How Much Does It Cost To Build a FinTech Super App Like myFawry?

Money and convenience—what could be better? There is NO better combination than money and convenience. FinTech app development is more profitable now than ever before. COVID-19 has caused industries to look for ways to leverage the waves of disruption and innovation. The world has taken a new direction. The top priority is to manage money more conveniently and responsibly, as both an individual and a company.

Given the new behaviours of your customers, you have to leap, as reflected in the fact that the global FinTech industry is expected to reach $305 Billion by 2025. It's not as simple as picking up a pick and shovel to create a mobile-friendly FinTech website or app. You can create the best FinTech application by combining knowledge, experience, and inspiration with professionals.

Here I've gathered valuable insights from the top FinTech Super app, Like myFawry Cost. I've also prepared a guide to help you walk through this process, and I'm already excited. Let's get started!

• Functionalities and Features:

  The first step in estimating the cost of building a FinTech super app is to define the functionalities and features you want to incorporate. These may include:

  User Registration and Profile Management: This feature allows users to create accounts, manage their profiles, and secure their personal information.

  Payment Gateway Integration: Integrating with various payment gateways is crucial for facilitating seamless transactions within the app.

  Fund Transfers and P2P Payments: Enabling users to securely transfer funds to other app users or external bank accounts.

  Bill Payments and Recharge: Incorporating options for users to pay utility bills, recharge mobile credit, or top up prepaid cards.

  E-wallet Integration: Including an e-wallet feature that allows users to store funds securely and make transactions with ease.

  Personal Finance Management: Providing tools to track expenses, set budgets, and offer personalised financial insights.

  Investment and Trading Features: Offering investment opportunities, stock trading, or integration with a brokerage platform.

  Loyalty Programmes: Incorporating loyalty programmes to encourage user engagement and retention.

• Platform and Technology Selection:

  The choice of platforms and technologies will influence the overall cost of development. Consider whether you want to develop a native app for specific platforms (iOS, Android) or opt for cross-platform development frameworks like React Native or Flutter. Additionally, backend infrastructure, database systems, and cloud services will also impact development costs.

• User Experience and Design:

  Creating an intuitive and visually appealing user interface (UI) and user experience (UX) is crucial for a successful FinTech super app. The complexity of the design, the number of screens, and the need for customization will affect the development costs.

• Security and Compliance:

  Given the sensitive nature of financial transactions, ensuring robust security measures and compliance with regulatory standards is essential. Implementing encryption, two-factor authentication, data protection, and complying with relevant regulations will add to the development costs.

• Testing and Quality Assurance:

  Thorough testing and quality assurance procedures are crucial to identifying and fixing any bugs or usability issues. This includes functional testing, performance testing, security testing, and user acceptance testing. The complexity and duration of the testing phase will contribute to the overall cost.

• Integration with Third-Party Services:

  Integrating with external services such as payment gateways, banking APIs, identity verification systems, or credit scoring platforms may incur additional costs. The complexity of integration and any licencing or usage fees will impact the overall expenses.

• Development Team:

  The size and expertise of the development team will influence the cost. Factors to consider include the number of developers, designers, quality assurance specialists, and project managers and their respective hourly rates.

• Ongoing Maintenance and Updates:

  After the initial development, the app will require ongoing maintenance, bug fixes, updates, and feature enhancements. It's essential to factor in the cost of post-development support and long-term maintenance.

A Step-By-Step Guide to Creating a FinTech App

Building a FinTech application is more complex than designing a website. We'll focus on the former because anyone with experience in web development can create the latter.

• Choose Your Niche wisely

  Financial technology is a term that encompasses several financial services made easier by technology. First, you must choose a specific niche—personal finance, trading, insurance, or banking.

  You can choose a niche in two ways: you can generate ideas and then see which categories they fall into, or you can investigate each niche to see what else you can do with it.

  To attract significant investments, you should focus on improving existing complex solutions.

• Sort Out Legal Requirements

  This step, although well-known, is crucial before investing your time and effort into developing the app. Your app must adhere to specific privacy laws, including KYC (Know Your Customer), AML, PCI DSS, etc.

  Be sure to follow this step carefully.

• Define A Future Vision

  Plan for the future after you have chosen a niche and settled on legal requirements. First, you must conduct market research to learn what your competitors are doing and what they lack.

  Partner with a Product Manager and Business Analyst to structure your vision and define the critical features of your app. Develop a solid business case. External help will guarantee your vision and result in a business case that's user-oriented and almost failproof.

  This step can be a bit tricky. Try to put yourself in the shoes of a frustrated, angry user who is about to delete your app. You stopped just in time. What caused you to reconsider your decision? This section will help you identify the key features, including a simplified user interface, Data visualisation (DVM), Gamification, Automation, and Application Tours.

• Develop A Minimum Viable Product

  A Minimum Viable Product, or MVP, is the last draught of an application before it goes live.

  The MVP will have enough features and components to be tested with users if all goes well. This will allow you to identify any weaknesses and incorporate user feedback.

• Keep on Updating

  The last step in the process is ongoing development. Remember that FinTech applications, like any other application, require frequent updates. When you receive feedback, consider how to integrate it into the app. You must keep your team alert to communicate politely with your first clients. PayPal, America's largest FinTech app, is criticised for not having a customer service department to measure its scale.

Cost To Build a FinTech Super App Like MyFawry

When it comes to building a FinTech Super App Like myFawry, there are certain cost estimates to consider for each stage of the process. The initial requirement gathering and validation phase typically ranges from $25,000 to $30,000. Creating the app's wireframe and designing its user interface can cost approximately $35,000 to $42,000. The development of the application itself, including coding and implementing the desired features, is estimated to cost around $80,000 to $120,000. Once the development is complete, thorough app testing to ensure functionality and user experience can range from $20,000 to $30,000. These cost estimates provide a general overview of the expenses involved in building a payment platform like myFawry for Android

How does PerfectionGeeks ensure that your app, like myFawry, gets the competitive edge?

As a Fintech App Development Company, we have developed various financial apps for startups and enterprises. All of the apps have been unique. We helped to create an online payment platform.

We approach fintech development by understanding our customers' needs and providing a technically sound solution. This combination allows us to help companies with their entire product lifecycle, not just validating an idea.