How Much Does It Cost To Develop An Online Payment App Like PayPal?
How Much Does It Cost To Develop An Online Payment App Like PayPal?
Online money transfers and online payments through payment apps like PhonePe and PayPal are increasing worldwide. Driven by the convenience the payment apps offer and the security of every transaction, online payment solutions have rapidly evolved in the digital industry.
In this article, we would like to give you a brief on PayPal, its features, and the cost of its development. We hope that this article is helpful for organizations that are in plans to hire a top mobile app development company to build online payment apps like PayPal.
Secret Behind The PayPal Mobile Payment App Success In The Industry
PayPal is one of the American largest online payment service apps in the USA. By linking Bank accounts, and credit or debit card details to the profile, PayPal let users make or receive international transactions faster and securely.
As of 2022, the trending online payment app, PayPal Wallet app has over 400 million active users who are using PayPal for in-store payments and online payments securely. As of records, the PayPal app processes nearly $2.5 billion in transactions each day.
Further, the integration of PayPal payment services in the most popular on-demand food delivery apps like Uber and Grubhub and other shopping apps like Poshmark has also witnessed the rapid growth of PayPal in recent years. According to Statista, approximately 1.5 million online shopping web portals are accepting payments through the PayPal app.
Its user-centric features, B2B instant money transfer functionalities to international accounts in a matter of seconds are all making it a versatile e-payment solution in the USA and other countries.
How Does PayPal-like Top Online Payment App Work?
- The PayPal payment app is to free-to-download from Google Play and Apple App Stores.
- Its perfect app size makes app download easier
- Login facility through Mobile number and PIN verification
- Or Log in through social accounts
- Bank account linking and OTP verification to verify the account
- In-app wallet to make money transfers easier
- Instant money transfer to domestic and international accounts or contacts
- Payment app for businesses to access or pay online payments
Must-Have Features In An Online Payment App Like PayPal
PayPal and Amazon Pay the best online payment service apps have become the e-Payment apps for Android and iPhone with their instant and secure domestic and internal money-sending features.
Are you looking to invest in PayPal-like similar online payment app development?
Let’s take a look at the few significant and must-have features of PayPal-like online payment apps.
Significant Features Of PayPal-like A Top Online Payment App
- Simple User Registration
The first step where you can attract more users is hassle-free registration and login pages. PayPal is offering this convenience to its app users and grabbed the attention of approximately 435 million users across nearly 17 countries.
Hence, simple sign-up and login procedures, will save a lot of user’s time and increase their retention. Top mobile app developers like Hyena.ai will design interactive UIs to make mobile payment apps more user-friendly.
- Choose A Social Option To Login
Further, integration of social media APIs allows your users to access the application using their existing social media accounts like Facebook, LinkedIn, Gmail, etc. It will save users time and increase retention rate.
- User Profile
Better management of users’ personal and bank information is essential for making the transaction process smooth and faster. This feature allows users to upload their details and add bank account information for sending or receiving money securely to the linked accounts.
PayPal-like most-used payment apps in the USA have been designed with two-way authentication processes to verify the user’s identity. Hence, it offers the most encrypted money transfer services to its end-users.
At Hyena, one of the top mobile app development companies in the USA will integrate multiple security protocols and encryption technologies to improve the security level of the applications as well as the user’s financial data.
- Link Credit or Debit Card For Instant Payments
It is a user-friendly feature that allows users to add their debit or credit card details and make online payments smoothly.
- Quick Money Transfer/Receive Feature
With millions of active users (individual and merchant), and billions of online transactions, PayPal has become a famous online payment solution in the online payment industry. A safer and easier in-store and online payments and money transfer facility in one touch have created a buzz for PayPal applications.
On hiring Hyena a leading software development company in the USA, you can create PayPal-like similar app with an affordable budget and user-friendly features and functionalities.
- Shop With Convenience
Along with instant money transfer, it is another best features of PayPal. This feature allows users to discover millions of online stores worldwide and shop right from the app.
PayPal app also allows users to make convenient online payments for their purchases. Hence, PayPal clone app development could be used as money making app and e-commerce platform to shop across top brands.
- Make It a Multi-Purpose Payment App
There are multiple types of payment apps, such as in-store payment apps, online payments, wallet apps, in-app payments, utility payment apps, mobile top-up apps, bill payment apps, etc. If your new PayPal clone app offers all the above facilities, then your app will meet the diversified user’s needs and gain the user’s attention soon.
Top online payment app development agencies in the USA meet your unique app needs and develop a user-specific application.
- Payments Or Transactions History
It is an essential feature to add to PayPal Clone App Development. It allows users to monitor their transactions and payment history all the time. Hence, people can better manage their payments or transactions.
- Set Bill Reminders
It is an advanced feature that offers virtual assistance in reminding the bill due dates and helping users from unnecessary bounce charges.
- Customer Support Chatbot Assistance
Integration of advanced Artificial Intelligence (AI) and Natural Language Processing (NLP) powered customer support chatbot in PayPal-like wallet apps adds value to the application. It resolves users’ queries related to the service or transactions status pending etc. Hence, these features improve the app’s personalization as well as retention.
- PayPal Business
This feature is specially developed for assisting merchants to accept online payments and make their B2B and PoS payments without any hassle.
- Push Notifications
Be it an e-Commerce app or online patent app, or on-demand service app, push notifications are one of the key user-centric features. It helps in notifying the users about their recent activity, for instance, money transaction.
How Much Does It Cost To Make A Mobile Payment App Like PayPal?
The estimated cost of a mobile app development like the PayPal payment application will range from $25,000 to $70,000. However, we cannot measure or calculate the actual price of PayPal-like wallet app development in the initial phase. Because the final cost of payment apps like PayPal will depend on various factors.
Here are cost impacting factors of PayPal clone app development.
- PayPal-like Payment App development platform
- List of added features and functionalities to the PayPal Clone app
- App nature and types such as Native app development, Hybrid app development, or cross-platform app development will impact the cost of PayPal-like Android/iPhone payment app development functions.
- Industry experience and Team size of custom mobile app developers will also impact the cost of payment app development like PayPal.
- A change in the hourly rate of mobile app developers as per the Geographical location of the custom software developers could bring a difference in estimated mobile app development price and final application development cost.
- Technology Stack used in the e-wallet app development will also matter in deciding the actual cost of the PayPal clone application for Android/iPhone.
- Finally, app maintenance and post-launch support services also determine the cost of PayPal clone app development.
Hence, choose a fixed bid app development model, where the price will be quoted in the initial stage and will be developed within the promised cost. But, it can be suitable only when the scope and specifications of your project are well-defined.
On the other hand, we will also offer Time & Material engagement model is a great option when your project’s requirements will keep on changing as per your business objectives. Hence, the total project cost is calculated based on the time and app developers spent on application development.
At Hyena (the best mobile application development company in the USA, India, and UAE), based on your project requirements, we offer you flexible app development models of your choice. We build budget-friendly, highly-functional, and impactful online payment apps like PayPal.
Our expert app development team, with proven hands-on trending technologies like AI and Blockchain will integrate advanced security features and create flawless instant money transfer apps like PayPal.