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

1. Digital Wallet: Smooth processing, fast performance, protected transactions. Add your money to the wallet and make an instant payment. It’s the most useful when your bank server is on update and busy.
2. Digital payments: Via digital payment, you will be able to complete a transaction within seconds. You need to add your card and do the payment directly. Or, can add money to the wallet and make the payment.
3. Two-factor Authentication and verification during the payment: It acts as an extra layer of security to make sure you are the only person who has access to your account even when someone knows your password.
4. Split bills: Split your bills with your roommates and friends. This feature splits the entire bill among all the participants in the group, keeping a track of all the payments made.
5. Mobile Recharge: Recharge your prepaid mobile connection with us in less than 10 seconds. You can do an instant mobile recharge and win a chance to receive coupons and rewards.
6. Bill Payments on time: On-time bill payments for daily needs like electricity bills, water bills, etc. are now easy. Sit at home and make payments via a simple tap on your mobile.
7. Offers and coupons on transactions: Offers and coupons for the customers can be a powerful weapon to drive customers to loyalty. Customers can get special offers, coupons, and discounts on successful transactions.
8. QR code payment: You can simply scan the QR Code, given by the shipper, utilizing your smartphone.
9. UPI payments: UPI or Unified Payments Interface is a payment framework that helps with the transfer of money from one bank account to another in an instant.
10. Maximum transaction to be done as per the bank rules: All the transaction limits will be as per the bank rules or the regulations of the government. The platform can also set its limitation of the transaction for the day to be exchanged between two parties.
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

P2P payment apps like Venmo allows users to send each other money from their mobile devices through the P2P payment. To make the transaction possible, they are giving the functionality to both – link their bank account/ card and keep the money in their in-app wallet.
Yes, there would be a standard charge of 3 to 4% per transaction. Whether it's an online purchase, money transfer, or POS payments, charges will be applied for all.
The maximum amount of money that can be transferred will depend on three factors. 1. Business risk that the app owner is willing to take 2. Rules and regulations of banking in the country of the recipient 3. Bank which you are tying up with for processing the transaction.
No, this feature is not feasible to be implemented in a payment app. However, there can be a setup for the notification from the app to make the payment on a certain date.

In the Venmo type concept, monetization can be integrated in multiple ways. Below are some approaches to consider:

  • Transaction fee from credit cards: Debit card payments are completely free. Yet, if you transfer funds from a credit card, Venmo charges a fixed commission of some percent.
  • Commission for accelerated payments: Usually, Venmo processes payments to bank accounts within 2-3 days. However, the user may expedite the transaction by paying an extra fee. Paid service significantly reduces the time of transfer.
  • Merchant fee: You can make purchases with Venmo at selected online stores. Such stores enter into a partnership agreement with the Venmo app. In return, venmo charges a commission on each transaction.
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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