Building an app like Mercado Pago can be your gateway to the thriving digital payment market, especially in Latin America and Brazil.
With eWallet usage soaring, having a robust app that handles payments seamlessly is more important than ever.
But you’re probably wondering: how much does it cost to develop an app like Mercado Pago?
On average, you’re looking at an investment of around $50,000 to $150,000, depending on the features, design, and overall complexity of the app.
Factors like the platform choice (iOS, Android, or both), security measures, and third-party integrations can impact the final figure.
However, with the right strategy, you can create an app that meets user needs without breaking the bank.
In fast-paced, cashless world of today, an app like Mercado Pago offers real potential for growth and revenue.
If you want to make a mark in the digital wallet space, this investment will position you for success.
Mercado Pago – Latin eWallet Superstar
Mercado Pago is more than just a digital wallet app; it’s a fintech powerhouse transforming the way Latin Americans handle their money.
You can call it a fintech super app!
Launched by Mercado Libre, the largest eCommerce platform in the region, it quickly became a go-to payment solution in countries like Brazil, Argentina, and Mexico.
What sets Mercado Pago apart?
It allows users to make seamless online purchases, pay bills, transfer money, and even receive payments from clients or customers—all in one place.
With over 60 million active users across Latin America, Mercado Pago is a critical part of the daily lives of millions, offering a safe, efficient, and accessible way to manage finances.
Mercado Pago’s success is built on trust and convenience, catering to both consumers and businesses alike.
It’s not just an app; it’s an ecosystem.
From splitting a bill with friends to managing payments for a small business, Mercado Pago has truly positioned itself as a fintech giant in the region.
Mercado Pago’s Core Features
When it comes to creating an app like Mercado Pago, you’ll need a solid foundation of features that cater to both users and businesses.
Here are the key features that make Mercado Pago a standout eWallet app:
- Easy Money Transfers – Users can send and receive money instantly with just a few taps, whether for personal use or business transactions.
- Online and Offline Payments – Mercado Pago supports payments in both digital and physical spaces, allowing users to pay for services or products online or at point-of-sale terminals.
- QR Code Payments – With QR code technology, users can scan and pay effortlessly at participating stores, restaurants, or even markets.
- Bill Payments – Pay utility bills, credit cards, or other expenses directly through the app, making it a convenient hub for managing finances.
- Mobile Recharge – Top-up prepaid mobile phone accounts right from the app.
- Prepaid Cards – Users can order a Mercado Pago prepaid card linked to their account for making purchases or ATM withdrawals.
- Payment Gateway for eCommerce – Mercado Pago integrates seamlessly with online stores, allowing businesses to accept secure payments.
- Cryptocurrency Support – The app supports buying and selling cryptocurrencies, tapping into the growing demand for digital currencies.
- Merchant Solutions – Businesses can use Mercado Pago to manage sales, generate invoices, and offer flexible payment options to their customers.
- Investment Features – Users can invest spare cash directly through the app, earning interest on their balances.
- Instant Loans – Mercado Pago offers quick loans to eligible users, making it a financial partner for those in need.
- Multi-currency Support – With its vast regional reach, Mercado Pago allows transactions in multiple currencies, making cross-border payments seamless.
- Push Notifications – Real-time notifications keep users updated on their payments, balances, and account activities.
- Customer Support – Integrated customer support via chat or email helps users solve issues quickly and efficiently.
- Advanced Security – From encryption to biometric logins, Mercado Pago ensures that all transactions are protected.
These features aren’t just conveniences; they’re essential in creating a seamless, user-friendly payment ecosystem. Incorporating these into your app will give you a solid competitive edge.
Why Develop A Payment App Like Mercado Pago?
Should you create an eWallet app?
That’s a big question that bothers one.
Creating an app like Mercado Pago isn’t just about jumping on the fintech bandwagon—it’s about capitalizing on the massive growth of digital payments.
Here are three compelling reasons why you should consider developing your own Mercado Pago-like app:
Explosive Growth in Digital Payments
The digital payments market is booming, especially in Latin America.
