,000, while a US-based development team is likely to do this work for around $220,000. The same project can be completed for around $70,000 if you turn to a Poland- or Ukraine-based development company. Freelancers can let you get away with $45,000 per project. 

As you can see, the cost of your remittance app depends on the cooperation model and the team’s geographic location. 

If you focus on geography, working with Eastern European developers is the most optimal and cost-effective variant that will cost you around $70,000. You can turn to RNDpoint for exact price estimations. We can prepare a full cost breakdown for free after considering your project details and specifications.


How RNDpoint Can Help 

You get multiple benefits by deciding to turn to us for a cross-border remittance solution.

We at RNDpoint prepare a comprehensive discovery and design report for our clients to let them test the waters before they embark on the long, costly development process. We analyze the discovery results and offer a relevant architecture and design proposal. 

After discovery, design, requirements analysis, and project scoping, you get a Service Requirements Specification (SRS) that informs every development stage. 

As the development process goes on, we integrate internal and external services and systems to ensure cutting-edge app functionality and user value. 

All apps undergo rigorous testing and security audits before deployment, and the final release takes place under the close control of DevOps engineers.

As a pleasant bonus, we also provide 1–2 months of free-of-charge warranty support for the remittance wallet software we’ve created for you.  

Finally, we at RNDpoint provide a unique Remittance White-label Solution that can speed up the development process and make it way cheaper for all kinds of businesses. This way, you get a fully functional, modern, and safe digital payments app 2–3 times faster and cheaper.


How can RNDpoint assist in the development of a remittance wallet?
What are the typical steps involved in the development of a remittance wallet?
What is the recommended team setup for remittance digital wallet development?
How does the cost of developing a remittance digital wallet compare across different regions?
What are the key factors to consider when estimating the cost of a remittance wallet development project?


Peter Shubenok
Peter Shubenok
Managing Director
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