How much would it cost to develop the mobile wallet app like Venmo?

In the first quarter of 2020, Venmo’s net payment volume amounted to 31 billion U.S. dollars, representing a 48 percent year-on-year growth. The company had more than 40 million active accounts at the end of the first quarter of 2019.

Venmo is a free-to-use mobile payment app that lets users send money and receive it. The app is owned by PayPal and connects with bank accounts or credit cards of users and businesses to send and receive funds online, and is currently available only for users within the U.S.The business model of Venmo is a peer-to-peer money transaction service that allows users to link up their methods of payment and share transactions within their network. For regular or "end-users" consumers, Venmo charges only this 3 percent fee if they use a credit card for your transactions. Let's Nurture is a leading development company for mobile wallet apps, providing digital payment solutions and integration into business applications.If you feel like developing a mobile wallet app like Venmo to the end clients then we are here to give you technical approaches and advice along the way.

About Venmo

Venmo is a peer-to-peer (P2P) payment app available on iPhones and Android phones that allows people to swiftly and efficiently exchange money directly. Venmo was founded in 2009 and started as a text-based payment delivery system. The Venmo app has users connecting to their bank account, checking account, credit or debit cards, which they then use to complete requests to either send or receive money. Venmo users may "request" charges from friends or acquaintances in their network (that they can contribute, similar to Facebook-like social media apps). Once the request is sent, the person charged can either finish or deny the request (however the request's sender can also "remind" the person charged with their request). Upon transfer of the money, users can either hold the money as their "Venmo Balance" in their account or move it back to a bank account or credit card.

Basic Features - Cost to Develop a Mobile Wallet app like Venmo

App Users Registered Users Admin Panel
Basic Features Login/Sign up Login
Add Money Manage users
Send & Receive Money Users wallet Management
Request Money Users Transactions Management
Wallet Details Fiter Transactions
Manage Card Manage Payment Gateways
Add Bank Set minimum and maximum amount transactions amounts
Payment/Transactions History Manage History
Password and Authentications Manage Push Notifications
Notifications Manage Request for splitting of bills.
Split Bills Logout
Account Settings
Cost of Development $17k to $20k for Both Android and iOS + Web Admin.
Users Admin
Add-on Recharge and Bills Verify Documents
Offers and coupon codes Offer and Coupon Management
Scan and Pay with QR code Manage Recharges and Bills
Payment Due Date Reminder Dashboard Analytics
Invite and Earn Customer Analytics

Resource Required for a Mobile Wallet app like Venmo

Hire committed and expert android and iOS developers from us to see how distinctively they offer you a solution for a mobile wallet app like Venmo. The resources required for developing a mobile wallet app will include

  • 1-2 UI/UX Designer
  • 1-2 iPhone Developer
  • 1-2 Android Developer
  • 1-2 Web Developers
  • 1 Business Analyst
  • 1 Quality Analyst
  • 1 Project Manager

Technology Stack We use to develop

Sketch
Sketch
Xcode
Xcode
Android
Android
AWS
AWS
Fabric iOS
Fabric iOS
Android Studio
Android Studio
FCM
FCM
Geo-fence
Geo-fence
Google Analytics
Google Analytics
Google API
Google API
MEAN Stack
MEAN Stack
Mantis BT
Mantis BT
Sass
Sass
sendinblue
sendinblue
Google Webmasters
Google Webmasters
stripe
stripe
swift iOS
swift iOS
ZOHO
ZOHO

Why choose Let’s Nurture to develop a Mobile Wallet app like Venmo?

With more than 10 years of experience in custom mobile app development,we help financial service companies deliver their digital roadmaps through deep knowledge, emphasis on innovation, cutting-edge technology, excellent design, and an understanding of each individual business case.Our Mobile Wallet App Mobile Wallet App Solution offers a rich portfolio of mobile financial services, including instant P2P payments, digital loans, savings , contactless technology (NFC and QR coding), simple and fast self-registration, split bill features, incentives, vouchers, discounts, budgeting , planning, and chatbots.

  • Experience with diverse security protocols essential for any wallet app.

  • Extensive experience with developing user friendly UX.

  • Consultation on strategic features and their development.

  • Multi-Currency & Multi Language development experience.

  • In house Legal experts proficient with international law for consultation.

Are you looking to develop a custom Mobile Wallet app like Venmo?

Talk to Our Industry Experts

FAQs

  • Tokenization: The OTP is assigned to the user (registered mobile number) who is the actual credit / debit card number during the transaction. Only its respective provider can detokenize this number shrinking the chances of online fraud to the minimum.
  • Point-to - point encryption: ensures safety is maintained during every transaction, and a secured format is developed for contact with a POS terminal.
  • Mobile device identification: The mobile wallet app and a cell phone are paired during the transaction to add another protection layer.

Yes, in fact nearly every mobile app that we build also needs a web-based application behind the scenes to drive it. Ever logged into an app? There is a web server in the background, serving the app with data that is checking whether you have permission to log in, or not.

Yes, you will be assigned appropriate copyright or license rights for the bespoke code that we write for your project. We are transparent with intellectual property rights, and you will have the opportunity to review our code ownership terms before the project begin
DISCLAIMER: This page is created solely for non-commercial and informational purposes. Let's Nurture does not claim or intend to claim any direct or indirect ownership of any third party materials or endure any benefit in relation to such third party materials which are forming a part of the content on this page.

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Have an !dea to develop an app like Venmo?

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Charlottetown,

PE C1A 4A4,

Canada