How Much Does It Cost to Build an App Like Venmo in the USA?

Introduction: Peer-to-Peer Payment App Frenzy

The payments sector is witnessing a frenzied wave of growth, and peer-to-peer (P2P) payment apps like Venmo are leading the charge. Money transfer in real-time, bill splitting, and bank linking have made these apps indispensable.
Statista reports the worth of transactions conducted online alone in the United States will be more than $3.5 trillion by 2025 with P2P payments playing a central role. Increased adoption of cashless transactions has opened up promising prospects for companies willing to take advantage of this market.
If you are willing to develop a Venmo-like app, then you should know the cost, features, and strategy. In this blog, we will uncover the secret of the cost, key drivers for the cost, and how to develop a competitor P2P payment app.

Who Dominates the P2P Payment Market?

PayPal-owned Venmo dominates the P2P payment market. But it has competitors in apps like:

• Cash App (Square Inc.) – Enables transfer of money immediately and buying and selling of Bitcoin.
• Zelle – Supported by large U.S. banks with bank-to-bank direct transfer.
• PayPal – Global market leader in online payment, enhancing security and business features.
• Google Pay & Apple Pay – Integrated into their ecosystem, making paying central. These entrants keep on innovating, and the new market entrants need to bring in new abilities and low-cost offerings if they want to capture the market share.

Must-Have Features of a Venmo-Like App

Creation of a Venmo-like app is a mix of required payment and convenience features.

• User Side Features
• User Registration & Authentication
• Bank Account & Card Support
• Instant Money Transfers
• Bill Split
• QR Code Payment

For a deeper dive into this topic, check out the full article here: Cost to Build an App Like Venmo