While the world is fastly moving towards digital solutions, therefore now is the time to make an entry into the app market to experience success. In recent times, mobile apps are catching the hype and booming at this given moment. That’s where the financial sector has not remained untouched with this fact.  

Moreover, in the wake of the pandemic, all such traditional banking transfers have taken a massive digital shift. On one side, where online payment transfers are taking the center stage, that’s where the threat of privacy is breaching. To address this issue there are a number of banking and financing apps launched to the market. 

According to the statista, mobile payment transfer apps have made a revenue of $693 billion by the end of 2021. 

According to the Sensor Tower reports, it is expected that consumers from all across the world will surpass $270 billion by 2025. 

By considering this growth and opportunity, if you are also planning to create a peer-to-peer money transfer app like Cash App, then you need to dig deep into this blog. 

Here are the key highlights of the blog:

Let’s get into the details of these points for better understanding…

How Does Payment Transfer Apps Like Cash App Works?

Before you get straight into the process of app development, make sure you understand how money transfer apps like the Cash app work. So whether you are a business enthusiast, financial institute or a banking firm, you can take note of these simple steps.

Here are the steps explaining the mechanism of Cash App Like P2P app: 

Step 1: As with other money transfer apps, Cash App also comes with a few extra functionalities. To get started with an app, users need to sign up for an account.

Step 2: Load money by simply linking the bank details with an app. Enter the amount of cash that users want to add to their bank account.

Step 3: To send or receive money using the money transfer app, make sure the user should have an external bank account so it is easy to add money to an app. Secondly, they must have a platform where the cash can be withdrawn using an app. 

Step 4: To make any transfer, once you enter the amount, then tap on “pay”. To make it work, users need to enter a phone number, email address or another user’s details such as phone number. Else they can simply scan a QR code for instant yet secure transfers. 

Sounds simple, quick and easy to access? Off course. But to make it work seamlessly, there are a number of technologies supporting the app structure. If you are also planning to build a peer to peer payment app, then it is worth hiring a mobile development company. The professional team of developers will help you implement the best choice of features and make it stand apart in the market. But you must be wondering why these apps are becoming so popular among users these days…

Why Does Cash App Like P2P Transfer App Is So Popular Among Users?

Online payment transfer apps like Cash App have become a buzzword these days. But the question is how does a payment transfer app like Cash App is grabbing the User’s Attention? Here we explain the reasons why the app is gaining popularity globally:

Basic Services are Free to Use

The biggest issue aligned with financial transactions is the expensive transaction fees. That’s where peer-to-peer apps like the Cash app offer to transfer any amount of money to anyone without any convenience fees. An app offers basic services like sending or receiving money, no fees on foreign transactions and more. These functionalities of the app really make it a big hit among users. 

Save Money With “Cash Boosts” Feature

Another attraction Cash App uses is to provide the facility of using a Cash Card and select a boost on a particular account. This will help them save a great amount on buying products from specific vendors. It can be in the form of discount coupons or deals. 

Rewards Bonus on Referrals 

By referring or sharing a referral link with friends, users will receive a cash bonus of $5 on each signup. This way Cash Apps like P2P money transfer apps keep their users engaged with them.

Allow Users To Invest in App

The Cash App not only encourages users to earn from referral points but also makes them invest in stocks. By selecting companies with the amount they want to invest in, users can easily purchase stocks. They can purchase stocks using the Cash App account. 

Undoubtedly, these features and functionalities of the app can easily tempt users to access it for money transfers, investments and savings. You can also consider mobile app development solutions like Cash App. But all you need is to look for the unique idea and prioritize the list of features to make it stand apart in the market. 

What are the Key Features of a Creating a Money Transfer App like Cash App?

There are a number of money transfer apps available in the market, so how would you make your app a winning solution? The simple mantra is to look for unique features and functionalities that make your app outshined in this crowded market.  

Let’s look at the must-have features to create MVP solutions…

• User Login: Offer multiple options to log in to an app such as contact details or email id.
• Multiple Account Type: P2P payments transfers can be done by individuals or businesses. So before starting an, allow users to tap on the account type. Depending on the app type, it provides the feature sets and profile settings suited to different uses. 
• Multi-Factor Authentication: To ensure secure transactions, make sure you implement a two-factor authentication feature in-app. You can consider hiring an app developer to customize these features and allow app users to log in through multiple ways – SMS OTP or biometric authentication.
• Link Bank Account and Cards: To ensure seamless transactions, it is important that fintech app developers provide a completely safe environment for linking bank account details. Moreover, Cash App type payment apps offer options to add multiple cards and bank accounts in-app. 
• Peer-To-Peer Transfer: To create a fintech app, the first thing you need to think about is to offer a seamless money transfer experience to the users. And to make it work flawlessly, you can provide an option for QR scanning or directly transfer the amount to the people that are already in the contact book. 
• In-App Wallet: Allow users to transfer an amount in their wallet and make transactions super quick and convenient in real-time. 

These are the few basic features you can consider while creating the MVP Peer-to-Peer Payment transfer app. But the question is how much does it cost to create an app like Cash App?

How Much Does It Cost to Create a Payment Transfer App Like Cash App?

The average cost to create an app like Cash App is usually between USD 20,000 to USD 25,000+ for the iOS/Android platform. Depending upon the complexity of features and functionalities, the choice of the operating system, technologies and more, the cost can go up and down.

However, regardless of your app requirements, the pro tip on saving developing cost and time is to look for developing a hybrid money transfer app. It will help you save upto 40% cost on app development and make your app run on multiple platforms.

Conclusion

This blog guide is all about developing a payment transfer app like Cash App and how much it will cost you. If you are still with us and reading it, then you are probably 70% of the path of creating a peer-to-peer app like Cash App. Now you already know the app development process, its functionalities and requirements. Next, all you need is to hire best mobile app development company to transform your idea into a robust solution. And Alcax is one such leading mobile app development company in India holding the trust of global clients. They believe in on-time product delivery with unmatched quality. So if you have any queries regarding app development and its estimations, then you can contact us or drop details. Our experts will get in touch with you within 24 hours!

FAQs

1. How To Secure Your Money Transfer App?

To safeguard payment transactions or prevent fraudulent activities and hacking, you can consider these security measures:

• Consider implementing a security lock on transactions. Use security PIN or TouchID for transactions.
• Real-time notification of every single activity is important
• Two-factor authentication 

2. How Long Does It Take to Develop a P2P App Like Cash App?

The average time to create an app like Cash App usually takes around 4 months to 6 months. But it all depends on the complexity of the app structure and business requirements.

3. How Does a Cash App Make Money?

There are a few simple monetizing strategies that you can leverage, such as

• Charging fees for faster money transfers
• Cashback Program
• Merchant Charges
• Credit card payment charges