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How Much Does It Cost To Create Payment Apps Like Venmo and Zelle?

  • By Hidden Brains
  • October 3, 2023
Payment Apps Like Venmo and Zelle

Are you continuously surfing blogs to determine the real cost to develop P2P payment apps like Venmo? 

If yes, then you have landed at the right place. This blog will guide you through everything from estimating the cost to developing P2P payment apps like Venmo. 

The cost to develop P2P payments like Venmo and Zelle usually starts from $15,000 with the simple and basic functionalities whereas the cost can go beyond $25,000 for an app that has complex features. 

 But how would you estimate the right cost to develop payment apps like Venmo? Well, there are a number of factors that impact the final app development cost like the Complexity of the app, app type, features & functionalities to be integrated, the team you hire for the project, and more.

By hiring a software development company in the UK, you can easily translate your app idea into a robust solution and help you understand the cost to develop P2P payment apps like Venmo.

So let’s get into this blog guide to take a sneak peek of the Payment app market share…

Why Should Businesses Invest In Payment Apps Like Venmo and Zelle?

In recent years, peer-to-peer (P2P) payment apps have taken the financial world by storm, revolutionizing the way people transfer money to friends, family, and even businesses. 

But what makes these apps so popular among people?

Its convenience, easy usage, and hassle-free transactions make these payment apps like Venmo and Zelle a trusted payment transfer option for people.

With just a few taps on their smartphones, users can instantly send or receive funds, making splitting bills, repaying debts, and sharing expenses a breeze. 

The surge in P2P payment app usage can be attributed to their unparalleled convenience, speed, and security. As traditional cash transactions become less favored, and mobile device adoption continues to rise, people are increasingly turning to P2P payment apps for their everyday financial needs. 

If you are still in doubt to hire mobile app developers in the UK to create payment apps like Venmo, then you need to take a sneak peek at why P2P apps have gained widespread popularity and left a significant impact on reshaping the future of digital payments.

Developing Peer-To-Peer Payment Transfer App- Understanding The Marketing Statistics

In today’s fast-paced and digitalized world, businesses are continually seeking innovative ways to streamline financial transactions and enhance customer convenience. P2P payment transfer app development has emerged as a game-changing solution for businesses and allows seamless and instantaneous money transfers between individuals. 

But you don’t have to trust our words, here are a few market statistics that you need to know:

  • According to the market statistics, the global P2P payment market will grow from $2.62 billion in 2022 to $3.04 billion in 2023 and is expected to reach to grow $5.61 billion in 2027. 
  • With the advanced and convenient features, it is expected that 46% of companies are adopting online payment solutions. 

These statistics are influencing enough for businesses to think of developing payment apps like Venmo. 

Read more to know the benefits of hiring Android app developers in the UK and its average cost. 

How Much Does It Cost to Build P2P Payment Apps Like Venmo and Zelle?

Building P2P payment apps like Venmo and Zelle involves several factors that can impact both the cost and development time. The complexity of the app, the features required, the platform(s) it supports, and the development team’s expertise are crucial considerations. 

Here’s a detailed breakdown of developing payment apps’ cost and time based on complexity:

Create Payment Apps Like Venmo

Image Source: AppsDevPro

By hiring app developers in the UK, you can customize the app as per your business needs. And for startups, it is always recommended to get started by developing an MVP payment app solution. But still, being a leading software development company in the UK, we will guide you on what exactly is built at different app complex levels.

Basic Complexity

These are the few functionalities that you can consider including under basic app structure. 

  • Simple user registration and login.
  • Basic P2P money transfer functionality.
  • Limited security features.
  • Minimal design and customization.
  • Supports only one platform (e.g., iOS or Android).

Developing payment apps like Venmo and Zelle with these basic features will take less time as compared to developing a full-fledged payment app. Moreover, developing an MVP app will help you gather user feedback and enables you to make changes in the app accordingly.

