How Much Does it Cost to Develop an App like Zelle?

Do you want to make an app like Zelle? Then, you might have the question of how much does it cost to develop an app like Zelle.

The answer to it isn’t straightforward. A lot goes into building a secure, fast, and user-friendly payment platform like Zelle.

Moreover, a variety of resources and time goes into it, from features to security measures, and many factors play a part in impacting the overall price.

Each of these details requires attention, meaning the process can be a bit more involved than a simple app.

But here’s the upside: a well-built, seamless money transfer app can tap into the ever-growing digital payment market, positioning you for success.

In this blog, we’ll explore the essential steps, considerations, and the time it takes to develop a cutting-edge app like Zelle. Let’s dive in!

What is Zelle- P2P Payment App?

Zelle is a peer-to-peer money transfer app that allows people to send money from one bank account to another, typically in real-time. This transfer can be made via a mobile device using only an email address or mobile number.

Generally, the simplicity and speed of the Zelle platform are so powerful and straightforward that many users find themselves abandoning other third-party services such as PayPal.

So if you plan the development of an eWallet app similar to it, the big question here is: how much does it cost to develop an app like Zelle?

Usually, Zelle-like app development costs range from $50,000 to $140,000+ and can skyrocket from there, depending on your app's complexity.

Plan that there is going to be a biting cost for you if you expect real-time transfers, bank integrations, and definitely rock-solid security.

For investors, creating an app like Zelle opens new channels into the growing digital payments market, giving them awesome opportunities to grow.

This essentially means increased demand for instant and secure transactions, making your eWallet app idea a lucrative one.

Factors Affecting the Overall Zelle Like App Development Cost

As we talked about, several factors affect the cost to make an app like Zelle. But, the question here is “What are they?”

Let’s get to know about those factors that affect the cost to develop an eWallet app in the below section:

1. Development Time

The amount of time required to build an app like Zelle directly influences the overall cost to develop an app like Zelle.

More complex eWallet features , like secure transactions and real-time payment processing, can extend development time.

For example, if you’re aiming for a highly polished, scalable app, you’ll need more time for testing, debugging, and ensuring a flawless user experience.

Overall, the time taken to develop an app like Zelle goes from 5 to 9+ months. However, when considering the cost to create an app like Zelle, keep in mind that longer development times lead to higher costs.

2. Security and Compliance

When handling financial transactions, eWallet security is a top priority, implementing encryption, two-factor authentication, and data protection measures can significantly affect the cost to create an app like Zelle.

Your app must meet legal and regulatory compliance standards, which may require ongoing updates to stay aligned with security practices.

Building a secure app means more resources are spent on safety, and this impacts your overall development cost.

3. Backend Development & Infrastructure

A solid infrastructure is important to have in an eWallet app like Zelle that handles transactions in real time.

This includes database management, server hosting, and scalability to handle peak transaction volumes.

The more robust your backend, the higher the development costs.

These behind-the-scenes components are important for smooth, secure operation making them a major contributor to your cost to launch an eWallet app like Zelle.

4. Integration with banks and payment Gateways

Let’s be real: To make real-time transfers work smoothly, your app must integrate with various banks and payment gateways.

These integrations can be time-consuming and complex, requiring specialized expertise.

The cost of building APIs and ensuring smooth transactions between your app and bank systems can increase the overall budget.

This is a significant factor when determining how much does it costs to build an app like Zelle.

5. Platform Choice

The platform you choose for your app impacts the cost to create an eWallet app like Zelle.

Developing an app for both iOS and Android increases the overall budget due to the need for separate codebases and testing on different devices.

However, building for a single platform like iOS or Android may reduce costs. However, we suggest choosing cross-platform app development.

Remember, whatever you choose, the platform choice always plays a key role in pricing. So, when asking how much does it cost to develop a mobile wallet like Zelle, you should decide carefully.

6. Backend Development and Infrastructure

Whether you develop an app like PayPal or Zelle, remember, that having a solid backend is the need of the hour.

This includes database management, server hosting, and scalability to handle peak transaction volumes.

The more robust your backend, the higher the development cost.

So, yes it is a major contributor essential for smooth, secure operation, making it a major contributor to your cost to develop an eWallet app like Zelle.

7. Maintenance and Updates

Remember, launching an app is just the beginning of another journey.

Ongoing maintenance and regular updates are crucial for keeping the app running smoothly, secure, and compatible with new devices.

This includes bug fixes, tight eWallet app security, and performance improvements. As you evaluate the cost to create an app like Zelle, don’t forget to account for these post-launch expenses, which can add up over time.

8. Use Interface Design

One of the common things that all the top eWallet apps have is a top-notch design.

The design and flow of the app will impact both usability and development costs.

So, if you’re asking how much does it cost to create an eWallet app like Zelle, a well-designed user experience will require more investment but pay off in customer satisfaction.

How to Develop an App like Zelle?

Having already covered the cost to develop an eWallet app like Zelle and the factors that influence it.

Let’s now dive into the process of building an app like Zelle and explore how each step impacts the overall cost.

1. Define Your App Concept and Features

Before jumping into coding, you need a solid plan.

What are the challenges of such an eWallet app ? What features will you offer? Think about peer-to-peer transfers, security features, integration with banks, and even a mobile wallet.

This factor can be 5% to 10% of the total cost to make an app like Zelle.

Planning this phase is important, and it’s important to align your features with what your target audience needs.

2. UI/UX Design

User-friendly eWallet app design is key!

You want your app to be easy to navigate, clean, and intuitive. So, invest time in crafting a smooth user interface and experience that keeps your users engaged.

Talking about this, it can take 10% -15% of the total cost to create an app like Zelle.

