Want to establish yourself in the FinTech Marketplace? – You’re in the right place! To start your own online business, it is important to take ideas from a successful business. Here we’re going to learn how to build an online payment app like myFawry.
Let’s know about myFawry before we dive into details!
It is Egypt’s top platform for digital transformation and electronic payments. It provides financial services to individuals and businesses at more than 225,000 locations through a range of channels. In addition, Fawry provides payment gateways and e-commerce solutions in Egypt.
With its incredible capabilities, myFawry brand became the largest provider of financial services in Egypt.
In today’s guide, we’ll learn about the cost to build an online payment app like myFawry. Before we dive in, let’s take a look at facts regarding myFawry.
Facts and Statistics: myFawry
Fawry is an innovative electronic payment network that provides both consumers and companies with financial services.
- Launched in: 2008
- Founder: Ashraf Sabry
- Headquarters in: Cairo, Egypt
- Industry: FinTech
- Ownership: Private equity, public, venture capital
- Fawry’s Annual revenue: EGP 1,190.8 million
- Fawry’s total funding: $122 m
Now let’s get started with the top reasons why you should invest in a digital payment app like myFawry.
Why Should You Invest in an Online Payment App like myFawry?
For a number of reasons, investing in an online payment app like myFawry can be rewarding. Let’s check:
1.Growing Demand
According to the Statistics, the total transaction value in the Digital Payments market is projected to reach US$2,041.00bn in 2023.
Undoubtedly, the world is going digital. Consumers expect convenience and security in everything, including online payments. Therefore, providing online payment apps with amazing features will fulfill their needs and you may earn profit in this market.
2. Market Potential
According to statistics, it is estimated that more than 5 million users will be transacting with digital payment apps in 2026.
The online payment market is expanding rapidly and this is your opportunity to capture this portion of the market. Developing your super payment app like myFawry would increase your chances of growing in the FinTech market space.
3.Profitability
You’ll find many successful examples of online payment platforms including Stripe, PayPal, and myFawry. Developing an online payment app would help you gain substantial revenues and profits.
4. Global Reach
The global mobile payment market size was valued at $52.21 billion and is estimated to be $67.51 billion in 2023. So, it signifies that by developing a super app like myFawry, you can target audiences on a global scale.
Evidently, all these factors signify that the online payment market is booming in this digital world. Investing in an online payment app would definitely be worth your resources and time.
Must-Have Features for Online Payment Apps like myFawry
Want to make your app business a huge success? – Then make sure to incorporate amazing features in your online payment app like myFawry. Below, we’ve listed some must-have features that you should consider implementing in your app. Let’s learn:
1. Payment Gateway Integration
Payment processing is one of a mobile app like MyFawry’s most important features. Integration of payment gateways and adherence to financial regulations are crucial for building applications like MyFawry.
Note that the complexity and quantity of accepted payment methods influence how much it costs to integrate a payment gateway.
2. Subscription
When developing a payment platform like myFawry, it is crucial to make it simple for visitors to pay for club subscriptions. Members of the company’s contracts with more than 20 upscale clubs in Egypt can easily renew their dues by using the app.
3.Bill Payments/ Recharges
Users can easily pay their bill payments and recharge their phone, home Wi-Fi, and internet service with one click.
4. Utility Bills
myFawry has collaborated with various major power, gas, and water companies to make it simple for users to pay their bills using the app without wasting their time.
5. Donation
This feature allows users to donate to multiple charities. For instance, the donation feature in myFawry includes organizations, including Misr Elkheir, Egyptian Food Bank, Resala, and over 100 others.
6. Fraud Detection
Financial apps can instantly identify shady transactions with the help of advanced algorithms. It potentially helps to save their users from suffering significant losses. A proactive strategy like this ensures safety and security while reducing the risks associated with financial fraud.
7. International Currency Exchanges
Multiple currencies’ accessibility guarantees straightforward conversions at advantageous exchange rates. Moreover, users can save time by doing this instead of looking into more conventional choices like exchanging money at a bank or making withdrawals abroad.
