To create a cashless economy, the UAE is currently working toward digitization. The innovative mobile payment apps are encouraging digital transactions by incorporating user-friendly features. Anywhere you go, you might encounter a payment app option for cashless money transfer. People from little street vendors to large corporations are more often choosing mobile payments. As a result, the need for Payment App Development in UAE is growing at a breakneck rate. Neopay is a payment app in UAE that offers safe, prompt payments to business owners for their operations. Users benefit greatly from this payment app as they can transfer money more simply. If you want to build a payment app like Neopay, you need to have an idea about the estimated cost of developing an app like Neopay and hire a reputed payment app development company to design it well.
What is Neopay?
Neopay is a newly launched electronic currency solution in the UAE that boosts up the payment app development trends in the Gulf countries. Neopay was founded in 2008 in the European region and the US. But, in 2022, Mashreq Bank of the UAE introduced Neopay, the paytech subsidiary app that will use point-of-sale (POS) inventory, processing switches, and card processing and merchant acquiring systems to simplify the payment process for consumers and businesses. It meets the demand of, medium, and large enterprises by providing attractive deals, simple API integration and excellent service of instant payment through the app.
Neopay creates an edge in the payment app development industry by facilitating UPI-based payment in the Gulf nation for Indian travellers. The International arm NPCL of the National Payment Corporation of India (NPCI) has collaborated with Neopay of Mashreq bank to enable BHIM UPI payment through Neopay across the UAE. This collaboration provides huge benefits to the Indians as they can make seamless transactions in Dubai and all over the UAE by using Neopay.
If this feature of Neopay prompting you to invest in payment app development, you must hire a leading payment app development company UAE that will create a payment app like Neopay and give straight forward estimation of the cost of developing an app like Neopay.
The market size of the Payment app:
According to projections, the market for mobile payments apps would increase by USD 11.83 trillion in 2028 from USD 1.97 trillion which was valued in 2021 if it is expanding at a CAGR of 29.1% from 2021 to 2028. The way digitalization of businesses is growing and people are becoming dependent on mobile apps for shopping and every necessary service; the payment app will generate huge revenue in recent future. Hence, investing in payment app development could be a wise decision for your business.
Why Neopay is so popular in UAE?
As you want to build Neopay like app and are interested to analyse the Cost Of Developing An App , you need to know how it becomes a popular payment app in Dubai. The popularity of Neopay prompts many startups to go for payment app development. Neopay provides certain services in a seamless way that engages people more in this app for any type of payment and the services are as follows.
1. Neopay provides PIS (payment initiation service) that allows the authorization of payment of the payers from their bank account to the recipient’s bank account through the internet banking system and transfers the transaction.
2. It allows bulk payment (up to 100 payments) by single payment confirmation from the payers’ bank account.
3. This payment app provides transaction statistics on the personal dashboard of customers to track payments.
4. Neopay provides an active payment link to its customers to collect payment from others at their bank account. Customers can share their payment link with a fixed amount of payment via social media or Email.
5. Recently, Neopay supports the BHIM UPI payment service that gives facility to the Indian tourists to make a transaction in the UAE through the mobile payment system.
Key features require for payment app development:
The features of a mobile application directly impact the cost to make app development. Hence, we need to know the must-have features for payment app development. Any leading payment app development company estimates the cost of developing an app like Neopay based on the added features and functionalities. However, the key features of any app are as follows.
1. Easy account registration:
Users can easily register their bank account by providing a phone number linked with a bank account or debit/credit card or bank details without paying any hidden charges.
2. Seamless transaction:
Fast and seamless money transfer i.e. within a second from the payer’s account to the recipient’s bank account or mobile wallet is the main feature of any payment app development. Cloud-based technology transforms the smartphone into a digital wallet and provides instant transactions of money with a single finger tap at POS (Point Of Sale).
3. Contactless technology:
Near-field communication (NFC) or QR-code scanning helps the merchant to collect payment from the payers to their mobile wallet or bank account without any contact and sharing a phone number.
This is the most important feature for payment app development. A plethora of robust technologies like password protection, biometrics, tokenization, and security questions Mobile wallets can be secured with, such as passwords, out-of-band authentication, one-time password (OTP) via SMS and point-to-point encryption secure the transaction and mobile wallet from malware and other cyber scams.
5. Bill Payment:
Users can easily pay their bills related to electricity, gas, mobile and more through the payment app. If you build the app from a reputed payment app development company UAE, it can add the features of booking flights, rail tickets and many other booking options. It can also add an auto-payment option for on-time payments.
6. Data Sync:
A payment app synchronizes the data of users’ bank details, credit/debit card details, and passwords in a single application. Hence, users can recover their data whenever they change devices or in any need.
7. Payment tracking:
Sending notifications about payments received and sent helps the users to track their payments. Apart from that, the payment history feature for payment app development is also helpful for tracking payments. The analytical dashboard lets the users view and analyze their financial operations via statistical diagrams and figures.
8. Currency conversion:
It is an advanced feature of Payment App Development that a top-notch payment app development company can add to your app based on your requirement. Neopay has recently supported BHIM UPI payments that enable an automated Indian currency conversion within the UAE to help Indian Tourists.
This is an AI and NLP- based advanced feature for payment app development that communicate with the customer without human interference to improve the 24*7 customer support system and user engagement. Once you have hired a top-rated payment app development company UAE, it can add this feature to your app innovatively.
10. Interactive UI/UX design:
A simple, appealing and user-friendly UI/UX design plays an important role in better user engagement and increases the readability of the app. A renowned Payment App Development Company spends lots of breath designing an interactive interface for your app.
Estimated cost of developing an app like Neopay:
The cost to make app development depends upon several factors like the complexity of the app, developers’ rate, development time, app platforms and more. Considering those factors, any leading payment app development company UAE can give you the estimated cost of developing an app like Neopay is around USD 10-40k for a medium complexity app in one platform. If you add more advanced features with technology for your payment app development the range can increase more.
The more people will be dependent on a mobile app for any service and shopping, the trends of payment app development will grow as the digital money transfer rate will be high with that. Hence, if you have a plan for developing a payment app, the analysis of the cost of developing an app like Neopay will help you to understand the payment app development process. You, just need to hire a top-notch payment app development company UAE that can design a profit-driven and better-performing app for you in a cost-effective way.