The digitalization process has long penetrated the financial sector, and the niche of cashless payments is no exception. What is the peer-to-peer (P2P) payment? These money transfers are cashless, card-free, and utilize contactless payment technologies to send money in one click. Therefore, payment terminals and ATM cash withdrawals are in the past, while cashless money transfers are the future.
Today, there are various mobile peer-to-peer applications, but we will focus on the global leader in the niche - Cash App. We will dive into various facets of Cash App and describe the characteristics that make it a revolutionary product in the fintech vertical.
Cash App is an innovative mobile solution available on App Store and Google Play that enables users to transfer money in one click. Besides, this application allows users to buy and sell Bitcoin; this feature has increased the app’s popularity and revenue. According to statistics, Cash App has 36 million monthly active users and over 100 million downloads.
What are the features that made Cash App payment successful? There is a plethora of them, but we will point out the main ones.
Applications that provide cashless payments, pay special attention to the security of users’ data. So, what features must be implemented to prevent fraud and data theft?
A mobile app is developed in several steps. We will briefly highlight them.
At this stage, two parties discuss the requirements and make up a road map to have a clear view of the steps that should be taken, the choice of the technology stack, and the estimated time required for project implementation.
User interface (UI) and user experience (UX) designers make sure the product looks and functions its best.
The back-end and front-end developers work in sync to implement all the features your app needs and make sure they function as expected.
QA engineers perform manual and automated testing to analyze the app’s operation and security.
Deployment & Maintenance
After your app is deployed, a team of experts provides ongoing support to solve any issues that may occur.
Cash App has several revenue sources, namely:
The cost of an application depends on various factors, such as application features, team size (you’ll need developers, data engineers, designers, QA analysts, PMs, marketers), tech stack, location of developers, and app design. All these factors are subjective, but our ultimate recommendation is that you should get an MVP to test the core functions of the app, test the market, and analyze the user feedback before building a full-fledged application. Here is the list of basic features a Cash App clone must have.
Fingerprints scan and security code verification (~60 hours)
Security is the core of any financial software, and these functions make the payments fast and secure.
Money sending and requesting tool (~80 hours) & Virtual card, account, and wallet (~160 hours)
A money transfer feature and inbuilt personal electronic wallets are vital for the app because they make up core functionality, so they can’t be ignored.
Account setting and activity monitoring (~24 hours)
An app must send notifications to its users, provide a function to monitor transactions, link to social media profiles, edit profile information, etc.
Don’t forget that a designer will spend approximately 100 hours on the basic features, and a QA team will need about 100 hours to make sure your app works as expected.
So, considering all these factors, we can predict that the process will last for about 3-5 months, and the cost is calculated individually. If you are interested in developing an app from scratch, our experts will analyze all the details and create a comprehensive list of functions, describe the development process, and come up with the cost of your project. You can always contact the Yojji team to clarify the details you are interested in.
If you want to transform your idea into a successful business or you have decided on a P2P application integration in your company, contact our managers. Yojji has extensive experience in delivering cutting-edge financial applications that will drive your company to success.
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