Let’s Build An App Like Cash.

It is no secret that fintech or financial technology is one of the world’s largest fields. Today, the fintech industry is worth approximately $180 billion.

The growth of the industry is mainly credited to rising start-ups. The number of Fintech start-ups has more than doubled in two years. In addition to this, Venture capital investment has consistently topped $40 billion per year.

With the rise of fintech, online payment also became more prominent. Business Wire’s reports show that the value of contactless payment transactions is expected to reach $10 trillion by 2027. And the global fintech market is also expected to reach $211.64 billion by 2027.

It is safe to say, these numbers are huge. Companies within the industry are making a lot of revenue; by a lot we mean billions. One such platform is cash.

Being one of the top online payment platforms based in the United States of America, it has made hefty revenue. And it is safe to say that this online payment app and the industry, in general, has attracted a lot of people to start their own fintech company.

As such, North America is responsible for more than half of all fintech VC funding. There are many more that are looking to get into this. That is why everyone wants to know, “How to Build an App like Cash?”

Well, if you are someone who wants to start a fintech business, this blog is for you.

Here, we shall be discussing everything related to cash app development and the cost related to the same. Therefore, with this being said, let’s get right into it, starting with…

Market Stats of Cash App

Now, before we discuss what, why, and how of cash apps, let’s first see what makes everyone want to create a cash app clone.

Here are a few fintech statistics that show the market dominance and growth of cash app:

With this out of the way, let’s take an overview of the cash app.

What is Cash App?

The Cash App is an online payment platform that allows users to transfer money from one phone to another in just one click via the app itself.

This platform is a good example of crypto trading app development. It allows users to buy and sell cryptocurrencies like Bitcoin.

Not only that, it is also among the best, cash advance apps in the market.

Founded back in 2009 by entrepreneurs Jack Dorsey and Jim McKelvey, it was originally known as Square Cash. The main objective behind starting the company was to develop technology prowess to deliver online payment in a simple way.

As a successful platform, it is available on both the Play Store and App Store.

With its amazing features and user experience, it is used by millions of small businesses to accept credit card payments, track sales and inventory, and obtain financing.

Moving on, while we shall be going through everything related to development; let’s first go through the working process of the app.

How Does Cash App Work?

So how does the Square Cash app work?

Well, it works like any other fintech app development solution. We will be going through the working process of the app.

How Does Cash App Works

It is, as mentioned below:

  1. Download the application from the App Store or Play Store. Once it is downloaded we can move to the next step.
  2. Open the app and the first thing you need to do is register yourself. This can be done via various methods.
  3. Now that those users are on the platform, you can add contacts that are already using an app that will enable the user to send money.
  4. Here, the user can add various payment methods to the platform. In addition to this, it also comes with eWallet integration which makes a payment that much faster and easier.
  5. Once everything is set up, you can send the payment with just one click.

This is a working process of a p2p payment app like Cash. Moving on, we shall be going through other popular applications like the cash app.

Popular Apps Like Cash

If you want to build a cash app, well, you need to learn from the best.

That is why in this section of the blog, we shall be looking at some of the best online payment platforms and mobile applications that have generated millions of dollars.

These apps are, as mentioned below:

Popular Apps Like Cash

Benefits of Peer to Peer Payment Apps

Let’s say you have a fintech app idea.

Now, the first question that comes to mind is, why should you invest in app development?

Well, when you want to build a peer-to-peer payment app like Cash, there are a lot of reasons, as the benefits this platform offers are endless.

Benefits Of Peer to Peer Payment Apps

Let’s see what these benefits are.

1. Quick money transfer facility

It goes without saying that, in today’s time, money transfer app is highly lucrative for both users and investors.

That is one of the reasons to go for this venture.

The demand for quick money-transferring platforms is high. Capitalizing on this opportunity, your business can generate a lot, we mean A LOT of revenue.

2. Convenience

Next up, we have the main motivating factor behind the high demand for these apps, convenience.

If you remember a time before fintech apps or eWallet apps like cash, you know handling money, especially transferring it over long distances was a big headache.

Well, not anymore. Times have changed.

Whether you want to send 1000s of dollars to the other side of the world or just want to pay for groceries, you can do it all with peer-to-peer transfer apps.

3. Security

One of the biggest eWallet app challenges is security, but this is also one of the upsides.

