If you’re considering building an eWallet app like STC Pay, you’re likely curious about the cost involved.
Developing an app like STC Pay, which has become a cornerstone in digital payments, requires careful planning and investment.
On average, the cost to develop an app like STC Pay can range from $50,000 to $150,000, depending on the complexity, features, and development team involved.
This cost typically covers everything from design, development, and testing to launching the app.
Although it may seem like a significant investment, an eWallet app opens the door to endless possibilities in the rapidly growing digital economy.
Especially in markets like Saudi Arabia, where digital transactions are on the rise, having your own app like STC Pay can position you as a leader in the fintech space.
Are you ready to step into the world of digital payments? Let’s explore what makes STC Pay such a standout app and why it’s worth considering for your business.
STC Pay – One App, Takes You Further
STC Pay is proper digital wallet.
It’s a game-changer in the Saudi Arabian fintech landscape.
Launched by the Saudi Telecom Company (STC), this app offers a range of financial services, from peer-to-peer money transfers to bill payments and even international remittances.
The app has gained massive popularity, becoming the go-to choice for millions of users in Saudi Arabia who prefer quick, secure, and easy financial transactions at their fingertips.
What sets STC Pay apart is its seamless integration with the Saudi Arabian financial ecosystem.
Whether you’re paying for groceries, splitting a bill with friends, or sending money abroad, STC Pay makes it effortless.
For businesses and entrepreneurs looking to tap into the growing eWallet market, developing an app like STC Pay presents a huge opportunity.
With the Saudi Vision 2030 aiming to transform the nation into a cashless society, digital payment solutions like STC Pay are becoming essential.
Creating an app that mirrors STC Pay’s success could be your gateway to thriving in this booming market.
STC Pay’s Core Features
What makes STC Pay such a successful digital wallet app?
Its rich feature set plays a huge role in attracting and retaining users.
If you’re planning to develop an app like STC Pay, including the following core features will be key to your app’s success:
- User Registration and Verification: Secure onboarding with phone number or email verification, ensuring only genuine users have access to the app.
- Peer-to-Peer Payments: Allows users to instantly transfer money to friends or family within the STC Pay network with just a few taps.
- Bill Payments: Users can pay utility bills, mobile recharges, and other services directly from the app.
- International Money Transfers: The ability to send money internationally at competitive rates is a huge draw for users, especially in markets like Saudi Arabia.
- In-App Wallet: Users can store money in their digital wallet and top it up through their bank account or credit card.
- QR Code Payments: Users can scan QR codes to make payments at participating merchants, ensuring quick and contactless transactions.
- Card Management: Integration with debit and credit cards allows users to manage multiple cards in the app.
- Transaction History: Provides detailed transaction records for users to track spending and payments.
- Loyalty Programs and Rewards: Offers users rewards, cashback, or points for transactions, enhancing user engagement.
- Multi-Language Support: STC Pay supports both Arabic and English, catering to the diverse user base in Saudi Arabia.
- Security Features: Incorporates biometric authentication (fingerprint or face ID), two-factor authentication, and end-to-end encryption for added security.
- Expense Tracking: Helps users manage their finances by categorizing expenses and providing spending reports.
- Merchant Payments: Users can make payments at local and online stores directly through the app.
- Real-Time Notifications: Users get instant notifications for all transactions, ensuring they stay updated with their account activity.
- Customer Support Integration: Easy access to customer support via in-app chat or call for any issues or queries.
Including these essential features in your STC Pay-like app will ensure that your users enjoy a seamless, secure, and highly functional digital payment experience, just like STC Pay offers.
Why Develop A Digital Payment App Like STC Pay?
Should you start an eWallet business?
Developing an app like STC Pay is not just a smart investment; it’s a strategic move, especially in regions like Saudi Arabia where digital payments are rapidly growing.
Here are three key reasons why creating your own version of STC Pay could be a game-changer:
♦ Rising Demand for Cashless Transactions
In Saudi Arabia, there has been a significant push towards digital transformation.
The government’s Vision 2030 initiative aims to reduce dependency on cash, promoting electronic payments in every sector.
According to a report by the Saudi Arabian Monetary Authority (SAMA), digital payment transactions increased by 75% in 2023, with a further upward trend expected.
