We are fast approaching the time of a cashless world. The dependency that we once had on cash has now shifted from contactless money transfers to P2P payment applications. This new demand that these applications have found for themselves amid the growing need for convenience and going contactless has brought the industry on the path of growth of up to $4,491.14 million by 2027.
The one element that has made this growth projection possible is the presence of well-functioning P2P payment apps.
Today, we are going to dive into one such application that has been pushing the payment ecosystem towards greater success – Square’s Cash App. We will be looking into the many facets of how to determine the cost of Cash app and the features of Cash app 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 : how to develop a P2P payment app.
Before we dive into the Cash app cost of design and development, let us look into some statistics highlighting its rising demand.
Key Statistics Around Cash App
- Primarily at the back of Bitcoin trading, the Cash app has generated over $5.9 Billion in revenue in 2020.
- Over 36 million users work around the Cash app every month, while it has over 100 million downloads.
- There are over seven million users of the application who uses the Cash app debit card
- Cash app has made a profit of around $1230 million in 2020.
The flattering stats you read above are the doing of the 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.
Must-Have Features for Cash P2P Payment Wallet App
There are a number of features that should be considered when you build P2P payment app. But we look into the list of must-have MVP features, the list that comes up is fairly crisp and of absolute necessity level.
Let us look into some of those must-have features when you develop P2P payment app.
1. Multiple accounts type
Cash is one of those few P2P payment applications that provides the feasibility of offering benefits for both businesses and individuals. It comes with feature-sets and profiles that are 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.
2. Multi-factor authentication
Cash app, like every Fintech application, 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, SMS OTP, and biometric authentication.
3. Link bank account and cards
The fintech app developers give users the ability to link their cards and bank account with the application in a completely safe environment. The Cash app too offers people the option to add multiple cards and bank accounts in-app.
4. Peer-to-peer money transfer
It is the essence of P2P payment based fintech app development. The application should be made to 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.
5. 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, send money to contacts or to any bank account.
6. Cash Card
The Cash Card is like a Visa debit card which 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 but, 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.
7. Cryptocurrency trading
Like Cash Card, cryptocurrency trading is another feature that is soon becoming a must-have element for P2P finance app development. New-gen entrepreneurs can now plan to add an in-app wallet feature inside the application to make their apps future-forward.
While these are just 7 key features of Cash app that make it truly unique and must have, there are a number of other features as well. But what is important to note here is that, irrespective of which feature-set you end up using, your P2P fintech application development process should be built on a security-first approach, especially when you have statistics like these all across the P2P payment apps.
How Does Cash App Ensure the Application’s Security?
The 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 facets of cost to develop P2P app like Cash, the next part would be to get you the answer on how much does fintech app development companies usually charge to create P2P app like Cash.
How Much Does it Cost to Build a P2P Payment App Like Cash?
Like every mobile app development cost estimate, four key factors contribute to the overall price quote.
- App features
- Mobile app design
- Team size
- Location of the agency.
When we talk specifically about the Cash app, copying the same feature set will prove to be on a higher side. So what we recommend is to create an MVP. This way, you will be able to test the market before creating a full-fledged application.
Our Fintech software developers advise that entrepreneurs must create a plan of features that they would like to have in the application. On the basis of that, we can fix the resource and technological capabilities, which in turn would decide the P2P app development cost.
Now that we have reached the end of the article, let us throw some light on how you can earn money at the back of your Cash app before you follow the final step standing between you and your version of the Cash app – contacting our team of Fintech app developers.
How Does Cash App Make Money?
- Cash App charges 2.75% per transaction from businesses that accept Cash App payments.
- It enables users to expedite the transfer from Cash App to the bank account at the back of 1.5% Cash app fees.
- Cash app charges users fees of 1.76% on every bitcoin purchase – this is one of their most profitable business models.