From Steps to Cost- Learn How to Develop An App Like PayIt

The people of the UAE are rapidly shifting to cashless transactions, following the government’s aim to build a cashless economy. The fintech industry is growing like wildfire, and with each passing year, it is getting smarter.

The statistics support the above statement:

• More than 90% of residents of the UAE are using digital payments for their day-to-day use.
• The use of mobile wallets in the UAE has seen a 35% growth every year.

This encouraged more businesses in Dubai to join the fintech revolution and invest in developing apps like PayIt. You can also join this rapidly growing fintech industry by offering a faster and secure e-wallet app like PayIt.

Eager to know how to develop an app like PayIt? You are at the right place, we got you covered with everything from the cost of development to its steps.

If you don’t want to miss this opportunity to learn everything about e-wallet app development, get into the details of this article.

What is the PayIt App?

PayIt is a feature-rich digital wallet that makes making any payment from anywhere easy. It is Dubai’s first digital bank, launched in association with First Abu Dhabi Bank (FAB) to move towards a cashless economy.

Whether your electric bill is due or the EMI is due, or you just need to borrow money from the bank, the PayIt app is all you need. This e-wallet is the perfect partner for today’s busy adults; it lessens the hassle of juggling different websites.

PayIt allows you to send or receive money, shop online, split bills with friends, pay bills, and more. Users don’t need a traditional bank account to access the PayIt app; an Emirates ID and mobile number are enough.

The PayIt app allows for automatic payments from a bank account, and users can also schedule upcoming bills and receive rewards.

Whether you are moving to the UAE or are already a UAE resident, this app will make every transaction smooth, secure, and rewarding.

Key Stats of eWallet and Digital Payment Apps in the UAE Market

Before we get into the details of the digital wallet PayIt, how about knowing some statistics related to e-wallets in the UAE? Some of the important statistics of the e-wallet and digital payments app in the UAE have been covered below.

Understanding these statistics will help you know why you must develop an app like PayIt.

• The payment market size of the UAE will grow at the rate CAGR of 8% between 2025 to 2030 due to digital evolution, and the country is leaping towards a cashless economy.

• As per the reports in 2024, the payment market size in the UAE was valued at USD 18.7 billion, and by 2030, it was projected to reach USD 34.2 billion.

• As per the 2021 reports of the UAE Central Bank on payment systems in the last three years, the UAE has witnessed a 50% increase in digital transactions.
• The “Payment System Policy” of the UAE Central Bank plans for secure digital transformation and by 2025 to increase non-cash payments by 70%.
• As per the reports of Dubai Smart Government (2022), the Dubai Smart City Strategy aims to achieve 2025 100% of the government payments made digitally.
• More than 58% of the users in the UAE pay their bills through e-wallets, and mostly, about 55% of them use e-wallets for grocery shopping.

• By 2025, the UAE government is aiming towards 100% digitization for all services, including the payment system, as reported by the Abu Dhabi Digital Authority (2021).
• About two-thirds of the Gen Z population in the UAE are using digital wallets or e-wallets for their day-to-day transactions, from in-store payments to online shopping.

How does the PayIt App work?

Before you figure out how to develop an app like PayIt, you must know its working process. Below is the detailed breakdown for you to learn how PayIt works.

Let’s get started.

Step 1: Download and Sign up

• First of all, you need to download the PayIt app on your device from the Google Play Store for Android and the Apple app Store for iOS.
• After you finish downloading, open the app, then follow the onscreen instructions to create your account.

Step 2: Complete the KYC Process

• Next, you need to register your account on PayIt. For that, sign up with your valid email ID or registered mobile number.
• Next, complete your KYC process, which is required to align with the set of financial rules and regulations.
• To complete your KYC process, you have to upload your Emirates ID, both front and back, add card information of a dedicated bank, and other required documents. You must add a high-quality selfie.
• Lastly, secure your PayIt app with a strong password.

Step 3: Start using the App

• After successfully setting up your PayIt e-wallet, it’s time to start using it for different cashless financial transactions.
• The app will allow you to make payments of toll fees, water bills, taxes, and other governmental & private transactions.

Features of the PayIt App

If you have decided to build an app like PayIt, that’s an amazing mobile app idea to step into the evolving industry of fintech and grow.

However, if you are stuck on how to develop an app like PayIt, understanding the features of this app will help you.

Let’s get to know the features of the e-wallet PayIt app.

1. Seamless Signup

Sign-up and login are the crucial features of the e-wallet app because this is the first step for users to access the app.

This process must not be complicated and can be done seamlessly following a few easy steps. The app has an additional layer of security with two-factor authentication.

