How Much Does It Cost To Build a FinTech Super App Like myFawry?

Sudeep Srivastava December 21, 2023
cost to build payment platform like myFawry

The Middle Eastern nation, specifically Egypt, has come to the forefront of digital transformation post-COVID. The government, over time, has been introducing numerous initiatives like building its ICT infrastructure, promoting digital inclusion, and establishing better cybersecurity methods, in order to promote Egypt’s pioneer position.

Backing these digitalization efforts, several tech-focused companies have come on the surface. A validation of which can be seen in Egyptian startups raising over $491 million across 147 deals – in which 17% accounted to Fintech space alone. Along the same timeframe, there was a payment platform that came into prominence as Egypt’s biggest financial services provider (and went on to becoming a Super App) – myFawry.

myFawry: A quick look into the custom payment platform

myFawry is a Fintech-centric super app that enables users to make payments, invest, borrow, spend, and get rewards in-app. The brand offers a range of financial services to both businesses and consumers alike through its channels which are active in more than 225,000 locations in Egypt. As COVID accelerated the adoption of digital payments, myFawry became Egypt’s first unicorn, hitting a capitalization of over $1 billion in 2020.

Mobile wallet market share

Owing to the popularity of myFawry, a number of entrepreneurs have started looking to develop business models for an app similar to myFawry. In this article, we are going to dive into the details of payment platforms like myFawry development cost along its multiple facets.

On a high level, the online payment platform development cost can range anywhere between $180k to $220k depending on a multitude of factors from design, features, number of platforms, tech integrations, and team composition. Let us look into them one by one to get a comprehensive understanding of the application development process and its associated costs.

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The Must-have Payment Platform Features for an App Like myFawry

The success of the custom payment platform development process depends highly on the feature sets it is built upon. Let us have a look at them to get an understanding of how the app is built.

The Must-Have Features For a FinTech Super App

  1. Utility payment

myFawry has partnered with a number of nation-wide electricity, gas, and water companies to make it easy for the users to make utility payments through the application without the hassles of waiting in lines.

  1. Recharges and bill payments

Going by the key purpose of payment platform development, the application makes it easy for consumers to make bill payments and recharge their internet, phone, and home internet – all through a single click.

  1. Subscriptions

When you make a platform like myFawry, it is critical to make club subscriptions payment hassle-free for users. The brand is linked with over 20 premium clubs across Egypt whose subscription users can renew seamlessly through the application.

  1. Donations

The donations made to the Egyptian government are fully deductible, while those made out to the local charitable organizations are only deductible up to 10% of taxable income, making donations a key tax saving medium. As a way of aiding this journey, myFawry app enables users to donate to a range of charities across  the nation.

  1. Insurance payments

Another key feature to consider in payment platform development is easing insurance payments. Through the app, it becomes easy for the borrowers to pay EMIs, view insurance details, and even purchase an insurance plan.

  1. Education fees

myFawry brand is associated with more than 40 universities across Egypt. The app enables students to pay tuition fees, exam fees, and manage a range of other expenses.

  1. Gift cards

Ensuring the long-term success of your version of an app like myFawry will depend on the user retention strategies you apply. A sure-shot way to approach it would be having a gift card facility wherein the users can send a customized card filled with app-specific benefits.

  1. 24*7 customer support

The application makes it easy for customers to connect with the brand with their queries and complaints through the in-app AI-powered chat system and email.

  1. Spendings tracking

When you develop an app like myFawry, it helps to have a spending tracking feature from where the users can track the expenses they have made and upcoming payments. When presented in a digestible format, the functionality makes it easy for users to keep on track of their spending and plan it better.

These listed features of an app like myFawry are extremely tight-bound in nature. They come with a scope of expansion depending on the business model you choose. Irrespective of which payment platform features set you end up choosing, it is critical to note that they should be built by keeping the target audience’s pain points and technical validity in mind.

While for this article, we only focused on the consumer side of the myFawry payment platform development, the application has separate use cases for consumers, enterprises, and merchants. You can study them by exploring the Fawry for business page.

