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When purchasing products or services, you must use a payment app unless you happen to live above the sky or beneath a rock. Mobile payment apps let us send and receive money instantly. We no longer need checkbooks or ATM withdrawals. They have helped create a cashless society.
The mobile payment market will grow at a CAGR of 33.8% from 2017 to 2023. It will be worth $4,574 billion then. This is due to the global rise in mobile device use. It has sped up the growth of some payment apps.
One excellent example is PayPal, established in the 1990s by Elon Musk and a group of enthusiasts. Over the years, the company has grown significantly, and more than 200 million people use it as the finest payment software worldwide.
What is the secret to these well-known mobile payment apps’ success? Can we copy their features or business models? Can we make something more inventive and revolutionary?
Yes, the market for mobile payment apps is huge, with plenty of room to grow. Even if you can develop an app with a limited budget and tight timeline with the help of a top mobile app development company in the USA, so, let’s dive into the cost of developing an app like PayPal!
Essential Features for Your Mobile Payment App Like PayPal
With apps like PayPal, making payments is as easy as a touch. These apps link your debit or credit cards, saving them for future transactions. Here are some essential features to include when building a mobile wallet app like PayPal:
A User-Friendly and Smooth Interface
When it comes to user engagement with mobile applications, user interface (UI) is crucial. PayPal’s visually appealing user interface (UI) immediately inspires users. It’s critical that the mobile wallet application’s user interface (UI) be clear and eye-catching so that users can navigate it with ease and without confusion.
Integration of Cloud-based Technology
This functionality makes it possible to use PayPal to complete transactions quickly and safely. Cloud technology lets consumers turn their cell phones into digital wallets.
Privacy and Confidentiality of Information
When using PayPal, a user’s bank account or credit card information is kept private during a transaction. Therefore, privacy and secrecy are essential features of mobile payment apps.
Data Synchronization
Digital wallet apps store your account numbers, card details, and passwords. You can access your data from your smartphone anytime.
Multiple emails for Convenience
Users can link up to eight email addresses to a single bank account as account owners. This increases payment flexibility and convenience. It also acts as a barrier against hackers who might become acquainted with a single email.
Multiple Currency and Automated Conversion Process
PayPal can handle many currencies from different countries. Its unique, automated currency conversion process uses the current exchange rate. This eliminates extra fees for withdrawing to local bank accounts.
Multiple Language Selection
PayPal supports over 20 languages. This makes it easy for anyone in a nation it has accepted to register for an account without having to translate it into English.
Track payments
To deliver a first-rate user experience, you should allow users to monitor their financial history. You should let customers track their transaction history via the program. Also, send them weekly or monthly emails.
Bill Me Later Feature
The Bill Me Later feature was added to enable quick transactions. It also helps users who can’t afford to buy things now. This lets account holders buy things without enough bank funds. The credit card will be charged later. The only people who can use this function are US account holders.
Efficient Customer Support
PayPal is known for its fast customer service. It answers users’ questions via email or phone in under two business days.
Average Cost to Develop an App Like PayPal
An app like PayPal is a high-complexity app. It needs strong security features and precautions. We can now give a rough estimate of the app’s cost. This is based on the features outlined for PayPal. However, we still need to consider several factors.
Depending on several variables, developing an app similar to PayPal might cost anywhere from $150,000 to $300,000. Accurately calculating development costs, however, might be far more challenging. The reason for this is that many variables affect development costs. Also, each project to create a PayPal-like app has a different mix of these elements. This makes it hard to estimate the work. You are strongly advised to speak with an app development business if you want a quote.
Conclusion
Developing an app like PayPal is tough but doable. With the right strategy, tech stack, and a partner like tecHangouts, it can be done. We must trust our long-term vision. We should stick to best practices for app development. We must also consider the key factors that affect development costs.
At tecHangouts, our skilled team is ready to build your payment app. We have fintech consultants, app developers, UI/UX experts, designers, and project managers. Our deep experience in mobile app development and agile methods will create a top-quality app. It will meet your business needs and delight your users.