According to recent statistics, digital transactions in the region grew by 30% in 2023, with Brazil and Mexico leading the charge.
With more users shifting away from cash, the demand for secure, convenient eWallet apps has skyrocketed.
This presents an incredible opportunity to tap into a rapidly expanding market by building a mobile wallet app like Mercado Pago.
Financial Inclusion
Mercado Pago has been instrumental in promoting financial inclusion across Latin America.
The region has a significant unbanked population—over 45% of adults—who rely on alternative financial services.
An app like Mercado Pago provides these individuals with access to essential financial tools, enabling them to make payments, save money, and participate in the digital economy.
Developing such an app allows you to be part of this movement while reaching an underserved market.
Business and Consumer Versatility
From small business owners to everyday users, Mercado Pago offers a flexible payment system that works for everyone.
The app enables merchants to accept payments quickly and efficiently, while consumers enjoy a frictionless way to manage their transactions.
Given that online retail sales in Latin America grew by 37% in 2022, there’s never been a better time to launch an app that supports both business and consumer needs.
With the digital economy thriving, now is the time to create an app like Mercado Pago and position yourself for long-term success.
Average Cost To Develop An App Like Mercado Pago
Let’s answer the biggest question:
How much does it cost to build an eWallet app like Mercado?
Generally, the cost to develop such an app can range between $50,000 and $150,000.
Developing an app like Mercado Pago comes with varying costs based on the app’s complexity, design, and features.
Here’s a breakdown of the estimated eWallet’s app development cost based on different app elements:
| App Development Element | Estimated Cost |
| Basic Features (money transfer, bill payments, etc.) | $25,000 – $50,000 |
| Advanced Features (QR code payments, cryptocurrency support, loans) | $30,000 – $60,000 |
| UI/UX Design | $10,000 – $25,000 |
| Security (data encryption, biometric logins) | $10,000 – $20,000 |
| Third-party Integrations (payment gateways, APIs) | $15,000 – $30,000 |
| Testing and QA | $5,000 – $15,000 |
The cost to develop an app like Mercado Pago can vary depending on factors like your choice of development team, geographical location, and additional services such as app maintenance and post-launch updates.
For a feature-rich and secure app, expect to stay on the higher end of the spectrum.
With strategic planning, you can control costs without compromising on essential features.
The ultimate goal is to build an app that provides both users and businesses with a seamless, secure digital payment experience.
Factors That Affect the Cost to Develop an App Like Mercado Pago
When estimating the cost to develop an app like Mercado Pago, it’s essential to understand that various factors can influence the final price tag.
Each aspect of development can add to or reduce costs, depending on your choices. Let’s break down these key factors and their impact on the Mercado Pago clone app development cost.
► App Platform (iOS, Android, or Both)
Developing an app for one platform (either iOS or Android) is more cost-effective than creating one for both.
However, launching on both platforms increases your user base.
The cost to build an app like Mercado Pago for both platforms can raise development costs by 30-40%.
| Platform | Estimated Cost Impact |
| Single platform | $50,000 – $80,000 |
| Dual platform (iOS & Android) | $70,000 – $120,000 |
► App Complexity and Features
The more features you add, the higher the development cost.
Basic features like money transfers and bill payments are relatively affordable, but adding advanced features like QR code payments, cryptocurrency support, and instant loans increases complexity.
This directly affects the Mercado Pago app development cost.
| Feature Set | Estimated Cost Impact |
| Basic Features | $25,000 – $50,000 |
| Advanced Features | $50,000 – $80,000 |
► UI/UX Design
A well-designed eWallet app improves user experience and engagement, but advanced UI/UX design can be expensive.
While you can opt for a simpler design, a unique and intuitive interface adds value to your app, making the cost to create an app like Mercado Pago worthwhile.
Here’s the cost of app designing:
| UI/UX Complexity | Estimated Cost Impact |
| Basic Design | $5,000 – $10,000 |
| Advanced Design | $15,000 – $25,000 |
► Security and Compliance
Security is crucial for any eWallet app like Mercado Pago.
Data encryption, two-factor authentication, and compliance with industry regulations are necessary but can increase costs.
