Technology is evolving and introducing new concepts and visions; our society adapts accordingly. eWallets are one of the greatest examples of the same. People have switched from traditional wallets to eWallets as it lets them transfer funds instantly and securely. On top of that, eWallets can be easily accessed through a smart device.
The rise in the demand for online transfers has made it the ideal time to invest in eWallet app development. Developing a mobile wallet application can be highly profitable as these wallet businesses earn through multiple sources, i.e., paid collaboration, advertisement, commissions, etc. Integrating the latest tech stack into the application is equally important to strengthening its roots to withstand the competition.
What Is a Technology Stack?
The technology stack involves the latest tools and technologies to be leveraged to develop a mobile application. The primary idea behind the tech stack is to integrate the application with advanced and unique features. The tech stack includes frameworks, programming languages, UX/UI components, development tools, libraries, etc. All these components together decide the success of an application. Thus, business ventures need to pick the right technology stack for their applications that can fuel their success. The tech stack is subdivided into three parts, i.e., Front End, Back End, and Middleware. Each layer of the stack has a different function to perform.
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Structure of Technology Stack
As discussed above, the tech stack has been divided into three sub-categories. Here are more details regarding the same:
Frontend Development
The tech stack used in front-end development is to improve the users' experience.
- HTML Markup language is utilized to portray the content
- JavaScript is used to develop the interactive parts of the application.
- CSS is utilized for stylistic elements like indentation and font.
Backend Development
The technologies used in the backend development are as follows –
- OS (Operating System)
- Web Servers – Apache and Nginx
- Programming languages – Python, C#, Java
- Databases – Oracle, MySQL, Microsoft SQL server
- Frameworks – Django, Node.js, and .NET
- Cloud Computing – AWS, Google Cloud, Azure.
Middleware Technology
The middleware layer ensures smooth interaction and communication between the ends. It generally includes web servers and a content management system, along with numerous tools that enhance the performance of the software.
Factors to Consider When Looking for the Right Technology Stack
Consider the App's Functionality
The most significant factor in defining the technology needs of your eWallet application is its functioning. Decide if it is a crypto-wallet, open wallet, mobile banking application, etc. Each technology offers and supports different features that define the specific requirements of your application. If you want to offer two-step authentication and multiple payment options, choose a tech stack that can help create these functionalities.
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Look for Security Features
Another critical feature of eWallet app development is security considerations. It is essential that your application can take care of the sensitive data that users share, and any breach can result in negative consequences. Use a tech stack that can take care of the security in terms of payments, data sharing, and information saved.
Also, ensure the technology stack your eWallet app development team picks helps you build credibility in the market.
Evaluate the Development Environment
Using an easy-to-set-up and use development environment can help you build your solutions faster. Considering the scalability of your development environment, you can expand the features and functionalities as the application grows better and stronger.
Consider Cross-Platform Compatibility
With the mobile-first attitude among most users, we must choose a tech stack that can function on various platforms. With cross-platform applications gaining popularity these days, you can build an application that is accessible across multiple platforms and devices.
Ensure your application is compatible with all the popular operating systems and functional over the web.
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Look for a Strong Community
A technology with a solid community to help comes with better benefits.
Choosing a technology stack with a strong community can provide several benefits. When your technology is backed by experts, you also get a chance to explore new aspects. This also opens doors for better experiments and innovations.
How much does it cost to develop an eWallet?
The development costs of the eWallet car vary depending upon numerous factors. The experience and origin of the developer, deadline, application complexity, features, application platform, etc are a few of the factors that play a major role in deciding the development cost. However, the rough estimate of the development cost ranges between $25,000 to $45,000. The development cost can increase if planning to integrate some advanced features in the application. Businesses can hire developers from a country like India as the developers over here are highly skilled and charge a lot less when compared to other nationality developers.
Conclusion:
The benefits of investing in eWallet app development and the importance of integrating the latest tech stack would be crystal clear by now. The success of a mobile wallet application is partially dependent upon the tech stack integrated into it. Thus, it is the responsibility of the investor to ensure that the team of developers hired by them leverages the latest tech stack to develop an application that outperforms the competition. It is wise to check out the portfolio of the developers to get an idea about their skills. Also, I prefer discussing the technologies that the developers have expertise in.
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