How to make a peer-to-peer payment app like Cash App

1. Digitalization has entered almost every industry, especially financial services. Not only have large financial institutions, including the most traditional banks, added apps and digital services to their product portfolio, but smaller institutions have also adapted to the digital mode of transactions very quickly. An excellent example of this is the emergence of peer-to-peer payment apps. These services include cashless transactions, are cardless and use contactless payment technology to send money in just one click. There are many peer-to-peer payment apps, but for this blog, we will talk about Cash App, its features and how to make an app like Cash App. Yes, we know the thought of creating an app from scratch can be intimidating. But, with Appy Pie's no-code app builder, it's possible to create cash app-like apps in minutes! Read More: Cost to develop a digital banking app like RAKBANK Top Features You Must Add to a Payment App Like Cash App Cash App is more than just a payment app; Because it is so unique, it has gained unparalleled popularity across the board. Let's look at the features that make the Cash app unique.

2. Send money Granted, we are not going to start with the most innovative features, but this is a basic feature that any payment app like a cash app should have! Adding this feature to your payment app allows your app users to send money to anyone with a single click. Spend money This payment app feature allows your app users to instantly pay for their purchases at any merchant that accepts the Cash app. The process is easy and completely hassle-free. Direct Bank Deposit This feature is exclusively used by senders who want to transfer the amount to their bank after receiving the amount in the cash app. The Direct Bank Deposit feature allows your app users to transfer money directly to their bank account with a single click! Read More: Bitcoin exchange app development cost Bitcoin wallet Now, we will start with the more unique features. This is one of the features that attracted Bitcoin enthusiasts to Cash App. The app allows you to buy, sell, withdraw and deposit bitcoins within the app. Convert bitcoin to cash Cash App gives you access to a platform or marketplace where app users can sell their bitcoins without leaving the app. When you add this functionality to your payment app, your app users can convert their bitcoins into cash whenever they want. After selling Bitcoin, app users can deposit the proceeds directly into bank accounts linked to the app. Stock trading Stock trading is another financial favorite among dabblers and professionals. The Cash app also caches this feature. You can include a stock trading option

3. so that your app users have the freedom to invest in any stock they want. An important advantage of using apps similar to the Cash app is that there are no stock trading fees. Tailored Visa Cashcard Cash App offers its own debit card for users to use virtually or at an ATM. You will receive a virtual card immediately and a debit card will follow a week later. This debit card can be used to withdraw funds or make purchases and you can tap, dip or swipe it for your next transaction. Read More: Top Mobile App Development Companies Texas 2022 Real-time analytics and reporting Adding an analytics feature to your payment app, such as a cash app, makes it easy for you to gain insights into your app's performance. This provides valuable information about your customers and how they behave while using your app. This feature allows you to understand the pain points and problem areas of your app so that you can improve its performance. Business plans for cash apps, such as the creation of P2P payment apps When you start a digital business, you need to create a business model. A business model keeps you on track throughout your app development journey. This includes market research, demand for your solution, value proposition, revenue streams to adopt and more. As you define user pain points, it becomes easier to create the user journey and project requirements. Talking about the different business models for P2P payment, you can consider the following models: Independent financial services Apps such as PayPal, Square Cash App, Alipay, Venmo and more are founded on this business model. Such apps empower users to conduct P2P/C2B transactions with or without canceling accounts and debit/credit cards.

4. Read More: How much does it cost to develop a FinTech App Mobile OS functions Major brands like Apple Pay, Android Pay and Samsung Pay use this type of business model. This enables the transfer of money within the brand's own product ecosystem. The model also includes device-based thumbprint authentication and card tokenization for enhanced protection and ease of use. Bank-centric functions Apps like Zelle, Dwolla, clearXchange and many others are based on this model. This type of app deals directly with users' bank accounts. It collects the amount instantly and deposits it in the bank account without depositing it in the currency account. Social/messaging/web functions Whatsapp, Facebook, Snapchat and WeChat allow users to send and receive money, just like Venmo and the Square Cash app. You can even create one and allow its integration on social media platforms. How much does it cost to develop an app like Cash App? We are a very experienced development team in providing fintech mobile app solutions. And as per our knowledge, the average cost of app development ranges from $10000 to $15000. However, there are many factors behind cost evaluation. For example: ● Number of features and complexities to build them ● Number of hours spent on development ● Skill of developers ● Development team country or region ● Desired platforms for the project (Android, iOS or both) ● A stack of technologies used in app development ● Backend requirements ● Admin Panel Features Estimating the cost of developing a peer-to-peer payment app is not rocket science. However, we need to know your preferences in terms of project

5. requirements. So, whether hiring mobile app developers or estimating the cost of your project, you can rely on us! The bottom line If you want to turn your idea into a successful business or decide on P2P application integration in your company, contact our managers. USM has extensive experience in providing state-of-the-art financial applications that propel your company to success.