Though it is true that fintech apps are vulnerable to cybercrimes, we can’t deny the fact that these platforms are super secure.

More often than not, it is safer to carry money in an app than in your pocket.

This is one of the motivating factors why millions of people from across the world are using apps like cash apps.

4. Accessibility

Cash app-like platforms define accessibility and take it to a new level.

Whether you want to trade cryptocurrencies, transfer money, top up a smartphone, or pay bills, you can do it all with a peer-to-peer eWallet app.

5. Record-keeping

A big one that app like cash have over physical currency is record keeping.

When you are using a digital solution, there is a record of each and everything kept safe somewhere on the internet. Meaning, that you can access information regarding how much you spent 3 years ago when making payments for groceries.

This is a big advantage that people really enjoy when using cash app-like solutions.

6. Compatibility

One of the main reasons why people use these apps and why investors want to make peer-to-peer payment apps like Cash App is compatibility.

Over the years, digital infrastructure across the world has grown to accommodate eWallet and fintech platforms like cash apps.

This is what makes it one of the most commonly used apps in our day-to-day life.

So, these are the reasons why both users love to use these apps and why investors want to develop peer-to-peer payment apps like Cash. With this out of the way, let’s look at the features of P2P payment apps.

Features of P2P payment apps

It goes without saying that if you want to create an amazing platform; you need to fit it with amazing features that attract customers.

The reason is that it is with the right ewallet app features and designs so that your solution will be able to attract and convert customers.

Features to Have in App Like Cash

Nevertheless, some of the basic features that you should include in your eWallet app development are, as mentioned below:

  • Multiple Accounts type

Cash App accommodates all its different users by offering different types of accounts. This is one of the highlighting features of this platform.

  • Multi-factor authentication

As cybercrimes are increasing, security needs to improve at the same pace. This is where multi-factor authentication comes in. As the name suggests, there are multiple layers of security that the user needs to pass. Biometric authentication is also often used as a layer.

  • Link bank account and cards

This is one of the core features of an app like Cash, as it lets users attach multiple bank accounts. Meaning they can make effortless transactions from any of their accounts and receive money from other cash app users seamlessly.

  • Peer-to-peer money transfer

This is a feature that you see in all the top ewallet apps these days as basic functionality. As one might guess, these let users transfer money to other app users or send money to bank accounts from their apps.

  • Cash card

Cash card is one of the popular financial product from the cash app itself. As one might assume, this is a card that can be used to make payments at stores or online. The funds are directly deducted from the cash app account.

  • Cryptocurrency trading

Well, well, if you are into cryptocurrency trading, this is one of the best apps. The reason is that the cash app comes with an in-built feature known as crypto trading.

  • Push notifications

Push notification is yet another basic feature that sends alerts to the user’s phone. This enables the platform to notify users of new alerts, changes, or events. It has become an important feature for all mobile apps in recent years.

  • AI-based chatbot

Chatbots have changed the consumer market for good. People prefer to talk to a chatbot rather than a human counterpart. This is what makes an AI-powered chatbot such an important feature when you want to build a peer-to-peer payment app like Cash App.

  • In-app payments

Let’s look at another popular feature that we highly recommend you include when developing a cash app clone.

  • Loyalty programs

Loyalty programs are often seen in cash-like apps. This gives users cashback, coupons, and many other benefits. It is a good tool to drive user engagement.

  • Referral programs

There are several studies that show how referral programs are very effective in gaining new users and improving customer loyalty. This is what has earned this feature place in top apps like PayPal. This is one of the main reasons to build mobile payment apps like Cash and include this one.

  • Digital Currency Exchange

Lastly, we have a digital currency exchange. This lets users change currencies from the app itself. This feature saves a lot of money in exchange rates and is free, while also delivering convenience.

Build an app like cash

Cash App Monetization Model

Why do you hire dedicated developers and invest money to build an app like Cash? This can help your business grow while generating a lot of revenue.

Focusing on the latter part, how do eWallet apps make money? The answer is that there are multiple eWallet app monetization strategies.

Cash Like App Monetization Model

Cash App is a market-leading platform that has more than one revenue stream. You can follow the same or come up with your own unique ones. Nevertheless, these are, as mentioned below:

1. Partnership Commission

One of the top monetization strategies used in online payment applications since there are a lot of businesses that rely on these platforms.

