Step-by-Step Guide to Develop a P2P Payment App Like Cash App

How To Develop A P2P Payment App Like Cash
App? - A Step-by-Step Guide
If you are thinking of building an app like Cash app, you are making a good move.
Why?
In 2022, the Cash app generated $10.63 Billion in business revenue, which is one of the
highest values among other popular apps like Apple Pay, Google Pay, and PayPal.
This is because the mobile payment service market has grown tremendously in the past few
years. Consumers today mostly prefer paying through online or mobile payment apps due to
cost and time efficiency.
According to the latest market reports, the total value of mobile payment transactions
crossed $1.7 Billion in 2021 at a 27% annual increment. The global mobile payment market
size was recorded at $2,375 Billion in 2021 which is now projected to reach $25,536 Billion
at a CAGR of 30.2% during 202-2030. (Source: Straits Research)
Therefore, developing a payment app like Cash is the hottest trend in the mobile app
development market, especially in the fintech sector. Many fintech sectors choose the Cash
app model to build a payment app that offers multi-payment facilities to users.
Being a leading fintech app development company, we know how much the demand for
mobile and P2P payment apps is growing. Hence, if you are also planning to launch your

own app like Cash, here we will guide you on how to develop a payment app like Cash app
successfully.
So let's dive into
What is the Cash App?
It is a P2P (peer-to-peer) mobile payment service application built by Square Inc. This app
allows users to transfer or receive money on their bank accounts or wallets directly. It is
available on both Google Play and Apple App Store. Cash App provides a variety of services
like P2P payment transfer, buying and selling cryptocurrency, crypto trading, share utilities,
split cost, and more.
This app was launched by two entrepreneurs Jack Dorsey and Jim McKelvey in 2009. Cash
app works as a free mobile application to enable users to safely and quickly send or receive
money and do more with their money.
What Features Make Cash App a Leading Payment App in the
Market?
Cash app is very popular among users and the mobile payment market. This app not only
provides fast and secure P2P money transfer but also additional facilities that users look for.
The cash app is built with modern technology to offer amazing features that make the
payment process smoother and more engaging.
With the Cash app, users can do many things such as invest in stocks, crypto trading, P2P
payment, and more. The cash app offers a seamless mobile payment experience. Therefore,
it has acquired a wide user base and an extensive share of the market. Here are the current
statistics of the Cash App that will give an overview of its market dominance
1. In 2022, the Cash app produced $10.6 Billion in revenue and a net profit of $2.95
Billion.
2. This app has 51 million active users in 2022
3. Maximum users of the Cash app are in the USA
4. 76% of Cash app revenue comes from Bitcoin trading
(Source: Business of Apps)
So, seeing these statistics, it is evident how large a market share the Cash app holds in the
industry. After the world's top payment apps like Apple Pay, Google Pay, and PayPal, it is
counted among the top-ranked apps. This is because of the prominent features that the
Cash app offers to its users-

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Activity Tracking
Customizable Branding
Compatible With Bitcoin
Stock investment
SSL Security
Multi-Currency
Authentication
Electronic Payments
Receive Cash Bonus For Referrals
Secure Data Storage
P2P Payments
Allows Users To Invest
Customer Accounts
Mobile Access
Customer Help
Remote Deposit
Optional Free Debit Card
Save Money With Cash Boosts
Why Should You Build An App Like Cash App?
In the current digital age, people mostly prefer using apps and digital mediums for financial
activities. Today, the fintech sector is experiencing unprecedented growth. Mobile payments,
e-wallets, cashless transactions, and easily accessible investment and financial services are
in great demand. Therefore, the popularity of apps like Cash and other mobile payment apps
is booming.
This app offers a broad range of exciting features and financial services. It enables users to
take full advantage of modern financial technology on the go. As a result, users find these
apps highly useful and cost-efficient. So, when you ask why you should invest in mobile
payment app development like Cash App, here are the prominent reasons
1. High Growth In Mobile Payment & Online Transactions
Digital transformation and mobile payment technology have revolutionized the way people
deal with money and cash. People feel more comfortable and safe with online payment since
it offers better privacy and security. Through mobile apps, consumers get faster and easier
accessibility to financial services. As a result, the growth mobile and digital payment market
is increasing significantly. Therefore, the demand for apps like Cash App, Venmo, Zelle,
Apple Pay, and Samsung Pay is increasing. So, developing an app like Cash App is certainly
a future-proof idea.
2. Booming Fintech Industry
The fintech industry is booming. People today are highly interested in using a variety of
financial apps. Especially, mobile apps that offer seamless online payment facilities along
with investment opportunities. Therefore, businesses invest in various app development
services like e-wallet app development, mobile payment app development, P2P payment

