Create A Digital Wallet App - Business Ideas
A digital wallet is a financial transaction application that runs on mobile devices. In today’s digital era, people demand the freedom to purchase anything and be able to pay from their digital wallets.
With technological advancement, making digital payments has become easier than ever before. Anyone can use mobile payment platforms to pay and accept payments online. Therefore, creating a digital payments wallet can be a great business opportunity.
To create a digital wallet, conduct extensive market research and create a business plan. It would help if you could hire competent programmers to create a secure payment gateway.
Createing a digital wallet app requires a great deal of effort, dedication, and most importantly passion.
If you're interested in how to sell digital wallet, or selling digital wallet online, you can use this page as a guide for everything you'll need to know.
Want to learn more? You can check out our full guide on how to create a digital wallet app ➜
Key Stats
Startup Costs
| Min Startup Costs | Max Startup Costs | |
|---|---|---|
|
Office Space Expenses |
$0 |
$7,000 |
|
Employee & Freelancer Expenses |
$151 |
$352 |
|
Website Costs |
$223 |
$7,215 |
|
Business Formation Fees |
$5,600 |
$20,400 |
|
Equipment & Supply Expenses |
$63 |
$200 |
|
App Creation Costs |
$1,000 |
$20,000 |
|
Software Expenses |
$162 |
$3,094 |
|
Advertising & Marketing Costs |
$0 |
$2,500 |
|
Total Startup Costs |
$7,199 |
$60,761 |
Case Studies
•
$1.5M/mo
•
$220K/mo
Successful Businesses
| Business | URL | Rank | |
|---|---|---|---|
|
|
MetaMask |
metamask.io |
7,302 |
|
|
Digital Wallet |
prepaiddigitalsolutions.com |
21,512 |
|
|
Coins.ph |
coins.ph |
21,653 |
|
|
Exodus |
exodus.com |
22,500 |
|
|
Theta Token |
thetatoken.org |
34,245 |
|
|
Xapo |
xapo.com |
41,112 |
|
|
iCard |
icard.com |
81,480 |
|
|
Khalti |
khalti.com |
128,368 |
|
|
ZenGo |
zengo.com |
157,629 |
|
|
ClassWallet |
classwallet.com |
197,470 |
|
|
Digital Transactions |
digitaltransactions.net |
210,333 |
Pros & Cons
| Pros | Description |
|---|---|
|
Flexibility |
You can put as much time into the business as you'd like. If you like the work and have some initial experience, you can start small and manage all aspects of the business on your own. |
|
Ability to start your business from home |
It's not necessary to have a physical storefront or office space to get your business started. You can do everything from the comfort of your own home, at least in the beginning! |
|
Traffic to your website |
A digital wallet app gives people a reason to visit your website and to keep coming back to you! |
|
Meaningful business connections |
You never know who you will meet as a digital wallet app. This could be the start of an incredible business opportunity! |
|
High customer retention rates |
Once a customer invests in your product, they've invested their time and energy to utilize your product/service which is highly valuable to them. Typically, your product or service becomes indispensable to your customer. |
|
Control of workload |
With createing a digital wallet app, you have the unique ability to choose how little or how much you want to work. You also have the freedom to decide which projects you want to work on, and can turn down the ones that do not interest you. |
| Cons | Description |
|---|---|
|
Motivation of employees |
If you plan to have a sales/content team on board, finding creative ways to motivate them can be a challenge. It's important that you're able to offer great incentives and a good work environment for your employees. |
|
Low margins |
The gross margins for your digital wallet app are typically around 23%, which can make it more challenging to incur new expenses and maintain profitability. |
|
High employee turnover |
In the digital wallet app, employee turnover is often high, which can be quite costly and time consuming for your business. It's important to try and avoid this as much as possible by offering competitive pay, benefits, and a positive work environment. |
|
Taxes |
As a digital wallet app, you typically pay self-employment taxes which can be quite high. It's important to understand what you will be paying in taxes each year so you can determine if the work you're taking on is worth it. |
|
High overhead expenses |
With createing a digital wallet app, there are overhead expenses that come with selling a physical product. You will want to make sure you strategically budget for these overhead costs. We discuss this more in the startup costs section below. |
|
You may need to charge sales tax |
If you are selling your products in various states, you may be required to charge sales tax. Although this may not impact your financials specifically, it can be a headache to create a process and procedure for this. To learn more about sales tax, check out this article |
Marketing Ideas
-
1
Affiliate Program
Affiliate marketing is a great way to bring in a new revenue stream, especially when you don't sell products or services.
Simply put, an affiliate program is an agreement where a business pays another business or influencer ("the affiliate") a commission for sending traffic and/or sales their way.
The affiliate typically gets a unique link where clicks and conversions can be tracked.
-
2
Direct Sales
Direct sales strategy implies a direct contact between a seller and a consumer without the involvement of any third party. Direct selling is popular in sectors where sellers communicate with their clientele personally. The sales technique occurs at non-store locations which include at home, work, or online.
For direct selling to succeed, hire a few (or many) salespeople to support the sales conversion process. It's critical that you assign them specific roles and responsibilities to nurture the client and provide excellent support.
-
3
Word of mouth
Word of mouth is when a consumers reflects their interest in a company’s product or service in their daily dialogues.
Therefore, word of mouth advertising is essentially a free advertising triggered by the customers experience.
According to Nielsen, 92% of people trust recommendations from friends and family.
Therefore, in today’s hyper-connected world, a single recommendation through a word of mouth can have a huge impact to your business.
Hey! 👋 I'm Pat Walls, the founder of Starter Story.
Get our 5-minute email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Collect and analyze feedback with Delighted, the self-serve experience management platform of choice for thousands of the world’s top brands.
Choose from 8 ready-made survey templates including: Net Promoter Score, Product Market Fit, Smileys, Thumbs Up/Down, 5 Stars, and more.
And 5 survey delivery methods: email, web, link, kiosk, and iOS.
Sign up now and start collecting feedback for free.
- Shortform guides are essentially superpowered book summaries.
- Get all the book’s key ideas clearly and simply explained, plus smart commentary and analysis.
- It’s like having your smartest friend dissect a book for you.
Get your free trial + $42 off the annual sub today
"An amazing network of founders that truly want to help each other grow their business."