Moderate Complexity

Whether you have a basic app that you need to upgrade or want to build an app with mid-level features, here are the few functionalities that we can consider including…

  • Enhanced user authentication and security measures.
  • Integration with third-party payment gateways.
  • Social features (e.g., friends’ list, transaction history).
  • Customizable user interface and better design.
  • Supports both iOS and Android platforms.

Developing a moderate-level app is an ideal option for SMEs as it will add a competitive edge to your business.

Advanced Complexity

If you are trying to compete with full-fledged payment apps like Venmo and Zelle, then developing an advanced app with the below functionalities will be a worthy decision.

  • Advanced security features (e.g., biometric authentication).
  • Extensive customization and personalization options.
  • Integration with multiple payment gateways.
  • Real-time transaction tracking and notifications.
  • Support for cross-platform (iOS, Android, Web).

Though different businesses have different requirements, so there is no app fit to all businesses. So how would you calculate the exact cost to develop P2P payment apps like Venmo and Zelle?

Quick Formula to Calculate the App Development Cost

Cost to Create Payment Apps Like Venmo

Image Source: spaceotechnologies

Read more to know how much it cost to hire an iOS app developer in the UK.

With this blog section, now you have a rough idea of the cost to develop a P2P payment app like Venmo, but what factors actually influence the app development cost?

Let’s deeply evaluate the factors to understand how much will it going to impact it…

What Factors Can Impact the Cost To Develop P2P Payment App?

Calculating the right cost to develop payment apps like Venmo and Zelle is a complex task as they are outgrown apps loaded with advanced security and transaction features. So let’s dig deep into each factor to understand how they are contributing to the development cost. 

Factor 1: What Type of P2P Payment App You Need To Develop For Your Business?

Determining the type of P2P payment app you need for your business depends on your specific requirements and target audience. Here are three common types of P2P payment apps along with their cost and time estimations:

A) Basic P2P Payment App:

Features: This type of app offers simple P2P money transfer functionality, allowing users to send and receive payments from friends and family. It may include user registration, login, and basic transaction history.

Estimated Cost: The cost of developing a basic P2P payment app can range from $10,000 to $20,000.

Development Time: Developing a basic P2P payment app typically takes around 3 to 5 months.

B) Social P2P Payment App:

Features: This app includes all the functionalities of a basic P2P payment app but with additional social features. Users can connect with friends, view their transaction activities, and split bills or expenses together.

Estimated Cost: The cost of developing a social P2P payment app falls between $20,000 to $25,000.

Development Time: Developing a social P2P payment app usually takes around 5 to 8 months.

C) Comprehensive P2P Payment App:

Features: A comprehensive P2P payment app encompasses all the functionalities of the basic and social apps but with advanced features like real-time transaction tracking, biometric authentication, multiple payment gateway integration, and cross-platform support (iOS, Android, Web).

Estimated Cost: The cost of developing a comprehensive P2P payment app can exceed $30,000, depending on the complexity and additional features required.

Development Time: Developing a comprehensive P2P payment app typically takes more than 8 months due to the intricacies involved.

These are the rough estimations that can greatly vary depending on the hourly cost to hire a software developer in the UK. 

Read More to know about the Tips to hire dedicated developers at a budget-friendly cost. 

Factor 2: Payment App Development Platform (Android/iOS/ Cross-Platform)

The choice of operating platform can greatly affect the overall cost of the payment apps like Zelle. In the age of digitization, businesses always prefer developing an app that has its presence on both platforms (Android/iOS). But the cost of developing two native apps is higher than developing a cross-platform app. 

Create Payment Apps Like Venmo

Image Source: AppsDevPro

Let’s understand why there is a difference in the development cost…

A) Android App Development:

The development cost for an Android app is typically lower compared to iOS due to a larger user base and the platform’s open-source nature. Also, the hourly cost to hire an Android app developer in the UK is ranging from $15 to $50 per hour, so the project cost can be easily minimized.

