How much does it cost to build an app like Cash?

We are fast approaching the time of a cashless world. The dependency that we once had on cash has now been shifted from contactless money transfers to P2P payment applications. As reported by Business Wire, the value of contactless payment transactions is expected to reach $10 trillion by 2027. Moreover, the global fintech market is also expected to reach $211.64 billion by 2027. These stats clearly depict a surge in the usage of financial technology, and money transfer apps, and how it’s changing the way we manage our finances.

Considering the growth and opportunity in the payment app space, you must be wondering about Cash-like app development costs. The estimated cost to create an app similar to the Cash app ranges from $30,000 to $300,000. This cost estimate is based on developing a basic app version with essential features like peer-to-peer payments, digital wallets, etc. 

In this blog post, we will be looking into the many facets of determining the cost of apps like Cash and the features that make it the next revolutionary product of the Fintech domain. 

If you want to explore further in the areas of P2P payment app development, you can also check out our blog on how to develop a P2P payment app.

Before we dive into the Cash app development cost, let us first look into some statistics highlighting its rising demand.

The cost to develop a FinTech app like Cash app ranges between $30,000 to $300,000

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Key statistics around Cash app

• Primarily at the back of Bitcoin trading, the Cash app has generated over  $16.2 billion in revenue in 2024, a 13.2% increase on the previous year.
• Cash App has over 57 million monthly active users and over 100 million downloads in 2024.
• Card inflows to Cash App reached $283 billion in 2024.
• Cash App has made a profit of $5.23 billion in 2024

The flattering stats you read above are the doing of multiple features set that the application comes with. The feature sets determine the cost of p2p payment app development like Venmo or in today’s case, Cash app by Block. To move further, let’s look at the features the app has.

Must-have features of apps similar to Cash app

There are a number of features that should be considered when you build a money app like Cash. But first, we’ll look into the list of must-have MVP features. that. So, let’s get started.

Multiple accounts type

Apps similar to Cash app provides the feasibility of offering benefits for both businesses and individuals. It comes with feature sets and profiles customized according to both the acquisition rate (in your fintech app) and user segments, which in turn is a great way to increase the user retention in payment apps like Cash app.

Multi-factor authentication

Like every fintech application, money apps like Cash app keeps security at a prime position in the fintech mobile app development process. Thus, you should enable the app users to log in through multiple ways – email, OTP, and biometric authentication.

Link bank account and cards

The fintech app developers allow users to link their cards and bank account with the application in a completely safe environment. The apps similar to the Cash app, too, offer people the option to add multiple cards and bank accounts in-app. 

Peer-to-peer money transfer

It is the essence of P2P payment–based fintech app development. The application should provide a real-time transfer of money between the users and the people in their contact book. You should also add the option of making QR-based or contactless payment possible for the users. 

In-app wallet

In order to make transactions extremely convenient and real-time, you should integrate the functionality of an in-app wallet. The wallet should also have the option to make QR-based payments and send money to contacts or to any bank account.

Cash card

The Cash card is like a Visa debit card that can be used for paying for services and goods from the Cash App balance, both in stores and online. Although it is not a must-have feature today, with the growing demand for Apple Cards and Cash Card, the concept is poised to become the next must-have element of P2P fintech app development services. 

Cryptocurrency trading 

Like Cash Card, cryptocurrency trading is another feature that is soon becoming a must-have element for P2P app development. New-gen entrepreneurs can now plan to add an in-app wallet feature when considering building a money transfer app to make their apps future-forward.

While these are just seven must-have features of the Cash app that make it truly unique there are several other advanced features as well. But before moving to the features, know the cost of building an app like Tabby; an application where you can purchase from your favorite brand and split the purchase into 4 interest-free payments.

Also Read: How much does it cost to build a custom cash management software

Advanced features to build an app like Cash app

Undoubtedly, businesses are expecting more from these apps day by day. So, if you want to make your app a class apart, consider adding the following advanced features with must-have features.

Push notifications

Push notifications are a great way to keep your users informed about new features, special offers, and other updates. This is valuable for ensuring that your users remain engaged with your app.

AI-based chatbot

In order to provide 24/7 assistance to your users, you can integrate an AI-based chatbot into your app. This will not only help you save on customer support costs but will also improve the overall user experience of your app.