Now, this is a method that can generate a lot of revenue when done right. Therefore, this is something that you should definitely consider.

2. Premium Subscription

There are many platforms that require a user to subscribe in order to access the premium version of the application. These are called subscription-based apps.

While not too popular in fintech app development, this is a good monetization strategy that has helped a lot of people generate amazing revenue. Moving on, let’s look at the next monetization method.

3. Advertisement

This was going to appear on the list sooner or later.

Well, every platform uses advertisements in some form or another. And it is safe to say, this is one of the most popular monetization strategies. So, consult your on-demand app developers to include the same in your solution.

4. Transaction Fee

Being a fintech platform, Cash app often charges their customer a transaction fee on every money transfer they make.

This isn’t all that much but multiplied by the number of users, it makes millions on the platform. Speaking of which, the platform charges 2.75% per card-based transaction and 3.5% + $0.15 for each non-card transaction.

5. Transfer Fee

If you want to add money from your bank account to the in-app wallet of the platform, you have to pay a small fee.

The fee is just 1.5%. But then again, being uniform throughout the platform, it has become one of the major revenue streams. Therefore, this is something that you should definitely consider doing.

6. Crypto-Trading Commission

In addition to an e-wallet application, the Cash app also doubles as a crypto-trading app.

Since cryptocurrency is growing popular and a lot of people are trading it these days, charging a commission over every purchase is a top monetization method.

As such, the commission is around – 1.76%.

These are the different monetization methods of cash apps which you can use in your own solutions. Moving on, we shall be going through the development process for the same app.

How to Build an App like Cash

Well, mobile app development isn’t exactly rocket science, but it isn’t all that simple either. You see, it is a long and complex process that takes you through various steps.

Now, if you want to create a leading eWallet app that helps you generate amazing revenue, you need to understand the process. In order to help you do just that, we shall be going through the entire eWallet app development process.

How to Build An App Like Cash

So with this being said, let’s get right into it:

Step 1: Ideation

The very first thing you need to do is have an idea.

Without a proper idea of what you are going to develop or what you want the solution to be, you are just wasting your money.

Therefore, the first thing is ideation. Coming up with an idea can be a bit difficult. You can take inspiration from existing solutions, use market data, find a problem people are having and solve it, and so on.

Nevertheless, once you are done with ideation, it is time to move to the next step of the mobile app development process.

Step 2: Research

Mobile app market research allows businesses to collect information regarding the market they are about to enter. This also lets them have an insight into the market and what to expect.

In addition to this, they can also prepare accordingly and check whether or not it is worth it. Therefore, with this being said, there is no doubt that it is one of the most important processes of the entire development process.

Step 3: Choose Platform & Tech Stack

Since we are talking about building an app like Cash, it goes without saying that we have to choose a platform.

As we all already know, there are two major choices when it comes to the platform. Namely, Android and iPhone app development services.

Both of them are good in their own right and the result highly depends on your platform specifications. If you want, you can also go with the cross-platform option.

Moving on, you also have to choose a tech stack. For those who aren’t familiar with the term tech stack, it refers to the set of techniques used for mobile app development.

FrontendReact Native, Flutter, or Swift (iOS), and Kotlin (Android)
BackendNode.js, Django, Flask, Ruby on Rails
DatabasePostgreSQL, MySQL, MongoDB
AuthenticationOAuth, JWT (JSON Web Tokens)
Payment GatewayStripe, Braintree, PayPal
NotificationsFirebase Cloud Messaging (FCM) Pusher
Server HostingAWS (Amazon Web Services), Google Cloud Platform, Heroku
CDNAmazon CloudFront, Cloudflare
MonitoringNew Relic, Datadog, Prometheus
SecuritySSL/TLS, OAuth, Encryption
Version ControlGit, GitHub, Bitbucket
DevOpsDocker, Kubernetes
AnalyticsGoogle Analytics, Mixpanel
TestingJest, Enzyme (for React), XCTest (for iOS), Espresso (for Android)

Step 4: Create an MVP

Once you hire on-demand app developers, it is time to create an MVP.

The name refers to the minimum viable product which is a bare-bone representation of the app with basic front-end features.

This lets you have an insight into the product you will be developing.

Step 5: Front-End Development

With all said and done, it is time to start the development process. And the first thing you need to deal with is front-end development.