This growing preference for cashless transactions creates a perfect opportunity for new players to enter the market with apps like STC Pay.
♦ Growing User Base for eWallets
As of 2023, STC Pay has over 7 million active users in Saudi Arabia alone.
People are increasingly turning to eWallets for convenience, security, and speed. With the right features and user-friendly design, you can tap into this growing market.
Moreover, a younger, tech-savvy population is driving the adoption of digital wallets, making it an ideal time to launch a similar app.
♦ High Revenue Potential
The global digital payment market is expected to reach $20 trillion by 2026, with the Middle East contributing a significant share.
eWallets like STC Pay generate revenue through transaction fees, international transfers, and partnerships with merchants.
By developing an app like STC Pay, you can monetize various streams while capitalizing on the increasing number of transactions happening digitally every day.
In short, the potential for growth, user adoption, and revenue generation makes it the perfect time to create an app like STC Pay. With the right strategy and features, you could be at the forefront of the fintech revolution in Saudi Arabia.
Average Cost To Develop An App Like STC Pay
Now, let’s dive into the actual cost of developing an app like STC Pay.
On average, creating a feature-rich eWallet app like this will set you back anywhere between $50,000 and $150,000.
The variation in app development cost depends on several factors, such as the complexity of features, the technology stack, and the region where your development team is based.
Here’s a simplified breakdown of the cost:
| Development Stage | Cost Range |
| Planning and Research | $5,000 – $10,000 |
| UI/UX Design | $10,000 – $20,000 |
| Frontend & Backend Development | $20,000 – $60,000 |
| Payment Gateway Integration | $5,000 – $15,000 |
| Security Features | $7,000 – $20,000 |
| Testing & Quality Assurance | $5,000 – $15,000 |
| Deployment & Launch | $3,000 – $10,000 |
This table provides a rough idea of the various components that go into building an app like STC Pay.
Keep in mind, eWallet app’s development cost can fluctuate depending on the features you choose, your timeline, and the expertise of your development team.
While this might seem like a significant investment, the payoff can be immense.
eWallet apps like STC Pay can generate substantial revenue through transaction fees, merchant services, and partnerships.
Plus, with the digital payment market rapidly growing in Saudi Arabia and across the globe, now is the ideal time to create a similar app and tap into this booming industry.
Factors That Affect Cost To Develop An App Like STC Pay
The cost to develop an app like STC Pay can vary based on a multitude of factors, each of which plays a significant role in shaping the overall budget.
Let’s break down the 10 most important factors that affect the cost to create an eWallet app like STC Pay, and how each one impacts your investment.
1] App Features and Complexity
The more features you include, the higher the development cost.
Basic features like user registration, peer-to-peer payments, and transaction history are essential, but if you want to add advanced functionalities like international money transfers or loyalty programs, the cost rises.
Each additional feature requires more development time and expertise, directly impacting the overall STC Pay app development cost.
| Feature Complexity | Cost Range |
| Basic Features | $20,000 – $50,000 |
| Advanced Features | $50,000 – $80,000 |
2] Technology Stack
The tech stack you choose to build your app can also influence the cost.
A high-quality stack that includes advanced encryption protocols, robust backend frameworks, and efficient front-end technologies may cost more but offers greater security and performance.
Opting for cheaper technologies may lower the cost to develop a digital payment app like STC Pay, but you risk compromising app performance and user experience.
| Tech Stack | Cost Range |
| Basic Stack | $10,000 – $20,000 |
| Advanced Stack | $20,000 – $40,000 |
3] UI/UX Design
The eWallet app design plays a major role in attracting and retaining users.
A simple, functional design may cost less, but if you want an engaging, user-friendly interface with animations and seamless transitions, the cost will increase.
An intuitive UI/UX is crucial for developing an app like STC Pay that stands out in a competitive market.
Here’s a glimpse of UI/UX design cost:
| Design Complexity | Cost Range |
| Basic Design | $5,000 – $10,000 |
| Custom & Advanced | $10,000 – $20,000 |
4] Development Team Location
If you want to build a platform like this one, you need hire app developers.
And where your development team is based can have a significant impact on the STC Pay clone app development cost.
