How Much Does It Cost to Build a Payment App like Zain Cash?

In this era of increasing mobile devices, the p2p payment app has increased immensely. According to research, the number of consumers who prefer to pay online is tremendously increasing, while cash payments have significantly decreased. The payment app industry is estimated to reach $3.5 trillion globally in 2023.

Custom payment applications like Zain cash, offer full money management functions and support for all necessary currencies and payment options. Payment app offers high-level security for user’s financial and personal information. It is entirely focused on giving clients the ease of sending and receiving digital payments with only a few clicks on their mobile applications. The number of applications ballooning in the app stores every day is a sign of the expansion of international mobile payment services. Payment applications like Zain Cash, have attracted many users ever in Iraq and other MENA areas to.

How does p2p (peer-to -peer) payment app like Zain Cash works?

The user must register, download the Zain Cash app to their devices, and set up an account and connect it to minimum one bank account. P2P transactions enable direct fund transfers without the use of middlemen. The payment applications provide hassle-free, rapid, and seamless transactions between customers of various banks. Additionally, you can transfer funds using a person's bank account, phone number, or email address. To make sure that a transaction is validated, passwords or other details about the sender and receiver are used.

The "My Cash" button, continuously updates the total amount deposited, it will indicate the money added to the app account. Tap the "Activity" button to view "received payment details."

A Process of Developing a Zain Cash Payment App

Construct a secure and optimized user interface to meet the demands of the users. The Steps required to develop a payment app are:

Analyzing data and its requirements

The initial step is, the team needs to construct an outline for the features and appearance of the interface before speaking with the relevant project stakeholder. The payment app's idea includes the selection of the payment app, the platform it will be built on, the functional capabilities, the UI/UX requirements, and other non-functional requirements.

Select the Appropriate Type of P2P App

There are various types of peer-to-peer apps, but mainly there are two types bank centric system and standalone services.

Bank centric system:

In order to provide the users with easy and accessible financial services, some banks are now creating their own P2P payment system. Without having to go to the bank, these applications enable users to deposit money or receive payments straight into their bank accounts. The user experience has been drastically transformed by banking applications since users can now manage their money entirely and conduct transactions without any trouble.

Standalone services:

There are separate suppliers of banking solutions that have their own online payment platforms similar to PayPal, Zain Cash, and Venmo. Users can create their own digital wallets using these programs, they can use them to accept payments or use to keep their electronic cash in the form of an e-wallet. Usually, these programs accept Visa and MasterCard credit and debit cards.

Mobile OS system

Nowadays all mobiles have in-build payment applications. Google Pay, One plus Pay, and Apple Pay are some of the top examples of mobile operating system payment services.

Social Media Platforms

Other chat apps and social media platforms are also creating their own built-in payment services. Instagram and WhatsApp are among the top examples of this. Without leaving the app, social media users can now transfer money directly to their contacts.

Make your own Wishlist

Prior to adding any more features, select the most basic feature. Studying your target audience, and examining the user flow is very crucial in building a similar app like zain cash.

UI/UX Design

The first thing user notices when they access the app is how it feels and looks, as well as how simple it is to engage with. An app's performance can be measured using the appropriate balance of features and appeal. As a result, the software should be user-friendly and interesting. User interface (UI), describes how the app should appear to consumers, and user experience (UX) focuses on how people interact with your mobile application.

Enhance your Security Structure

It's crucial to confirm that P2P payment software has a strong security structure. All information relating to a user's account and transaction history must be end-to-end encrypted.

Using the greatest security tools such as a fingerprint scanner, multi-factor authentication, face recognition, a unique OTP or ID, etc., is to avoid unintentional payments and other fraudulent behavior. In order to avoid the risk of personal data leaks, one must also ensure the security of the admin digital wallet. Talk to your app development team about implementing extra security measures so that your payment application is completely safe.

Testing App

• Make sure your software downloads and functions correctly on a variety of devices.
• Examine the behavior of the program in response to unusual situations like as low battery, incoming calls, airplane mode, etc.
• Check the compatibility of your equipment using Wi-Fi, Bluetooth, USB, and NFC.
• Users should test the app to make sure it functions properly on their devices.
• Get opinion, then adjust as necessary.

Launch and expand your MVP

Validate MVP, before fully constructing the product and gather important user insights that will help to adapt and improve rapidly. The goal of developing an MVP for the software is to see how users are being impacted by the app.

Key Features to Create a Payment App like Zain Cash

The following is a list of essential qualities that can help an app distinguish out from its competitors.

Digital Wallet

Every payment app must have a digital wallet. With a digital wallet, users can conveniently store their digital cash and make payments.

Sending or requesting money

The two essential functions of asking and transferring money to other users are available to P2P app users. Implementing this essential function into the app will help to build a strong payment gateway and provide users the ability to process transactions quickly and securely.

Currency Conversion

One of the most functionalities that can increase the popularity of the mobile payment app is automatic currency conversion. Users are able to conduct cross-border transactions and pay for products and services while visiting other countries due to this feature.

Send Bills and Invoices

The app should be able to create invoices or bills that are obtained by the sender or the receiver. Additionally, users should be able to share the created bills and invoices easily.

One Time Password

Various organizations have come across cyber-attacks, it includes phishing scams, DDoS attacks, and spam campaigns that have cost many users. The security of the payment app is crucial.

Transaction History

Implementing the transaction history feature in the app will make it easier for end users to manage their money and balance their inflows and outflows. Providing users with as much as account information and distinctive tools, it enables users to manage their funds and this will help you to stand out among the target audience.

Bank Account Transfer

This feature offers users to transfer money from apps similar to Zain Cash to their bank accounts and vice versa to make your P2P payment system more efficient and easier.

Push Notifications

Users can get quick notification of promotions, new deals, or other updates by using the push notification tool. Infact, users will be able to get alerts or instant messaging when they complete any type of transaction.

How Much Will It Cost to develop a Payment App Similar to Zain Cash

Every company has its own concepts, objectives, and needs. There are many factors involved in building a payment app, time duration, the features included in an app, when it will be launched, platforms it will be used, costings, and many other things.

• Research and estimation will cost up to - $7000
• Design and development of an app will range approx- $14,500
• Testing will range around $5000
• Post-Launch Support costings- $13000

These elements can be taken into account to estimate the total average cost of developing an app. Depending on the client's needs and complexity developing an app similar to Zain Cash might cost anywhere between $38,000 and $60,000.

FAQ’S

1. Why is Zain Cash app so popular?

• It provides basic services and is also free
• Complementary Debit Card is provided.
• Spend Less Money with Special Offers
• Earn Bonuses for Recommendations
• Simple Investment Alternatives
• The Program Accepts Crypto

2. Which are the top popular payment apps?

• PayPal
• Quickbooks
• Wise
• Zain
• Venmo

3. How to create a mobile payment app?

• Compile all of your requirements in one place.
• Select the platform for the payment app.
• Validate adherence to regulations
• Design a beautiful UI/UX.
• Test your app.
• Launch your MVP, then expand