For decades, the world has been moving toward digitalization in all aspects of life, and the pandemic further accelerated this process. With this, thousands of new apps enter the market every day, but only a select handful achieve the success they hope for. Therefore, it is always a good idea to enter the app market with the types of apps that are in high demand at the time.
Fintech app development has emerged as the most well-known success trend of recent years, regardless of whether you operate in the banking business, credit companies, financial investment firms, insurance groups, or the consumer finance sector. For instance, financial applications have recently been very popular, and people are enjoying the idea of an app that makes it simple to pay bills, transfer money, invest in bitcoins, and much more. Basically, it helps to manage our finances. And the Cash App, which has received more attention, has benefited even more from this trend. The questions that follow the popularity of fintech apps are: what Is the price to develop a fintech app? What are the necessary features of an app like Cash?
Some notable features of an app like Cash are:
By including the below-mentioned features in your app, the likelihood that the target audience will use your app increases:
- Allows to send money to anyone: With just one button click, app users may instantly send money to anyone who is also using the Cash app thanks to this straightforward but helpful feature. The entire transfer process is quick and simple.
- Allows you to spend money: Users of the payment app can make simple payments for their purchases or spending thanks to this function. Without any trouble, the payment can be made quickly through the app.
- Link banks and cards: When a sum of money is received in the Cash app and the user wants it to be deposited into their bank, the app can contain the Direct Bank Deposit feature, which enables the user to deposit the funds directly into their bank.
- Push Notifications: This function is in charge of instantly notifying app users. These are typically personalized messages and alerts that can be provided to consumers right away.
- Unique ID & OTP verification: For payment apps, this feature is helpful because it ensures security. The user will need to create a unique ID to use each time they access the app and OTP verification for each transaction they do through the app in order to use it.
Some other features like referral programs, AI-based chatbots, in-app wallets, etc will also impact the development costs. The development of a cash app can be bifurcated into 3 major types:
- Simple app: The price range for a basic edition of Cash App is between $10,000 and $15,000.
- Moderate app: The cost of a moderate app would range between $15,000 to $40,000.
- Complex app: The starting cost would be $40,000 and it can go beyond $90,000 for a complex app.
Undoubtedly, one of the most crucial elements of any mobile app is design. The platform you decide to create your app on is a crucial element that will impact the cost of establishing a money transfer app i.e., iOS, Android, or a cross-platform app. The team of developers you choose to collaborate with will affect the price of establishing a financial app like a cash app. Hence, it should be clear that the complexity of the app's features and functioning tends to increase development costs.
Hiring a fintech application development company will make sure that your financial solutions will utilize the best technology, trends, features, and functionality. It enables you to successfully and economically manage your company's operations and keep up with the most recent Fintech trends. One such business that can help you create an app that is similar to the Cash app is DataIT Solutions. For a custom financial app, you can hire their developers for as less as $20/hour. The hourly rates range up to $80-$100/hour for experienced developers. Choose a professional mobile app development company and streamline your process to uplift your business now!
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