How much does it cost to build a payment platform app for the financial technology sector?

Standard price for a payment platform app for the financial technology sector: $37,500

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What is a payment platform app for the financial technology sector?

A payment platform app for the financial technology sector is an application that enables people to send and exchange digital currencies. Payment platform apps for finance are useful for individuals who want to transfer funds to friends or pay bills online, but they may also be used by multinational corporations to make international payments.

Payment platform apps are similar to many financial services apps, including banking apps, trading apps, and cryptocurrency trading apps. Some of the most popular payment platform applications today are Square, Venmo, Stripe, and PayPal.

Here are some recent payment platform app for the financial technology sector examples built with Crowdbotics:

  • App using Stripe Connect as the engine for creating a new payment system. Stripe Connect will be a web app for freelancer community. Will display reports and dashboards not currently offered from Stripe. A bit similar to Venmo or Paypal, but with custom reporting and dashboard for users.

  • A payment processing app for student loans. Customers sign up on the app who have existing student loans and pay through a points system.

What is the typical cost to build a payment platform app for the financial technology sector?

A payment platform app for the financial technology sector usually costs $37,500 to build. However, the total cost can be as low as $25,000 or as high as $50,000. A payment platform app for the financial technology 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 payment platform app for the financial technology sector from Crowdbotics:

  • $12,500

  • $22,500

How long does it take to build a payment platform app for the financial technology sector?

A payment platform app for the financial technology sector usually takes 233 hours to build. However, a payment platform app for the financial technology sector can be built in as few as 133 hours, or in as many as 333 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 payment platform app for the financial technology sector:

  • 167

  • 300

How to successfully grow your payment platform app for the financial technology sector

A payments app has to grow its user base by acquiring users from other payment apps. In order to do that, a payments app must offer a service that is significantly simpler and more secure than other payment platforms. As a payments app grows, it can expand its services based on the needs of its users. New features might include biometric security features, low-cost international money transfers, and a digital wallet for storing rewards.

Risks and challenges of building a payment platform app for the financial technology sector

A financial technology app that provides payment services or facilitates transfers of money between parties can be subject to a wide range of laws and regulations depending on the nature of the app. It is recommended that you consult local, state, and federal regulatory agencies to determine how your app will interact with existing financial regulation.

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