How Much is it Going to Cost to Develop an App Like PayPal – Online Payment App?
-
Ankit Patel - September 01, 2020
- 4 min read
PayPal cannot be considered just an app rather it should be considered as an effective platform through which fuss-free money exchange or payments can be done within a fraction of seconds. PayPal is a P2P merchant, which doesn’t depend on the banks.
PayPal is today’s one of the most famous and highly used online payment apps as it is operating in 200+ countries worldwide. Funds can be withdrawn by the PayPal users in 56 currencies and other than this they can hold funds in 25 currencies. It permits the users to transfer funds electronically. Thus, many people are hiring the mobile app development services to develop an app similar to PayPal. The services that are offered by PayPal are as follows:
- Receive and send payments online
- Sell and buy goods and services
- Make or receive donations for any cause
- Online conversion of currency
Working of PayPal App
Quick transfer of funds between the source and destination devices or computers via PayPal is possible because of the encryption software. Funds can be transferred to anyone having an email id despite having a PayPal account. But for receiving the funds the fund receiving party must have a PayPal account created with the email id to which fund has been transferred. Also, bank account and credit card details can be saved in the PayPal account for transferring funds instantly. Hence, mobile app development services today are more in demand. Now let us know about the working of the PayPal:
- Free and easy personal PayPal account can be created by the users.
- Users need to link their chosen debit, credit or prepaid cards to the PayPal account they have created.
- After that, they can pay via their PayPal whenever they do shopping or want to send funds to their family or friends without the need of entering the subtleties of their card for every transaction.
Serving as a merchant as well as a payment gateway, the app has extremely good security features that includes encryption, fraud and address screening. This is the reason why PayPal is considered as the best payment app across the world and more and more people are hiring mobile app development services for developing PayPal like app.
Reasons Behind the Popularity of the PayPal App
Prior to hiring the online payment app development services you must know why the PayPal App is so popular. The reasons are:
- Simple to open an account and the account can be opened within a few minutes
- When compared to various other IPSPs (Internet Payment Service providers), modest are the commission charges
- To have an Online Merchant Account is not mandatory for the online merchants. Owning an Online merchant Account can be expensive or difficult
- Large companies too have started accepting PayPal
How Much Is It Going To Develop An App Like PayPal?
Attracted by PayPal’s success, there are many people who desire to develop an App like PayPal, but have the least idea of how much will be the cost to develop PayPal app.
How much do you think that it would cost you if you plan to develop an App like PayPal from a reputed mobile app development services providing company? Similar to other apps, the cost of online payment app development depends greatly on the functionalities and the features that you would like to exclude or include. Other than this, the goodwill of the payment gateway development services providing company also matters.
Below have been discussed some of the essential functionalities and features that you must mention to the online payment app development company while hiring its payment gateway development services.
- A Smooth and Interactive User Interface
User interface is the most essential factor behind the success or failure of an app. Smooth and interactive UI helps in clinching the user. The user-interface of the app must be engaging and user-friendly so that the user can use the app effectively without any perplexity.
- Make Payments
To make immediate payment, is the chief feature of the online payment app. Via this feature bills can be paid, money can be transferred and payments can be made to known people instantly.
- Link Cards and Bank Accounts
One more vital feature is enabling the user to link card (debit/credit) and bank accounts with the application. The card and bank details along with the passwords are stored in a private application. When the bank account is linked with the app the user can recoup the information and pay instantly from his bank accounts instead of relying on the mobile wallets.
- Data Security
Today, the security of the data is said to be the biggest fear. The world has advanced in technology so much that it is no more a hard task to collect the banking and personal data of an individual. PayPal never reveals the banking or personal data. The encryption system of the app encodes the passing data thereby making it hack-proof.
- Multilingual Feature
Over 20 and more languages, the PayPal app supports because of which it can be accessed by anyone and from any part of the world in the language he prefers other than English.
- Multiple Currency Option & Automatic Currency Conversion
Other than the multilingual feature, the app also supports several currencies of several countries. Also the automated currency convertor, converts the prices in real-time as per the current conversion rates.
- Multiple Email Option
The PayPal account user gets the privilege of providing email addresses up to 8 connected to one single bank account, thereby making the money payment more convenient and flexible. Also, this feature acts as a bank account shield and protects the account from the hackers.
- Cloud-Based Technology Integration
This is the feature behind speedy and safe transactions made through the PayPal App. This type of technology provides the users a complete functionality suite for converting their Smartphone into a digital wallet.
- Round The Clock Customer Support
PayPal is known for its quick customer support because the queries of the users are being replied to within one or two business days via phone calls or email.
- Track Payment
For providing the best user experience, the user must be given an alternative for tracking their transaction history. Also, the app must send weekly or monthly email of the transaction history to the users for keeping a complete track on their transactions.
Winding Up
A project to develop an App like PayPal App can prove to be complex, in spite of using platforms, APIs, IDEs, SDKs and guidelines. Hence, you must hire the payment gateway development services of a reputed app development company. The business models on which the ewallet apps and the app like PayPal works are different from each other that would also play a significant role in affecting the cost to develop PayPal app.
In this blog, the extensive features and functionalities of the PayPal App, determine the cost to develop PayPal app. While hiring the payment gateway development services make sure that the professionals integrate the latest technology as it would nourish the user-experience, resulting in the acceptability and the popularity of your app. Hence, for a successful and robust app like PayPal, hire the services of a renowned online payment app development company.
Ankit Patel is a Director of Sales & Marketing at XongoLab Technologies LLP and PeppyOcean, A leading mobile app development companies. In his free time, He likes to write articles about technology, marketing, business, web, and mobile. His articles featured on YourStory, E27, Datafloq, JaxEnter, TechTarget, eLearningAdobe, DesignWebKit, InstantShift, Business Magazine, SimpleProgrammer, and many more.
You may also like
How to Outsource Mobile App Development? [Steps + Cost]
- Ankit Patel
In today’s digital world, having a mobile app can be a game-changer for startups and businesses. But, building an app in-house can be expensive and time-consuming. This is where app… Read More
Web App vs Mobile App Development: Where You Should Invest?
- Jignesh Nakrani
In today’s digital age, startups, businesses, and entrepreneurs are constantly looking for ways to engage customers and enhance their online presence. One key decision they face is whether to invest… Read More
A Detailed Guide to Netflix-like OTT App Development [+Cost]
- Ankit Patel
When it’s time to unwind and relax, many of us turn to the familiar phrase “Netflix and Chill.” It’s a cozy way to spend our weekends, escaping into the exciting… Read More