In-app payments

With this feature, your users can make payments for goods and services directly from within the app. This will make the payment process more convenient for your users.

Loyalty programs

Businesses can use loyalty programs to reward loyal users and encourage them to continue using their apps. This is a great way to improve customer retention and boost your bottom line.

Referral programs

Referral programs are a great way to acquire new users and increase app engagement. You can offer rewards to users for referring your app to their friends and family referring your app to their friends and family. While its main function is to enable users to send and receive money, buy and sell Bitcoin, and invest in stocks, Cash App has integrated a cashback program called Boost. Cash App Boost allows users to get instant discounts or cashback at selected merchants when they use their Cash Card for purchases.

Digital currency exchange

With this feature, users can buy and sell digital currencies directly from within the app. This will make your app more attractive to users interested in investing in digital currencies.

These are some of the advanced features you can consider adding to your app to make it more competitive. However, it is important to note that the development cost with these features will be higher than a basic money transfer app.

But what is most important to note here is that irrespective of which feature set you end up using, your Cash-like digital wallet app development process should be built on a security-first approach, especially when you have below-given statistics like this all across the P2P payment apps.

How does app like Cash app ensure the application’s security? 

The money apps like Cash app consists of a number of security elements that are designed to prevent fraud and hacks. 

• A security lock based on PIN or TouchID
• Real-time notification of activity 
• Two-factor authentication
• Instant freezing of card spending if the users lose a card. 

Now that we have looked into the different aspects of app development the next step would be to know how much does it cost to build an app like Cash.

How much does it cost to develop an app like Cash app?

With businesses waking up to the potential of mobile apps, there is a growing demand for fintech app development services. As such, the cost of developing an app has gone up in recent years; however, the average cost to build a P2P payment app ranges between $30,000 to $150,000, depending on a number of factors listed below.

App features

When looking at the cost to develop a money transfer app, there are several key features that will impact the overall price tag. For example, a feature like real-time currency conversion will require access to live exchange rates, which may come at an additional cost. Other features like peer-to-peer payments or international transfers will also impact the development costs. 

In general, the more complex the features and functionality of the app, the higher the development costs will be. However, by working with an experienced fintech application development company, it is possible to get a money transfer app built within budget.

Also read: How Much Does It Cost to Build a Cash Advance App Like Wagetap in Australia

Mobile app design

Undoubtedly, the design is one of the most important aspects of any mobile app. A well-designed app will not only look good but will also be easy to use and navigate. When it comes to fintech applications, the design needs to be clean and simple so that users can easily understand and use its various features. 

The payment app development cost will depend on the complexity of the design and the number of screens that need to be created.

App platform 

Another important factor that will affect the cost of developing a money transfer app is the platform that you choose to build your app on. If you want to develop a native app for iOS, you will need to work with a different set of developers than if you were to build a hybrid app or a web app. 

Native apps tend to be more expensive to develop but offer a better user experience. On the other hand, hybrid apps and web apps are less expensive to develop but may not offer the same level of user experience as a native app. 

Development team

The cost of developing a money transfer app will also depend on the team of developers that you work with. If you choose to outsource a reputable fintech application development company, they will be able to provide you with a well-built app within budget. However, if you choose to work with a freelancer or a less experienced development team, the costs may end up being higher than expected.

Team location

The location of the development team can also impact the cost to develop a money transfer app. If you choose to work with a team based in North America or Australia, you can expect to pay higher rates than if you were to work with a team based in South America. The reason for this is that teams in North America and Europe tend to have higher overhead costs.

These are some of the key factors that will affect the cost to build a P2P payment app. When considering the budget, it is important to keep in mind that the development costs are just a small part of the overall equation. In order to be successful, you will also need to factor in the costs of marketing and promotion, customer support, and app maintenance.

When we talk specifically about the money app like Cash app, having must-haves and additional features will increase the development cost. So, what we recommend is to create an MVP. This way, you can test the market before creating a full-fledged application.

The right development company can  help you with this and give you an estimate of the development cost for your MVP. Once you have validated the concept in the market, you can then proceed to develop a full-fledged mobile application with all the features that you want.

Now that we have reached the end of the blog post, let us throw some light on how you can earn money with money apps like Cash app. 

How to make money with apps like Cash app?

There are several ways to make money with apps like Cash app. The most common way is to charge a transaction fee for each money transfer made using the app. For example, Cash app charges 2.75% per transaction from businesses that accept Cash app payments.