Meeting payment industry standards like PCI-DSS compliance is essential, making security one of the highest cost drivers.
| Security Features | Estimated Cost Impact |
| Basic Security (Encryption, SSL) | $10,000 – $15,000 |
| Advanced Security (Biometric, PCI Compliance) | $15,000 – $30,000 |
► Third-Party Integrations
Integrating third-party services such as payment gateways (Stripe, PayPal), APIs for currency conversion, and bank connections will influence the cost to build a Mercado Pago clone app.
These integrations ensure seamless user experiences but also add to development time and cost.
| Third-Party Services | Estimated Cost Impact |
| Basic Integrations | $5,000 – $15,000 |
| Advanced Integrations | $15,000 – $30,000 |
► Development Team Location
The geographical location of your development team greatly impacts the Mercado Pago clone app development cost.
Teams based in North America tend to be more expensive, while Eastern European or Asian development teams offer more cost-effective rates without sacrificing quality.
Here’s a breakdown of cost to hire app developers:
| Location | Estimated Cost Impact |
| North America | $100 – $150 per hour |
| Eastern Europe | $50 – $100 per hour |
| Asia | $30 – $50 per hour |
► Backend Infrastructure
The strength of your backend determines how well your app handles traffic, transactions, and user data.
Building a scalable backend with cloud hosting solutions (e.g., AWS, Google Cloud) increases the cost to make an app like Mercado Pago, but ensures future growth.
| Backend Complexity | Estimated Cost Impact |
| Basic Backend | $10,000 – $20,000 |
| Advanced Backend | $20,000 – $40,000 |
► Maintenance and Updates
eWallet app maintenance is an ongoing cost that should not be overlooked.
Regular updates, bug fixes, and feature enhancements are necessary to keep the app running smoothly and secure.
The cost to develop a mobile wallet app like Mercado Pago should account for long-term maintenance.
Here’s how much app maintenance cost:
| Maintenance | Estimated Cost Impact |
| Annual Maintenance | $5,000 – $15,000 per year |
► Marketing and User Acquisition
Building a great app is one thing; getting users to download and use it is another.
That’s where, app marketing comes in.
App Store Optimization (ASO), social media marketing, and paid campaigns can add to the overall cost.
While marketing isn’t a direct development expense, it’s an essential part of launching your Mercado Pago-like app.
| Marketing Efforts | Estimated Cost Impact |
| Basic Marketing | $5,000 – $10,000 |
| Comprehensive Campaigns | $10,000 – $20,000 |
► Legal and Compliance Fees
Compliance with local laws and regulations is crucial, especially in the financial sector.
Obtaining necessary licenses and ensuring your app follows all regulatory guidelines adds to the overall cost to develop an eWallet app like Mercado Pago.
| Legal Compliance | Estimated Cost Impact |
| Basic Compliance | $5,000 – $10,000 |
| Comprehensive Compliance | $15,000 – $25,000 |
These are the difference factors that affect overall cost to develop an digital wallet like Mercado Pago. With this said, let’s look at time required to develop such an app.
How Long Does It Take to Develop an App Like Mercado Pago?
Time is a critical factor when it comes to developing an app like Mercado Pago.
Depending on the complexity of features and the scale of the project, the development timeline can vary. Typically, it takes around 6 to 12 months to develop an app like Mercado Pago.
This timeframe includes all essential phases, from planning to deployment.
Here’s a rough breakdown of the development time for each phase:
| Development Phase | Estimated Timeframe |
| Planning and Research | 2 – 4 weeks |
| UI/UX Design | 4 – 6 weeks |
| Frontend and Backend Development | 12 – 16 weeks |
| Third-Party Integrations | 4 – 6 weeks |
| Security Features Development | 3 – 5 weeks |
| Testing and Quality Assurance | 4 – 6 weeks |
| Deployment and Launch | 2 – 4 weeks |
Total Development Time: 6 – 12 months
The development time largely depends on the complexity of the app. For example, adding advanced features such as cryptocurrency support, QR code payments, and multi-currency functionality will extend the timeline.
