The year 2021 has been a page-turner in the era of development and advancements. Since the outbreak COVID-19, people are turning towards establishing business identities. Those who were handling physical businesses like a brick and mortar store are making a digital move.

Now with the massive digital shift, one thing is certain, the payment transactions from a wide range of countries. The digital transformation has opened avenues to connect with the globe. A newly established brand located in a tiny country can build connections with identities from every corner of the world.

Furthermore, with the surplus in sales and revenues generation, there is a threat of privacy breaching and a need to get equipped with robust financing measures. For that, there arrives the widespread use of banking and finance apps. According to Statista, mobile banking apps are expected to generate $693 billion by the end of 2021.

Considering the growth and opportunity if you are planning to find out how much does it cost to make a Cash App App so here is the estimated range: $3,000 to $70,000 USD. The breakdown and the factors that influence the cost are all described below:

The Cost To Develop An App Like Cash App

The development of Cash App involved three major stages. There are milestones set to ensure a smooth completion of the development.

• The Pre-Development Phase
• The Development Phase
• The Post Development Phase

Each of these three stages involves several aspects and processes. However, before you dig deep into learning about the phases, you must decide which level of an app you want. For instance:

·         A Simple Banking App Like Cash App

If you want to go with a simple version of Cash App, it would cost between $10,000 to $15,000. This version would show some major restrictions. Cash App has acceptance for cryptocurrency, diverse platforms and link sharing feature, all these features will not be there in your app.

·         A Moderate Banking App Like Cash App

The next version is of a moderate app which will have slightly advanced functionality as that of a simple version. But here as well, you cannot plan to go for cutting edge technological components or any integration of AI. The cost would range between $15,000 to $40,000

·         A Complex Banking App Like Cash App

In a complex or advanced version of the Cash App you can expect to see top notch features and aspects that can give a more immersive and seamless experience to the users. All the many features from payment ink creation to transparency, support to diverse platforms and AI integration would be possible. The starting cost would be $40,000 and it can go beyond $90,000.

The Pre-Development Phase of An App Like Cash App

Here are the techniques and processes involved:

·         Research & Strategy Making

The first step is to learn about the market. Getting industry insights is important to make your app relevant. You require a proper report about the features, aspects, programming languages, interface design and all the technicalities needed to make this app a success. The estimated cost to get such a thorough report would fall between $5,000 to $10,000.

·         Choosing the Right Resource

Do you want to rely on a freelance developer or hire a professional company? The cost range differs in terms of region and resource. For instance: hiring a freelancer would cost around $35 per hour to $65 per hour based on which region you pick. On the contrary, hiring a professional agency would cost around $$25,000 to $95,000, then again based on which region you pick and what sort of advancements you want to see in your app.

The Development Phase of An App Like Cash App

The development phase starts from Frontend development and ends at the backend development.

·         UI/US Design

This stage involves deciding the app layout and mapping out the user experience. The major part is adding the relevant and user-friendly features, which are listed down below:

Send and Receive Money- Users can easily send and receive money through the banking app.

Cash Limits- Both the personal and business account do not account for any limitations.

Fraud Protection- Favorable fraud protection policies are applied. Just like FastoPayments, a payment processors for risky businesses, that makes the merchant account safer and the personal account protected.

Payment Link Generation- Users can generate their own payment links and share them with people who do not have an account on Cash App.

Multiple Platform Support- No matter which platform you use, whether an ecommerce store app on Android or a web app, you can share the payment link and get your transactions.

User Profile- Users get a proper and personalized dashboard to use, view and update the information and activities on the app.

Receipt and Reports- Users can easily generate receipt and reports when using the banking app. They can get reports in real time.

The estimated cost of frontend development of an app like CashApp is around $15,000 to $25,000.

·         Backend Development

The backend development involves choosing the right platform and language and coding flawlessly to develop a seamless version of the app. It involves utilities, resources, tools and other skilled techniques. The cost range would be between $20,000 to $40,000.

Post Development Phase of An App Like Cash App

The post development phase involves testing and deployment. It revolves around checking if the app is performing appropriately on every platform or not. It focuses on debugging the errors and then heading towards creating the marketing plan. The cost of app testing is around $5000 to $15000 depending upon your requirements.

Wrap Up

The app like CashApp makes a turnaround of $385 million that shows the vast opportunity it has to grow and succeed. So, if you are planning for a banking app, it’s high time to go for it. You can expect the cost anywhere between $50,000 to $100,000 USD.