How Much Does It Cost To Develop A UPI App? | UPI Wallet Development Cost

With the latest tech advancements, where almost every sector is evolving, so are finance and banking. People used to face extreme difficulty while sending and receiving money. Mobile wallets and UPI apps are gaining extensive popularity among people as they provide a seamless and secure platform for money transactions. Some of the popular UPI apps that exist today are Google Pay, Paytm, Amazon Pay, etc. These provide local/ domestic and international transactions just through a single swipe.

UPI apps are secured with top-notch security standards, making it a reliable application. In recent years, these have undoubtedly replaced cash/cards because of the convenience they provide to the customers. Besides this, there is absolutely no risk involved while proceeding with the transaction.

The UPI app development cost ranges between $20k-$60k, depending upon several parameters. Talk to our experts at Suffescom and get an exact cost estimation.

Key Statistics Linked With The UPI App

1. Most recently, in June 2023, UPI registered about 9.33bn transactions.
2. UPI transactions will increase at a 50% CAGR(2026-27).
3. The UPI market size is predicted to grow to $65.49tn(2021-26).
4. UPI is estimated to achieve 1bn daily transactions(2026-27).
5. Till now, the app has more than 44 crore registered users.

Factors Affecting The UPI App Development Cost

(1) Development Process

The development process is an important step with several stages. The manpower required during these stages directly relates to the UPI app development price.

Development Process	Cost Estimation
Consultation	$3000-$4000
Planning And Research	$4500-$5500
Designing	$5000-$6000
Development	$7000-$8000
Testing	$5500-$6500
Launch And Maintenance	$5000-$6500
Marketing	>$5500

(2) Company’s Size

The size of the company, including the employees, has the biggest impact on the development cost of the UPI app.

Company’s Size	No. of employees	Development Cost
Startups	Up to 50	$20,-30000
Medium scale	50-250	$30-$50000
Large scale	>250	>$ 50000

(3) Geographical Location

Another important factor that contributes to the development cost is geo-location. Different countries set their standards according to which the budget is decided.

Geographical Location	Charges Per Hour
USA	$70- $80 per hour
India	$35-$45 per hour
UK	$50-$60 per hour
Europe	$55-$70 per hour
UAE	$50-$60 per hour

Nations that have already become tech hubs will obviously charge more because of the hourly charges of the developers.

(4) Technological Stacks

Technology stacks are the building blocks of any app development. These are crucial for the efficient operation and improved performance of the created UPI app. It involves the operating system, databases, front- and back-end tools, programming languages, frameworks, and APIs.

Tech-Stacks	Cost Estimation
Programming Languages	$7000-$12000
APIs	$5000-$8000
Frameworks	$6000-$9000
Artificial Intelligence	$8000- $15000
Operating system	$10000-$14000
Cloud storage	$12000-$15000
Database	$7000-$12000

(5) Category Of The Developers

Broadly speaking, two major categories of developers are in-house team developers and freelancers. The charges taken from the developers of a dedicated app development company are more than the freelancers. In terms of the working process, freelancers don’t follow any streamlined process, whereas the hired development company follows a complete project management cycle without missing deadlines.

Category Of Developers	UPI App Development Price
In-house team	>$40000
Freelancers	$25000-$45000

(6) Integrated Features

Real-Time Fund Transfer

Allows quick transactions to take place without any interruption, enhances business opportunities, and offers better liquidity management.

Intuitive Dashboard

Shows every detail related to customer retention, KPIs, key metrics related to sales and tracks the business data with the help of interactive graphical chats.

Reports And Analytics

Help generate reports that are solely based on the customer's data. With modern analytic and reporting tools, the data is made visually appealing, and most importantly, strategies are formed to make changes that will affect the business.

QR Code Scan

Provides swift money transfer by scanning code anytime, anywhere, without cash/cards. It does not allow any hidden charges and provides top-notch security by validating the credibility of the merchants.

Pay Bills

With an AI-powered voice-assisted bill payment facility, bills are paid within a fraction of a second. Users can link multiple bank accounts to their smartphone device and make transactions without requiring account no./IFSC code.

Push Alerts

Provides notifications to the users whenever they make any transaction, cashback offers, reminders, or other instant updates.

Ultra-Security

High-end security standards are added to the UPI app to mitigate the risks of phishing, eliminate fraudulent activities, and implement infrastructure measures like security audits, firewalls, encryption, etc.

Other exceptional features are available in our UPI app development, and if you want to customize attributes, we can do that for you. But the development charges will increase according to that.

Operating System And Mobile App Platform

The type of app platform tremendously influences the UPI app development cost. The two most in-demand operating systems are Android and iOS, and depending upon their project requirements, the development cost will vary. In Android, the testing takes place on an increased number of devices, making the development process a bit lengthier. On the other hand, iOS requires testing on relatively fewer devices, saving ample time and costs.

The popular mobile app platforms are React Native, Flutter, Ionic, Firebase, Xamarin, Firebase, Xcode etc. They possess different features and have distinct speed/efficiency/security risks that impact the development cost.

Quality Assurance

The UPI app development cost is not just limited to developing apps; testing is equally important. It checks the app's performance by removing the irregularities and errors. Different types of testing require different development costs. Here, we have mentioned some of them;

• Security Testing
• Penetration Testing
• Functional Testing
• Usability Testing
• API Testing
• Performance Testing
• Usability Testing

They all serve a different purpose, and pertaining to their ability, their contribution to the development cost will differ.

Cost Comparison Of From Scratch Or White-Label UPI Solution 

UPI payment app development from scratch will require more time as the goals are to be defined, competitive analysis needs to be done, creating/testing wireframes, and features included that are 100% customized. On the contrary, the development time is shorter as the entire design and functionalities are taken from the original application. Moreover, the app is ready to deploy and takes a few days/weeks to get developed.

Based On Design

The design of the UPI application decides how the customers will perceive the app in the first place. The design is usually basic, mid-level, or complex; depending upon the design level, the cost changes.

Design Level	UPI App Development Cost
Basic	$25-$35000
Medium	$35000-$55000
Complex	>$60000

Why Are We The World's Top 1% Companies For UPI App Development Projects

With more than a decade of experience in the IT industry, we have developed several mobile/web platforms catering to different industries. Our unique business approach and technically skilled professionals make us the No.1 choice of businesses. Below, we have mentioned some of the key reasons that make us distinct from our adversaries.

1. Cost Effective White-Label Solutions
2. Tech prowess In Advanced Technologies
3. Free Of Cost Round-the-clock consulting services
4. Agile Methodologies
5. Seamless App Submission
   
6. Quick launch At Low Cost
7. On-time project delivery at low cost
8. Low cost Multi-testing services

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