Moreover, if you plan to create an app like Mercado Pago for both iOS and Android, you should factor in additional time for cross-platform development.
A clear roadmap and well-organized project management can help ensure your app is developed on time. It’s essential to communicate regularly with your development team and set realistic milestones to ensure your project stays on track.
Here’s How to Drive Revenue in Your Mercado Pago Clone
Monetizing your Mercado Pago clone app is a crucial part of ensuring a solid return on investment (ROI).
There are several tried-and-tested methods to drive revenue through a digital wallet app like Mercado Pago.
Below are some of the most effective monetization strategies, along with their revenue potential.
♦ Transaction Fees
One of the most common ways to generate revenue is by charging a small fee for every transaction.
Whether users are transferring money, making payments, or using the app’s services, you can take a percentage or a flat fee from each transaction.
Revenue Potential: This can generate a steady income stream, especially with high user activity. With millions of transactions happening daily, even a small fee per transaction adds up quickly.
♦ Merchant Fees
Businesses and merchants using your app to process payments can be charged a fee for every sale made through the app.
This is similar to how payment gateways work, and it’s a major revenue driver for apps like Mercado Pago.
Revenue Potential: Merchant fees typically range between 1-3% per transaction, making it highly lucrative, especially when processing large volumes of business transactions.
♦ Lending and Interest
Offering instant loans or credit to users can also be a significant revenue generator. By offering microloans or credit options, you can earn interest on the loan amounts.
Revenue Potential: Interest on loans and credit services can create an additional revenue stream, with interest rates typically ranging from 5-15%.
♦ Premium Features and Subscriptions
You can offer premium features or services, such as advanced analytics for businesses, enhanced security features, or faster transaction speeds, available to users for a monthly or yearly subscription fee.
Revenue Potential: Premium services can create a steady stream of income, especially if users or businesses find value in upgrading for advanced features.
♦ In-App Advertising
Another way to monetize your Mercado Pago-like app is by incorporating in-app advertising.
Displaying relevant ads within the app can generate revenue, especially when users engage with the ads.
Revenue Potential: While not the primary revenue source for eWallet apps, in-app advertising can bring in additional income, with brands paying for ad placement based on user engagement.
♦ Cross-Selling Financial Services
Offering other financial services, such as insurance, savings accounts, or investment opportunities, can help boost revenue.
These services can be offered in partnership with other financial institutions.
Revenue Potential: By charging a referral fee or commission, you can earn revenue for every user who opts into these services through your app.
♦ Currency Exchange Fees
If your app supports international or multi-currency transactions, you can charge users a small fee for currency conversions.
Revenue Potential: With millions of transactions happening across borders, currency exchange fees can create significant revenue for apps that support international payments.
By utilizing these monetization strategies, you can maximize the ROI of your Mercado Pago clone app. Each method comes with its own potential for generating revenue, making it essential to choose the right combination based on your target audience and market.
Nimble AppGenie – Your eWallet App Development Partner
At Nimble AppGenie, we don’t just build apps; we create innovative, market-leading solutions that drive success.
As a leading eWallet app development company, we specialize in crafting apps that not only match the quality of giants like Mercado Pago but also offer unique, customized features tailored to your business goals.
Our team of experts has extensive experience in fintech and mobile wallet development, ensuring that your app is secure, user-friendly, and scalable.
Whether you need a fully integrated payment solution or a simple digital wallet app, we’re here to help you every step of the way—from idea to launch and beyond.
Ready to develop an app like Mercado Pago? Let’s get started and bring your vision to life.
Conclusion
Developing an app like Mercado Pago offers immense potential to tap into the growing digital payment landscape, especially in Latin America. From core features like seamless money transfers and QR code payments to advanced functionalities like cryptocurrency support and investment tools, your app can provide a holistic financial solution for users.
FAQs
Niketan Sharma is the CTO of Nimble AppGenie, a prominent website and mobile app development company in the USA that is delivering excellence with a commitment to boosting business growth & maximizing customer satisfaction. He is a highly motivated individual who helps SMEs and startups grow in this dynamic market with the latest technology and innovation.
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