2. Easy addition and Removal of Information

The e-wallet app PayIt allows users to easily add and remove personal information. With that, since it is a digital wallet, user must be able to connect their debit or credit card with the app.

This will allow users to make any digital financial transaction easily within the app.

3. History of Transaction Made

The PayIt digital wallet can show transaction history to its users. So, the users can keep track of all the financial transactions made right from the app, and they don’t need to go to the bank.

The history will show the date, time, and name of the merchant to whom the transaction is made.

4. Money Transfer

The PayIt e-wallet app allows its users to transfer money to other users and can also receive money from anywhere at any time.

This will reduce the hassle of cash transactions without any delay.

5. Pay bills and Recharge

The app makes it convenient for its users to pay their bills and recharge right from one place. Users can automate the bill payments and set reminders for the same, so no chance of missed payments.

This app will reduce the bounce rate of users by paying different governmental and non-governmental payments on time.

6. Scan and Pay

This app can easily scan QR codes from any place and make payments right away without wasting any time.

It has the feature to scan the merchant’s QR code, which redirects users to make payments with additional information. This makes the payment process faster and more secure.

7. Split Expenses

Going out with friends for dinner, this app will be a perfect payment partner since it can equally split the bill for users. Everyone can pay their respective bills at the same time with the PayIt app.

8. User Security

The PayIt can be locked and secured with a password, which is a crucial factor for any e-wallet app. With the rising hackers and cyber criminals, this feature makes PayIt a trustworthy partner for digital money transactions.

This and many more features are available on PayIt, so it is suggested to use the app for a better understanding.

If you wish to create an app like PayIt, it is best to delegate it to an expert. It is highly recommended to hire mobile App Developers in Dubai if you want successful results in less time.

Steps to Create an App Like PayIt

If you are eager to know how to develop an app like PayIt, then the wait is over. We have discussed the whole process of app development that a fintech app development company in Dubai follows.

Let’s learn it together.

Step 1: Start with Market Research

Thorough market research about the PayIt wallet app must be done before you get into developing a similar app.

You must have a good understanding of the market around the e-wallet app like PayIt, and also about its functions. Part of your research must include the competitors of PayIt and the app itself; only then can you create a more robust app.

Learn about user expectations and look for the gaps that may cause dissatisfaction. You must make an app like PayIt with the vision to fill those gaps, and your e-wallet app should have unique selling points.

Step 2: Team of Developers

After the market understanding, you will start developing your app, for which you need a team of expert developers. For PayIt-like app development, you need a full team of developers, testers, project managers, UI designers, and others.

Each members of the team are connected and must back each other to develop an excellent app like PayIt. You can set up an in-house development team, but it is best to hire a mobile app developer in Dubai. It will be a cost-effective and time-saving idea for any business.

Step 3: UI/UX Design

Start with designing an app like PayIt. You have to create a wireframe and prototype that match the UI (user interface) and UX (user experience) of an e-wallet app. Wireframe ensures your app matches the interface of the PayIt app.

On the other hand, prototypes help you to maintain the look of the final product and must be interactive. UX is the crucial phase in the app development process because it maintains the feel and look of the e-wallet and also its functionality.

Step 4: Features and Security Measures

After the design of the app, the next step is to add the robust features and API of the e-wallet app like PayIt. You should also ensure the security measures of the app so that it can protect the sensitive information of the users.

Incorporate strong authentication with MFA or multi-factor authentication, biometric authentication, and password protection. Use strong encryption algorithms to keep sensitive data like personal information, passwords, and other confidential.

Step 5: Quality Assurance

When you are done developing your app, testing is required so that you can identify bugs and glitches that must be fixed in time.

Also, to ensure your app is working correctly, like PayIt, without any issues. Testing and quality assurance are vital parts of app development as they verify that the app will offer satisfactory results to the users.

For this, you have to coordinate with the QA and testing team for manual checkups and automatic testing to validate that it is working perfectly.

Step 6: Launch the App

If you find the app is working sound and secure, the next step is to launch the app on the app stores like Google and Apple.

You should launch your app on the App Store following the respective guidelines and ensure it gets approved on the first go.

Don’t dodge the marketing part; you should start promoting the app beforehand to attract the target audience. Showcase the features of your app that are unique from PayIt and other similar e-wallet apps.

Step 7: Post Maintenance and Updates

Your work doesn’t end after launching the app; it is better to say you have to keep working so that the app keeps functioning properly.

That is why post-maintenance is crucial, in which you have to keep monitoring the app using different KPIs. Keep the app updated with the latest security patch, new version, design, features, functionalities, and more.