A well-designed app will make all the difference in how users perceive and interact with your app.

3. Choose the Right Technology Stack

Moving forward, the eWallet technology stack is another factor to consider in how much does it cost to develop an eWallet app like Zelle, You’ll need back-end development (Servers, & databases,) and front-end Development. Choose an eWallet app tech stack that can scale as your app grows.

It takes 10%-15% of the overall budget.

This will ensure you have a strong foundation to build on and that your app runs smoothly.

4. Set Up Payment Gateway Integration

Since your app will be about sending money, you’ll need a reliable and secure payment gateway.

You may want to integrate existing services like ACH, wire transfers, or even crypto payments.

Approx cost is somewhere between 15% to 20% of your budget.

Without smooth payment processing, your app won’t function well, so this is a big investment in your development.

5. Build the App (Development Phase)

This is where the actual coding magic happens!

You’ll need to develop both the back end & front end (what users interact with). Think of this as the core of your app.

It can approx take 30%-40% of the total cost to make an app like Zelle.

This phase is one of the complex development processes which is why it takes the largest chunk of the money because it includes all the coding and functionality.

6. Test the App for Bugs

Testing is important, both for bugs & security.

Since you’re dealing with money, ensuring your app is secure is a top priority.

Hire developers from an expert mobile app development company who perform penetration testing, and make sure you’re compliant with industry standards.

10%-15% is what goes into this step.

Security breaches or bugs can cause you huge headaches down the road, so don’t cut back on this.

7. Launch Your App

Now, as soon as you’re ready with a final version of the app.

You should publish your app on the App Store and Google Play, and make sure it smoothly during the initial launch phase.

Be ready to handle user feedback and address any issues that pop up.

We can expect a cut of 5% of the total cost to build an app like Zelle.

The launch phase often has lower costs, but you’ll want to keep an eye on performance and user reviews to adjust as needed.

8. Post-Launch Support and Marketing

To make a successful app like Venmo or Zelle, you need to work on the support and maintenance of the app.

You’ll need not only solid marketing but also timely maintenance to reach the right audience with the right app.

Make sure to invest in ongoing app updates, bug fixes, and user support to keep things running smoothly.

You can somewhere expect 5% to 10% of the overall Zelle-like app development cost. A solid marketing plan will ensure you just don’t have an app, but a thriving user base.

How does a Zelle-like App Make Money?

That is a great question! Cost to build a peer-to-peer payment app like Zelle can be costly.

So, it is obvious to understand how a Zelle-like app can make amazing revenue. There are several ways you can monetize it.

Let’s get to know some top eWallet app monetization methods:

1. Transaction Fees

One most common revenue stream is charging a fee for instant transfers.

If users send money quickly (e.g. transferring funds immediately instead of waiting a few days), you can charge them a small fee.

How it works:

Your app could offer free standard transfers and charge a fee for premium services like instant money transfers or international payments.

Why it works:

People are often willing to pay a small fee for the convenience of getting their money faster.

2. Business Partnerships with Banks or Financial Institutions

Another way you can cover your Zelle-like app development cost and make money is through partnerships with banks or other financial institutions.

For example, banks might pay for the app’s integrations into their systems or to offer exclusive features to their customers.

How it works:

You could partner with banks to become the backbone of their P2P payment system, with them paying for the technology and user integrations.

Why it Works:

Banks are always looking for ways to offer customers easier, faster, and safer ways to send money.,

3. Charging Merchants for Payments

Merchants who accept payments via your app can be charged a small fee for each transaction.

This model is a popular choice to create an app like Cash App or Square, where businesses pay for the ability to accept card payments or online transfers.

How it works:

If users can pay for goods or services through your app, you can charge a fee per transaction for businesses that accept these payments.

Why it works:

Merchants will pay because they want an easy, secure way to receive payments. Plus. A large user base means more potential customers for them.

4. Offering Premium Features

A freemium model, something that is widely recognized.

Offer the basic app for free, but charge users for access to extra features.

This includes things like additional transaction limits, premium security features, or custom branding.

How it works:

Allow users to use the app for free but offer upgraded versions with perks like higher transfer limits, tracking, or other convenience features.

Why it works:

Some users are happy to pay for added benefits, especially if they use the service often.

5. Advertising Revenue

If your Zelle-like app has a large user base, you could generate income through ads.

This could be through different forms of ads, or collaborating with businesses who want to reach your audience.

How it works:

You could display ads within the app, or allow companies to advertise special deals to users based on their transaction habits.

Why it works:

Businesses may be willing to pay for ad space if you have a large active user base, making it a win-win.

How Techanic Infotech Helps You Build An App like Zelle?

As the digital payment market grows, opportunities that will attract innovative apps like Zelle skyrocket.

At Techanic Infotech, we develop secure, scalable, and feature-packed payment apps like Zelle.

Our expert team is equipped to design seamless, real-time money transfer solutions with powerful security and smooth bank integrations.

We work closely with you to pinpoint your app's differentiating features and amazing user experience. This is why we are considered a top eWallet app development company .

Let’s connect to make your idea a reality!

Conclusion

Making an app like Zelle requires a significant amount of money, around $50,000 to $140,000+, depending on its features and how complex it is.

Some of the big factors that underlie costs are security, compliance, the backend, bank integrations, and the options of platforms.

User interface design and ongoing maintenance are two things that cannot be ignored.

Having this information in mind and taking a well-planned approach could help you develop a secure, flawless, efficient eWallet app like Zelle that allows real-time money transfer.

As the use of digital payments rises, consulting seasoned developers would help, in turn, to transform your dream into a reality and thus be competitive in this field.