Once you have finalized the features, the next step that comes in the payment platform development process is creating the design system.

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Creating a Design System for an App Similar to myFawry

Designing a user experience that is not just intuitive but also converts users into customers can be a complex task. At Appinventiv, when we design a payment platform, we focus on keeping the screens’ content minimal, with the key contents highlighted with the brand colors. Moreover, our designers choose the icon styles, text formats that would make the in-app user flow very organic, leading to a short learning cycle.

App screen myfawry

The design system which gets built at this stage, based on the chosen feature sets, helps create a wireframe that then goes to the developers for coding a clickable MVP. Lte us look at what goes into that stage next.

Development Cycle of Building an App Like myFawry

The process of payment platform development like myFawry is a multi-stage process. While we have already attended the feature selection and design stage, the next part that comes in is the creation of its frontend and backend.

Depending on the platform you choose to make your fintech app live in – in the case of myFawry it is Android, iOS, and web – the technology stack would vary. Besides the platform-specific tech stack combinations, you will also need to integrate several APIs – for basic user activities like KYCs, sign-ups, and connecting the fintech ecosystem.

Once the backend or the app’s foundation like myFawry is established, the only thing left is to create the frontend by building the right interface, ensuring that the app works as per the intended user journey, etc.

Post development, the application has to be tested to ensure it runs smoothly across devices, the APIs and endpoints are secure, and the user intents are met.

Here’s a tabular format of what these different processes amount to when we talk about the payment platform like myFawry development cost.

Process-wise Cost to Build Payment Platform Like myFawry

ProcessAverage Cost (for Android, iOS, and Web app)
Requirement gathering and validation$25-30K
App wireframe and design$35-42K
App development$80-120K
App testing$20-30K

Now that you know what to expect from myFawry like online payment platform development cost on an approximate level, let us touch base on some ways you can establish your version of an app like myFawry as an upgrade.

How to Get an Edge Through Your Version of myFawry Payment Platform Development?

The reason myFawry has become the testament of a good payment platform is because of their understanding of their customers’ needs. The brand, after seeing the gap in cashless payments launched an application that makes everything from investing, spending, to online payments easier.

Now, in order to understand how to get an edge and make the most of your investment amounting to the cost to build payment platform like myFawry, it is important to understand what is working for the application and what is not.

What is working for myFawry app

The service offerings that are a part of myFawry suite covers a wide range of fintech users’ needs. Next, the design system they follow is easy for the users to work with and remember organically.

In addition to this, the company has made several strategic partnerships with banks, eCommerce businesses, educational institutions, clubs, and other feature specific stakeholders. This makes it easy for the users to use the application across multiple use cases.

How Does Appinventiv Ensure Your app like myFawry Gets the Competitive Edge?

In our role as a fintech app development company, we have worked with a range of financial solutions across enterprises and startups.

The one factor that has remained consistent with all of them is that every app has been unique in nature. For example, we assisted Watani with creating an online payment platform and Asian Bank enter the crypto space with a crypto fintech platform – ensuring that each of the apps offered their share of innovation to the users.

The way we approach fintech software development is by having a detailed understanding of the customer base and having a technical solution to their pain points. Through this combination, we help businesses with not just their idea’s validation but also with the entire product lifecycle.

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FAQ

Q. How to build a payment platform like myFawry?

A. The development process of myFawry like app starts with gathering the project requirements, creating a design system, coding the app’s frontend and backend, running UAT to ensure the app runs smoothly, and finally deploying it across the intended platforms.

Q. How much does the myFawry payment platform cost?

A. The online payment platform development cost can range anywhere between $180K to 220K depending on a multitude of factors like market, technical validation, features choice, number of platforms, design, development, testing, and deployment.

Q. How long does developing a payment platform like myFawry take to develop?

A. The time it could take for your version of myFawry app to come into existence can be between 6 months to even 18 months, depending on the same factors that impact the cost to build payment platform like myFawry.

THE AUTHOR
Sudeep Srivastava
Co-Founder and Director
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