Related Read: How to Build a Mobile App in Dubai?

Cost to Build an App Like PayIt

If you are planning to develop an app like PayIt, then you must know how much it will cost you. The development process goes through multiple steps, and each one is crucial and cannot be skipped, which decides its cost.

The cost to build an app like PayIt ranges from $30,000 to $250,000, approximately. Various factors decide the cost to create an eWallet app, which include backend development, UI/UX designs, security features, and others.

Sometimes, this average cost can fluctuate depending on the technology you wish to include. There are multiple price ranges available for developing different types of e-wallet apps. The ultimate cost depends on the efforts made to create an app like PayIt.

The price structure is prepared upon looking into the complexity, the technology used, and the type of customisation a business wants.

You should know that the overall cost of developing an app also includes post-maintenance and support.

Factors that affect the Cost to Develop an App Like PayIt

If you are questioning the factors that decide the cost of developing an app like PayIt, there are several on the list that have a significant impact.

Let’s look into the top factors that we have broken down below.

➔ Complexity and Functionality

The more complex the design of the app, the more its development cost will be. If you are creating an e-wallet app with complex designs, integrations, and algorithms, it will take more time, which means additional charges.

If you want to develop a fully functional app, eventually, its development cost will increase.

➔ Platform Choice

Apps are created for both iOS and Android systems, and their development team and resources are different, leading to different costs.

If you are opting for native app development, it will cost more, but cross-platform app development is a cost-effective choice.

➔ Technological Complexity

Technical complexity also affects the cost of developing an app like PayIt, which includes the choice of programming language.

The overall development cost varied depending on the maintenance service, database, and APIs.

If you want to incorporate other complex features like a payment gateway, social media platforms, and others, it will increase the development cost.

➔ Location and Development Team

The type of teams and location of the app development company affect the development cost.

A team of highly skilled and experienced developers & designers who hold expertise in app development charges higher.

Location also matters for app development cost. Middle Eastern countries like the UAE have lower app development charges compared to Western countries.

How to Make Money with an App Like PayIt?

Digital wallets like the PayIt app can help you make money from every digital transaction, whether governmental or private. We have listed the ways individuals can monetise from mobile apps like PayIt.

Let’s have a look at them.

♦ Processing Fees

Minimum charges are applied to users’ transactions using an e-wallet; these are called processing fees.

Whenever users pay for government services like taxes, utility bills, and permits with the PayIt app, a percentage or a fixed amount is charged.

♦ Government Contracts

With the aim of digitizing payment processing and the administrative workflow, PayIt has partnered with many government agencies.

PayIt offers a SaaS based solution to government agencies that helps in streamlining their operations and makes their public services more efficient. Offering services to government agencies, PayIt earns a good amount of money.

♦ Get Funding

PayIt has earned $247 million in funding from top investors like Macquarie Group and others. This has helped the app to enhance itself by expanding services and gain a good reputation in the digital payment landscape of the UAE Government.

♦ VAS- Value Added Services

Other than online transactions, the e-wallet app PayIt also provides some premium services that charge extra fees.

These premium services include real-time payment data, automatic compliance reports, and advanced integration with the legal system.

These premium services have helped government agencies to automate their processes and align with regulatory compliance.

How Can Nimble AppGenie Help Create an App Like PayIt?

By now, you have got the answer to your question on how to develop an app like PayIt. However, if you are in search of an eWallet app development company in Dubai, then Nimble AppGenie is the leading choice.

Wondering what makes us the best?

Our commitment to providing you with quality service makes us the top choice of the audience. We have a team of skilled professional developers and designers who are always ready to assist you with your requirements.

We analyse the market and the types of features you need to develop an excellent app for different niches. Our service is not limited to development; we are ready to serve you even with the maintenance post-development.

Conclusion

Hoping into this article with the question of how to develop an app like PayIt was beneficial, wasn’t it?

Before you dive into the app development process, it is important to understand the functionalities of the PayIt app and similar competitors.

With that, make a detailed analysis of the features to find the gap and offer better features with your app.

Then comes development, where you must ensure you have a team of skilled developers, designers, QA, and post-support who can develop a safe and smart e-wallet app. Yes, make sure your digital payment app is safe to use by making every transaction secure with a password.

E-wallets like PayIt apps offer an excellent opportunity for businesses to earn good revenue and grow.

So, what is stopping you from creating an app like PayIt?

If you are worried about its production cost, then Nimble AppGenie has a budget-friendly solution for you that comes with the best team of developers.

Start your app development journey today.

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