As the name suggests, here the developer’s team will be creating an ewallet app design that attracts customers. Moving on, we shall be dealing with back-end development in the next section.

Step 6: Back-End Development

This is the part where real cash app development takes place as the team of developers writes the source code of the application.

This is the most time-consuming process by far. That is why it is highly recommended that you maintain good communication with the development side throughout the step.

Step 7: Testing & Deployment

Once the final version of the app is created, it’s time for app testing.

QA team uses different tools and techniques to check bugs and errors. Once this is done, the app is deployed.

Now, if you hire an Android app developer or an iOS one the process will be a little different. This is something that you should consider.

Step 8: Maintenance

With all said and done, it is time to start the maintenance services of your app.

This is the entire development process for an app like Cash. Moving on, we shall be discussing costs related to the same.

Here, you can also start the mobile app marketing process.

How Much Does It Cost to Develop An App Like Cash?

How much cost to develop a payment app like Cash?

The average cost of cash app development ranges from $25,000 to $100,000.

eWallet app development costs are based on several things. This includes various factors like complexity, feature set, platform, size, tech stack, and so on.

Let’s discuss these factors in detail below:

Factor 1. App Platform

The first big factor that affects Cash app development costs, is a platform.

The cost to build an Android app is highly different from the cost to build an iOS app. This is something that remains true for all the other platforms too.

Web Apps$20,000 to $35,000
Native$40,000 to $70,000
Hybrid Apps$25,000 to $75,000
Cross Platform$30,000 to $50,000

Factor 2. Complexity of App

As a general rule of thumb, the more complex an app is, the higher the development cost gets.

Therefore, complexity becomes one of the biggest that affects mobile app development costs.

App ComplexityAverage Cost
Simple app$25,000 – $50,000
Medium Complex app$35,000 – $70,000
Highly complex app$50,000 – $100,000

Factor 3. Development Team Type

Want to hire mobile app developers? Well, there are various ways and the cost associated is also different.

Let’s see how below:

TypeHourly Cost
In-house$30 – $150+
Outsourcing$10 – $60+
Staff Augmentation$20 – $75+

Despite the various options, the majority of top companies opt for app development outsourcing when they want to build an app like Cash.

The reason is that there are various benefits to this. Speaking of outsourcing to the eWallet App Development Company, this brings us to our next point…

build an app like cash

How Nimble AppGenie Can Help You To Build An App Like Cash?

Do you want to create an eWallet app?

Nimble AppGenie is here to help you. We have hands-on experience working on market-leading fintech solutions including DafriBank – the largest digital bank in Africa and CUT wallet – a revolutionary eWallet application.

As a market-leading Fintech app development company, we have the right tools as well as technologies required to develop a money transfer app like Cash App.

If you have an idea, we can turn it into reality.


There are a lot of investors who want to develop cash app clones, and for good reason, too. As we saw in the statistics section, cash apps and other platforms like this are generating millions of profit each year. And the demand for such apps is only growing.

You can make an app like Cash of your own with a unique value proposition that can take the market by storm. If you have an idea, work with a mobile app development company to bring it to reality.


The Cash App is an online payment platform that allows users to transfer money from one phone to another in just one click via the app itself. It also offers cryptocurrency trading, “cash card” as well as cash advances.

Do you want to create an app like Cash? Here are the steps that you need to follow:

  • Ideation
  • Research
  • Choose Platform & Tech Stack
  • Create A MVP
  • Front-End Development
  • Back-End Development
  • Testing & Deployment
  • Maintenance

The average cost of cash app development ranges from $25,000 to $100,000. There are various factors that affect the cost including various factors including complexity, feature set, platform, size, tech sack, and so on. Contact the eWallet app development company for more details.

Much like the cost to develop a P2P payment app like Cash, the time taken to build such an app is also hard to predict as there are various factors that affect it. Regardless, the average time to build a mobile payment app like Cash is between 4 weeks and 12 weeks. For a more accurate answer, contact an app development firm.

There are various ways to monetize the eWallet application. Some of these are, as mentioned below:

  • Crypto-Trading Commission
  • Transfer Fee
  • Transaction fee
  • Advertisement
  • Premium Subscription
  • Partnership Commission

We use various security tools and technologies to make apps like Cash secure. This includes blockchain, tokenization, biometric authentication, and so on.