8. Expenses Tracking
Having an expense tracking feature is a must in Fintech applications. It enables users to track down their expenses and upcoming payments. It helps users manage their finances effectively and make wise decisions.
9. 24/7 Customer Service
With the help of an AI-powered chat service, customers can easily connect with the company. They can find resolutions for their queries and concerts without any hassle.
Build an Online Payment App like myFawry: Step-by-Step Guide
Following, we’ve discussed the step-by-step process to develop an online payment app like myFawry. Let’s learn:
Step 1: Choose Platform
The first step is to select a platform to build an online payment app like myFawry. You’ve to choose to build an app for iOS, Android, or both. Remember that choosing a platform will also impact your development costs. If you’re building for both platforms – it will cost you more.
Step 2: Integrating Features and Functionalities
You must define features and functions that you’d want to integrate into your online payment app like myFawry. Some of the features offered by myFawry app include utility payment, mobile recharge, money transfers mobile & electricity bills, spending tracking, and more.
Considering that you can choose the features that you’d want to incorporate into your mobile app. If you want more advanced features in your app, then the cost will increase.
Step 3: Choosing the Tech Stack
Want to have a strong foundation for your online payment app? – Then choosing the right tech stack is highly crucial for your business.
Factors such as languages, frameworks to programming tools will impact your app in terms of – development speed, scalability, and maintenance costs.
We’ve listed some of the common tech stacks. Take a look:
Note that the cost to build an online payment app will increase with the advanced tech stack and vice versa.
Step 4: Designing and Development
The design (UI/UX) phase is another important aspect of online payment app development. If you want to attract users to your app, then you must have an engaging, accessible, intuitive user interface, and user-friendly design. Having all these elements along with deployed servers and third-party APIs will offer a top-notch user experience.
Depending on the complexity of your fintech app, you can start the development process. You must build scalable and reliable backend development to efficiently manage users and secure transactions. Develop a secure server architecture for encryption, data storage, communication between internal and external services, and more.
Hiring experienced Fintech app developers will help you to stay ahead of the competition in the market.
Step 5: Testing and Launching
It is highly important to use manual and automated tests to thoroughly assess the security, usability, and functionality of your fintech app. It will help to spot any issues or problems as soon as feasible.
Once you’ve tested your app, then you can launch it. However, even after its launch – it is crucial to maintain and support the system by fixing bugs, errors, and other issues.
Cost to Build an Online Payment App like myFawry
Developing an online payment app like myFawry depends on various factors. These factors include the project’s complexity, features/ functionalities, tech stack, UI/UX design, and much more.
If we talk about basic app development, it will cost around $20,000 to $40,000. However, the rates would increase with an advanced version that would cost around $80,000 or above. For instance, if you want to develop a more complex FinTech app, then the costs will increase.
For marketing, it completely depends on strategy so the cost varies. The same goes for legal and compliance factors. Get in touch with Apptunix, the best fintech app development company to stay ahead of the competition.
Note:
If you want to look for affordable options, then go for the MVP (Minimum Viable Product) option. Here you’ll get basic features that are enough to launch the app in the market. It will help you to save money, time, and also test the waters that would go well with the users.
Once you’ve analyzed the market, and target audience, and spotted weak points – you can reach out to potential investors and obtain funding for your FinTech app development.
After MVP launch, when you have first advertised your product and gotten early feedback, the process’s final step entails continuing development. Remember that frequent updates and upgrades from your end are required for every software, especially FinTech.
Consider how you might incorporate user feedback into the app once you start receiving it. Keep your team connected and ready to engage with your early clients so that you can maintain a vice-like grip on them.
Final Thoughts
To develop myfawry-like online payment platform, you need to consider all the above-mentioned factors. It may seem like an easy process to implement, however, you need the assistance of the top developers and team.
Having the right team by your side like Apptunix will help you to understand the competitive market before you dive in. From building an online payment app from scratch to deploying – Apptunix will help you at every stage.
Once you’ve obtained a clear understanding and challenges with the help of Apptunix assistance– you’re ready to set foot in the business market.
