Investing in Fintech app development is definitely the right decision you could make. Fintech has grown in tandem with the global trend toward digital commerce. Fintech's primary goal is to replace manual financial processes with automated ones. This includes everything, including bankless money transfers and processing payments for new businesses.
In this guide, we'll cover the foundations of Fintech app development and walk you through the process of getting started where we will cover various segments such as features & functionalities, cost, and more.
Let’s get started with the best 5 Fintech apps in the Middle East. Let’s dive in.
Here, we’ve listed the best 5 Fintech apps in the Middle East. Let’s know about them:
MyFawry is the #1 digital payment app in Egypt. It provides financial services to individuals and companies in more than 225,000 locations through a number of channels. Additionally, it offers e-commerce solutions and payment gateways in Egypt. Users can easily download the app on the Google Play Store and iPhone App Store.
Amazing Features of MyFawry Fintech App
Want to build a FinTech app like MyFawry? – Read the different features & functionalities, estimated costs, and other factors in this comprehensive guide.
One of the most popular Fintech apps – Tabby – offers convenience to users regarding buy-now-pay-later services. Here customers can pay for their purchases via online or offline mode either in full payment or later with numerous EMIs.
Also, customers may divide their purchases into four interest-free installments without any additional fees or interest. This process doesn’t require any prepaid top-ups or fees. Customers can quickly add their Tabby card to their preferred digital wallet by tapping their phone at the checkout.
Many top brands support the Tabby Fintech app because of its amazing user-friendly, and innovative solutions.
Amazing Features of Tabby Fintech App
Al Ansari is the second-largest Fintech mobile app in the UAE. With cutting-edge technology and amazing user-friendly features – Al Ansari offers safe, secure, and convenient Fintech services to users. Interestingly, it is recognized as the most downloaded mobile Fintech app, with over 900,000 active users.
Amazing Features of the Al Ansari Fintech App
The Al Mulla exchange app is another of the best Fintech mobile apps in the Middle East.
According to the company's most recent estimates, the program has currently been downloaded 340,000 times from app stores for Android, iPhone, and Huawei. Al Mulla Exchange, the company's mobile Fintech service, says that over $1 billion has already been exchanged securely using it.
Amazing Features of the Al Mulla Exchange Fintech App
Launched in 2017, Pyypl (also pronounced as people) is a Fintech mobile application. Pyypl's main goal is to make people's financial lives easier by creating user-friendly products.
It offers cutting-edge technology driven by the notion that everyone deserves financial services that are more secure, efficient, and intelligent than using traditional money in a world that is fast going digital. Users may securely and affordably access all required financial services directly from their telephones.
This app is 100% digital, with no requirements for paperwork.
Moreover, users don’t have to have a bank account, no minimum salary, no minimum balance, no post-dated cheques, and no branch visits.
Amazing Features of the Pyypl Fintech App
Now, as we’ve read about the top 5 Fintech apps, let’s get started with three reasons why you must invest in a Fintech app.
Following, we’ve listed 3 major reasons why you should invest and build a Fintech app. Let’s learn.
As technology evolves, the rise of digital banking is also rapidly growing.
Look at the stats: Globally, 2.5 billion people currently use digital financial services. According to a survey by UK-based research company Juniper Research, 53% of the world's population will have access to digital banking by 2026.
Evidently, it signifies that the digital banking market is continuously growing, which makes it perfect for entrepreneurs to target this sector and build fintech app.
Nowadays, people have easy access to smartphones, and the number of users is rapidly increasing.
By 2028, there will be almost 797 million smartphone subscribers in the Middle East and North Africa, predicts Statista. In the Middle East and North Africa, there were approximately 559 million smartphone subscribers as of 2022.
If you want to target a global audience – then it is best to build a Fintech app and target users on a global scale.
Fintech applications leverage blockchain to create a secure environment for conducting business.
40% of businesses providing financial services think blockchain technology will change the way services are provided.
The majority of people are becoming aware of blockchain technology and cryptocurrencies. Undoubtedly, blockchain technology is expected to have applications across a variety of industries. Healthcare, insurance, real estate, and finance are just a few of the businesses. And all of these sectors would require Fintech applications to fulfill their purpose.
Following, we’ve listed some important features and functionalities that you can incorporate into your Fintech app development.
Following, we’ve discussed a step-by-step guide to building a Fintech app for your business. Let’s check:
The first and most important step in creating a Fintech mobile app is strategic planning. Fintech developers start with a map outlining their approach with complete features and interface design. The overall structure and all of the elements of the MVP development services should also be made very clear.
If you want a successful Fintech app, you must incorporate amazing features and functionalities in your Fintech app. These features include budgeting, bill tracking, fraud detection, international currency exchange, and more.
Taking into account that you can pick the features you wish to include in your mobile app. The cost will go up if you want your app to have more advanced features.
Here’s when UI/UX designers must step up. This is another crucial step in the development of an online payment app. You need a user-friendly design, a compelling user interface, accessibility, and an intuitive design if you want people to download your app.
A superior user experience will be provided by having all these components coupled with deployed servers and third-party APIs.
Having a strong tech stack will create a foundation for your Fintech mobile app. Therefore, it is important to choose the right tech stack. Following, we’ve listed some important tech stacks for your Fintech app. Let’s learn:
Get in touch with Apptunix experts to have the right tech stack for your Fintech app.
Testing is the last stage to be taken into account before you launch the Fintech app. Use automated and manual testing techniques to thoroughly assess the usability, operation, and security of your Fintech app. It will be advantageous to identify any errors, lagging issues, or other concerns as soon as you can.
Once you’re satisfied with the testing process, you are ready to launch your fintech app in the market.
Note: You can opt for Minimum Viable Product (MVP) once your detailed plan is outlined and the product is ready with minimal features. You can launch it in the market, and once you get the idea of customers and other factors – you can go for a full development process with advanced features, better user experience, and other factors. Reach out to investors for funding.
The development of a Fintech app depends on the features, tech stack, and complexity that you want to incorporate into your app. If we talk about the estimated cost to build a Fintech app – it can be as low as $25,000 or as high as $50,000. However, if you want to incorporate advanced features and functionality, then the cost would be $80,000 or more.
It's important to remember that to build a Fintech app only accounts for a small fraction of the overall cost. Additional costs like customer service, marketing, and ongoing maintenance and updates should also be considered.
Of course, Fintech app development comes with various challenges. However, if you have the right resources and support for the team, you will take your business to the next level.
For that, make sure that you get in touch with the right mobile app development company like Apptunix. A dedicated team of designers and developers will help to align your vision and goals with the Fintech app development process. Therefore, make sure to choose the right steps that will help you kickstart your business and stay ahead of the finance market competition.
Q 1.How long will it take to develop a Fintech app?
To build a Fintech app depends on how big and complex the project is. An app with basic functionality may often be built in two to three months, but more complex apps might take up to six months to complete.
However, the time to build a Fintech app is greatly influenced by the number of technological stacks being used, features and integrations, the requirements for the user interface design, and the testing procedure. A development team with experience and knowledge in creating financial applications also aids in accelerating the process
Q 2.How can I make money from my Fintech app?
Following, we’ve discussed several monetization techniques you can implement in your Fintech app development:
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