Another way to make money with apps like Cash app is to offer premium features that can be accessed by paying a monthly or annual subscription fee. For example, you could offer users the ability to make unlimited money transfers or send money to anyone worldwide without fees. You could also provide customer support and other value-added services for an additional cost.

Yet another way to make money with apps like Cash app is to offer in-app purchases. For example, you could sell virtual currency or tokens that can be used to make money transfers. You could also sell physical goods or services through the app.

Finally, you could also generate revenue by displaying advertisements within the app. This is a common model for free apps that are supported by advertising.

All of these are valid ways to make money with apps like Cash app. The best way to determine which model is right for your app will depend on your specific goals and objectives.

If you want to learn more about making money with apps, we suggest checking out our blog post.

Ready to build an innovative FinTech app like Cash App?

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Cash App Building – A Step-by-Step Process

Now that you understand the potential features and cost-driving components essential for money transfer app development, let’s dive into the step-by-step process to build a successful Cash App alternative that streamlines financial transactions and enhances user experience.

Step 1: Define Your Project Goals

Before diving into the cash app building process, you need to conduct extensive research on market trends, target audience, and competitors. This initial step will help you identify market gaps, define the app’s core functionalities, and build a unique platform that stands out.

Step 2: Design an Intuitive UI/UX

At this stage, your development team will create wireframes and prototypes to map out the app’s layout and navigation flow. The UI/UX design should be simple yet engaging, ensuring hassle-free transactions, quick account setup, and intuitive financial management tools.

Step 3: Choose the Technology Stack

Selecting the right tech stack is an integral step in the money transfer app development process. You should choose a tech stack that supports high transaction volumes, real-time processing, and robust encryption.

Step 4: Develop the Core Functionalities

With a clear roadmap and UI/UX design in place, it is time to begin the development phase, where the app’s primary functionalities come to life and your idea takes shape. This stage involves coding, API integrations, security implementation, etc., to ensure seamless transactions and a secure user experience.

Step 5: Testing and Deployment

Once development is complete, your app developers conduct rigorous testing to ensure the app is free from bugs, glitches, or any errors and performs efficiently. After successful testing, you can deploy the app to the intended platforms, ensuring it complies with regulatory standards.

Step 6: Monitor, Maintain, and Upgrade

App development doesn’t end with deployment. You also need to regularly update the app to fix bugs, introduce new features, and adapt to evolving financial regulations. Continuous monitoring and maintenance help improve the app’s performance, security, and scalability over time.

How Can Appinventiv Help in Your Money Transfer App Development Journey?

At Appinventiv, we have a team of experts who can help you build app similar to Cash app. We helped Asian bank build a core banking platform that offers functionalities such as wire transactions with cryptocurrency, selling and buying of cryptocurrencies, and wallet recharge. 

The efforts of our cryptocurrency and blockchain experts led to over 50K crypto transactions for the bank. As a reputed payment gateway software development , we have worked with clients from all across the world and have delivered successful fintech applications within a budget. Contact us today to discuss your project requirements and get a quote.

Closing thoughts

The cost to develop a money transfer app like Cash App will vary depending on a number of factors, including the size and complexity of the app, the location of the development team, and the specific features and functionality that are required. 

However, by working with the right development team and carefully planning your app’s features and budget, you can create a successful payment app at a reasonable cost.

FAQs

Q. How to build an app like Cash app?

A. The easiest way to build an app like Cash app is to partner with a professional app development company. They will have the experience and expertise necessary to create a successful money transfer app. However, the steps to build an app like Cash app include:

• Define the scope and requirements of the app
• Research the competition and create a unique value proposition
• Choose the right development team
• Create a detailed project plan with timelines and milestones
• Build and test the app
• Launch the app and start generating revenue

Q. How much does it cost to make Cash app like app?

A. The cost to make an app like Cash app will vary depending on a number of factors, including the size and complexity of the app, the location of the development team, and the specific features and functionality that are required. However, the estimated cost to develop a money transfer app like Cash App is between $100,000 and $150,000.

Q. How long does it take to develop an app like Cash app?

A. It typically takes 4-6 months to develop an MVP version for a money transfer app like Cash. However, the approximate timeline can vary depending on the size and complexity of the app.