How much does it cost to build a banking app for the e-commerce sector?

Standard price for a banking app for the e-commerce sector: $100,499

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What is a banking app for the e-commerce sector?

A banking app for the e-commerce sector is typically a mobile application that allows users to make payments, send money between accounts, and transfer funds. Banking apps also include basic financial management tools such as account balances and transaction histories.

Banking apps can be compared to other financial apps such as currency exchange apps and trading apps. Popular banking applications include Bank of America, Chase Mobile, and Wells Fargo.

Here are some recent banking app for the e-commerce sector examples built with Crowdbotics:

  • A cryptocurrency app developed for a new cryptocurrency that has a built-in DEX platform and integrations in place for trading with other popular crytpocurrency.

What is the typical cost to build a banking app for the e-commerce sector?

A banking app for the e-commerce sector usually costs $100,499 to build. However, the total cost can be as low as $50,000 or as high as $120,000. A banking app for the e-commerce sector with a low number of features (also known as a "minimum viable product", or MVP) will be more affordable than an app that includes all intended functionality.

For example, here are some recent price quotes for a banking app for the e-commerce sector from Crowdbotics:

  • $100,499

How long does it take to build a banking app for the e-commerce sector?

A banking app for the e-commerce sector usually takes 1,340 hours to build. However, a banking app for the e-commerce sector can be built in as few as 667 hours, or in as many as 1,600 hours. The exact timeline mostly depends on how complicated your app is. As a general rule, it will take longer if you require highly custom designs, niche features, or non-standard release platforms.

For example, Crowdbotics produced the following recent hourly estimates for a banking app for the e-commerce sector:

  • 1,340

How to successfully grow your banking app for the e-commerce sector

A banking app for e-commerce users can grow by providing more convenience and security than other apps on the market. Banking apps for e-commerce need to have a simple interface, so new users can quickly start using the app to manage their finances. In order to grow quickly within the e-commerce sector, a banking app needs to demonstrate that it provides better security than existing payment systems.

Risks and challenges of building a banking app for the e-commerce sector

An e-commerce banking app must comply with a wide range of financial regulations. In the U.S., a bank is subject to a set of laws and regulations that govern how it manages its client accounts, including the Bank Secrecy Act, the Electronic Funds Transfer Act, and the USA PATRIOT Act. In addition, your app should be PCI compliant if you handle credit card payments. It is recommended that you hire a lawyer to help you ensure that your app complies with all applicable banking laws and requirements.

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Some of the descriptions on this page were completed with AI assistance. Learn more here.