app development, etc. And Cash app is among the top choices for fintech startups to
establish their venture in the fintech sector.
3. High Revenue Potential
Mobile payment apps have high revenue generation potential. There are many other kinds of
apps that businesses can develop. Creating a mobile payment fintech app gives a better
opportunity to make higher business profits. If you look at the recent market data, payment
apps have attained revenues in billion-dollar figures. As told before, the Cash app generated
$2 Billion in revenue last year. Thus, if you develop a payment app like Cash, you have great
potential to earn profits in billions of dollars.
Cash App Annual Revenue 2018 to 2022 ($bn)
Year
Revenue ($bn)
2018 0.4
2019 1.3
2020 5.9
2021 12.3
2022 10.63
4. Wide Financial Inclusion
Investing in mobile payment app development like the Cash app not only benefits the
stakeholders but the customers also. Apps like the Cash app bridge the financial inclusion
gap by offering widely accessible financial services to the mass population. Traditional
banking and financial services take considerable cost and time. As a result, many sections of
society or the population are deprived of leveraging the benefits.
But with mobile payment apps, they get access to a wide range of financial services. People
can avail the full benefits of banking, digital payment, investment, and other financial
services from anywhere with just a click. Cash App is one the best examples that has proven
a good financial inclusion by offering many additional services on mobile devices, making
financial services more affordable and accessible to all.
Step-By-Step Process to Develop a Payment App Like Cash
App
Building a payment app like Cash app is a complex process. It requires in-depth research
and integration of various technologies and compliances. You will need good expertise and
guidance at different stages to create similar features to the Cash app. Here are the steps to
build a payment app like Cash app-

1. Do In-depth Market Research and Planning
The mobile payment service market is one of the significant segments of the fintech industry.
This sector involves various financial services like mobile payment, P2P payment, mobile
wallet, crypto trading, stock investment, and more.
There are many payment apps other than Cash that offer similar and additional financial
services apart from mobile payment. Hence, before you delve into the mobile app
development process, the first step is to define your niche and business goal. You have to
conduct in-depth market research and properly define
1. What is your app goal?
2. Who is your target audience?
3. What financial services you would offer?
4. Is your app a clone of Cash?
2. Build a Competitor Strategy
This is something very crucial and important. Since here you are solely focusing on creating
an app like Cash you are going to compete not only with this app but with other similar

payment apps also. The Cash app is only available in US and UK. Hence, if your app's
target audience is also from the US and UK, then you certainly need a dedicated competitor
strategy as to how would your app stand out among already successful apps.
However, if you are launching the app outside of the US and UK, things might be easier for
you. But today, every market region is filled with apps like Cash. Therefore, you have to
create a strategic P2P payment app development plan in the very beginning stage.
Top Payment Apps in the USA
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Apple Pay
Google Pay
PayPal
Cash App
Venmo
Zelle
Samsung Pay
3. Choose the Tech Stack for Payment App Development
Once you have prepared your development strategy, it's time to select the technology stack.
There are several tools and frameworks available. Based on your app development
requirements, you have to choose the suitable tech stack for building an app like Cash App.
While the selection depends on various factors such as OS platform, type of app, features,
etc., however, below are listed technologies and frameworks that could be used for
developing payment apps like Cash app.
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Frontend development frameworks: Android SDK for Android, iOS SDK for iOS
Programming languages: Java and Kotlin for Android, Swift for iOS
UI/UX Design: Adobe XD, Figma, Sketch
Backend development frameworks: Node.js Express.js, Django,
Database: PostgreSQL, MySQL, NoSQL
Server hosting: AWS, Google Cloud Platform (GCP), Azure
Cryptocurrency Integration (if applicable): Cryptocurrency APIs like Coinbase or
Binance
Cloud Services: AWS (EC2), CDNs like Cloudflare or Amazon CloudFront
4. Hire a Dedicated Mobile App Development Company
App development like Cash app is a high-level process. You will need expert technical
assistance to build a full-fledged app. Therefore, you have to hire a dedicated mobile app
development company that specializes in creating mobile payments. You can outsource your
project to them and share your requirements. And based on this, they will turn your vision
into reality.

5. Ensure Legal Compliance
There are certain data regulations and compliance policies that payment apps need to
comply with. Before you launch your app, it is very critical to ensure your app also abide by
all the laws and compliances. Ensuring these companies not only protect your app from legal
restrictions but also establish trust and credibility among the audience. Therefore, this step is
extremely important. Below are some of the popular companies that a P2P payment app
must follow-
1. Federal Trade Commission (FTC) in the USA
2. Anti-Money Laundering (AML)
3. General Data Protection Regulation (GDPR) in Europe
4. California Consumer Privacy Act (CCPA) in the USA
5. EFTA (Electronic Fund Transfer Act)
How Much Does it Cost to Build an App Like Cash App?
The cost to develop a P2P payment app like Cash App might fall between $50,000-$70,000.
However, this cost might vary depending on various factors. The Cash App has been built
with a native development approach. It means they deployed platform-specific resources for
app development. As a result, the cost is relatively higher. However, if you are developing
the app with a cross-platform development approach then the cost will be low. Hence, it is
better to get clear with your requirements and then get an exact cost estimation.
Wrapping Up
In the current digital-driven age, consumers are increasingly adopting mobile apps for money
transfers and making online payments. Cash App is one of the top successful payment apps
that has established its market dominance by offering a great mobile payment facility along
with additional benefits.
Therefore, building an app like Cash app is undoubtedly rewarding and future-proof.
However, since it requires high technical expertise, it is wise to consult a professional app
development company that can assist you in building a full-fledged app like Cash App.

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