Hiring a development team from North America or Europe can be more expensive than hiring from regions like Asia or Eastern Europe, where rates are more affordable.
Here’s breakdown of cost to hire app developers:
| Region | Hourly Rate |
| North America | $100 – $250/hour |
| Western Europe | $80 – $200/hour |
| Eastern Europe | $50 – $100/hour |
| Asia (India, etc.) | $20 – $50/hour |
5] Security Features
Security is non-negotiable for a financial app like STC Pay.
Incorporating robust security features such as encryption, biometric authentication, and fraud detection can increase the cost to develop a payment app like STC Pay, but it ensures user trust and compliance with regulations.
| Security Features | Cost Range |
| Basic Security Measures | $5,000 – $10,000 |
| Advanced Security Protocols | $10,000 – $20,000 |
6] Payment Gateway Integration
Integrating multiple payment gateways to handle various types of transactions is essential for a seamless user experience.
However, this can add to the cost to build a STC Pay clone app, especially if you’re aiming to offer international payment options and currency conversions.
| Gateway Integration | Cost Range |
| Basic Integration | $3,000 – $7,000 |
| Multiple Gateways | $7,000 – $15,000 |
7] Regulatory Compliance
In markets like Saudi Arabia, where STC Pay operates, compliance with local regulations such as Anti-Money Laundering (AML) and Know Your Customer (KYC) is critical.
Ensuring your app meets these requirements can impact the overall cost to create an app like STC Pay, as you’ll need legal consultations, extra development time, and specialized features.
| Compliance Costs | Cost Range |
| Basic Compliance | $5,000 – $10,000 |
| Full Compliance | $10,000 – $20,000 |
8] App Maintenance & Updates
Once your app is launched, regular app maintenance are necessary to keep it secure and running smoothly.
The cost of maintaining and updating an app like STC Pay is ongoing and can add to the STC Pay like app development cost over time.
| Maintenance | Annual Cost Range |
| Basic Updates | $5,000 – $10,000/year |
| Full Maintenance | $10,000 – $20,000/year |
9] Testing and Quality Assurance
Testing is a crucial part of the development process to ensure your app is bug-free and performs well under different conditions.
The more extensive your testing phase, the higher the cost to develop an app like STC Pay, but this is an essential step to avoid issues post-launch.
| Testing Complexity | Cost Range |
| Basic Testing | $5,000 – $8,000 |
| Extensive QA | $8,000 – $15,000 |
10] Third-Party API Integrations
If you plan to integrate third-party services like currency converters, chat support, or CRM systems, the STC Pay development cost will increase based on the number of APIs you use.
These integrations are often necessary for building an advanced, user-friendly app.
| API Integration | Cost Range |
| Basic APIs | $2,000 – $5,000 |
| Multiple APIs | $5,000 – $15,000 |
By considering these factors, you can better estimate the cost to develop an eWallet app like STC Pay.
Each of these elements will influence your final budget, so it’s essential to align your app’s features and requirements with your business goals to achieve the best results.
How Long Does It Take To Develop An App Like STC Pay?
The time it takes to develop an app like STC Pay depends on several factors, such as the complexity of the features, the experience of the development team, and the technology stack used.
On average, the development time for a feature-rich eWallet app like STC Pay ranges from 6 to 12 months.
However, the exact duration can vary depending on the scope of your project.
Here’s a general breakdown of the time required for each development stage:
| Development Stage | Time Required |
| Planning and Requirements | 2 – 4 weeks |
| UI/UX Design | 4 – 6 weeks |
| Frontend & Backend Development | 12 – 20 weeks |
| Payment Gateway Integration | 3 – 5 weeks |
| Security Features Integration | 4 – 6 weeks |
| Testing & Quality Assurance | 4 – 8 weeks |
| Deployment & Launch | 1 – 2 weeks |
While 6 to 12 months might seem like a long time, it’s essential to allocate enough time to each phase to ensure a successful launch and a smooth user experience.
Rushing through any stage, especially testing and security, could lead to critical issues later on.
Here’s How To Drive Revenue in Your STC Pay Clone
Building an app like STC Pay isn’t just about offering seamless payments—it’s also a fantastic opportunity to generate significant revenue.
By incorporating various monetization models, you can ensure that your app provides excellent ROI.
Below are some of the top methods you can use to drive revenue in your STC Pay clone app, along with the potential returns for each.
► Transaction Fees
One of the most direct ways to monetize your app is by charging users a small fee for every transaction, particularly for international transfers or payments to non-partner merchants. For instance, STC Pay charges nominal fees for certain types of transactions, making it a consistent revenue stream.
- Revenue Potential: Depending on transaction volume, this method can bring in thousands or even millions annually. For example, a fee of 1-3% on each transaction can add up quickly with a large user base.
► Merchant Partnerships
Establish partnerships with local and online merchants to facilitate payments through your app. In return, you can charge merchants a fee for using your platform to process payments. This method allows you to tap into a broader business network while offering users more places to spend their funds.
- Revenue Potential: Merchant fees could range from 2-5% of each transaction, which can generate substantial revenue, especially with high transaction volumes.
► Premium Services
Offer value-added services that users can access for a fee. Examples include faster transfers, personalized financial insights, or premium customer support. This allows you to offer more to users who are willing to pay for extra features while keeping the app free for basic users.
- Revenue Potential: Subscription-based models can bring in steady monthly income. For instance, charging $5-$15 per month for premium features can generate significant revenue depending on your user base.
► Cross-Border Transactions
International remittances are a big draw for eWallet apps, especially in regions like Saudi Arabia with a large expat population. You can charge users a fee for sending money internationally, which adds another layer of monetization.
- Revenue Potential: Fees for cross-border transactions typically range from 1-5%, and this can result in high returns given the frequency and volume of international remittances.
► In-App Advertising
If your user base grows significantly, in-app advertising can become a viable revenue stream. You can partner with companies to display targeted ads based on user data, offering a non-intrusive way to monetize your app.
- Revenue Potential: In-app ads, depending on impressions and click-through rates, can generate revenue from advertisers, especially if the ads are well-targeted.
► Affiliate Programs
You can partner with financial service providers like credit card companies, insurance firms, or investment platforms and offer affiliate programs within your app. For every user that signs up for one of these services via your app, you earn a commission.
- Revenue Potential: This could yield commissions ranging from $10 to $100 per user, depending on the affiliate agreement.
► Loyalty Programs
You can charge businesses for access to a loyalty program where users earn points or rewards for transactions made through your app. This not only boosts user engagement but also gives businesses an incentive to partner with your platform.
- Revenue Potential: Revenue comes from the businesses that join the loyalty program, typically a monthly or yearly fee.
► Data Monetization
With user consent, anonymized data can be sold to third-party companies for market research and analytics. This must be handled carefully to maintain user trust, but it can be a lucrative option if done ethically.
- Revenue Potential: Data monetization can generate significant revenue, particularly in industries like finance and retail, where data is highly valuable.
By integrating these monetization strategies into your STC Pay clone app, you can generate consistent, diverse revenue streams while providing value to both users and partners. The key is to balance user experience with profitability to ensure long-term success.
Nimble AppGenie – Your Expert Partner in eWallet App Development
Building an app like STC Pay requires expertise, precision, and a deep understanding of the fintech landscape. At Nimble AppGenie, we specialize in creating innovative eWallet apps that not only meet industry standards but also exceed user expectations. Whether you need a simple peer-to-peer payment system or a full-featured digital wallet with advanced security and international transaction capabilities, we’ve got you covered.
With years of experience and a team of dedicated developers, we bring your vision to life with a focus on performance, security, and scalability. If you’re looking to develop an app like STC Pay, look no further. Nimble AppGenie is your trusted ewallet app development company, ready to help you succeed in the rapidly evolving world of digital payments.
Let’s create something great together! Reach out to us today and kick-start your journey to building a successful eWallet app.
Conclusion
Developing an app like STC Pay is a smart move, especially in a market like Saudi Arabia, where digital payments are on the rise. With the right combination of features, security, and user experience, your eWallet app can make waves in the fintech world, offering both convenience to users and excellent revenue opportunities for your business.
While the cost to develop an app like STC Pay can range from $50,000 to $150,000, the investment is well worth it, given the potential returns from transaction fees, merchant partnerships, and other monetization strategies.
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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