Factors Impacting Cost

  • Fragmentation: Android devices come in various screen sizes and hardware configurations, leading to increased testing and development time to ensure compatibility across devices.
  • User Interface (UI) Design: Customizing the UI to match the Android Material Design guidelines or specific brand requirements may require additional design efforts.
  • Testing: Ensuring the app works smoothly on different Android versions and devices demands more extensive testing.

B) iOS App Development:

iOS app development tends to be relatively higher due to the platform’s premium user base and the need for devices with iOS. To create an iOS app, you need to hire Kotlin developers in the UK with the right industry experience which may be ranging from $20 to $75 per hour. 

Factors Impacting Cost:

  • User Experience (UX): iOS users have certain expectations regarding user experience and design, which may necessitate meticulous attention to detail during development.
  • App Store Approval Process: The iOS app submission process involves strict guidelines, requiring thorough checks and potential resubmissions, adding to development time and cost.
  • Device Compatibility: Though iOS devices have less fragmentation compared to Android, ensuring compatibility across various iOS versions is still essential.

C) Cross-Platform App Development

Cross-platform development offers cost advantages over developing separate native apps for Android and iOS since it allows code sharing between platforms.

Factors Impacting Cost:

  • Platform Compatibility: While cross-platform development streamlines code-sharing, ensuring optimal performance and compatibility across both platforms might require additional fine-tuning.
  • Feature Parity: Achieving feature parity between native apps can be complex and time-consuming, potentially impacting the cost.
  • Third-party Frameworks: Utilizing third-party cross-platform development frameworks may entail licensing costs.

These are the few factors that actually impact the overall cost to develop a payment app like Venmo and Zelle.

Factor 3: UI/UX Design Needed To Build Payment Apps Like Venmo

The UI/UX design is a critical factor in building payment apps like Venmo as it directly impacts the overall development cost. A well-designed and intuitive user interface can enhance user experience, boost app adoption, and increase customer satisfaction.

On the other hand, poor design choices can lead to user confusion, reduced engagement, and a negative impact on the app’s success. 

Factors Affecting the UI/UX Design Cost

Here’s how the UI/UX design can impact the overall payment app development cost:

  • Design Complexity: The complexity of the UI/UX design directly influences the development cost. A simple and straightforward design may require less time and effort, leading to lower costs. However, if the app requires intricate animations, custom graphics, and unique visual elements, the design complexity increases, potentially raising the development cost. So to design a simple app with 8 to 10 screens may take 120 to 180 hours but the complex design may take 500 to 800 hours.
  • Customization: Incorporating custom branding elements that align with your business identity and logo can enhance brand recognition and trust. However, custom designs may require more time and resources, contributing to higher development costs.
  • UI/UX Expertise: To create engaging UI/UX design, you need to hire UI/UX designer with experience in developing payment apps like Venmo and Zelle, which may come at a $15 to $22 hourly rate, impacting the overall development cost.

All-in-all, you can hire a web app development company in the UK to create a UI/UX design is a crucial investment for the success of a payment app like Venmo. 

Factor 4: Key Features To Integrate Into Venmo Android App

Features and functionalities of any app can be one of the biggest cost-driving factors. So what features do you need to integrate into a P2P money transfer app like Venmo? 

To create payment apps like Venmo, here are the top features that you can consider integrating into the payment app:

Cost to Create Payment Apps Like Venmo

Image Source: AppsDevPro

These are some of the basic features that you might consider integrating into the payment app like Zelle and Venmo which may cost between $20,000 to $25,000. But if you are expecting to build payment apps like Venmo with advanced payment transfer features, then the overall app development cost can go beyond $30,000. 

Factor 5: Deciding Upon The Location To Hire Dedicated Development Team 

Deciding upon the location to hire a dedicated development team is a crucial factor that can significantly impact the success and cost-effectiveness of your P2P payment app development project. Here are some key considerations when choosing the location for your development team:

  • Talent Pool and Expertise: Research the availability of skilled developers with expertise in payment app development in different locations. Look for regions known for their strong tech talent and experience in building similar apps.
  • Cost of Development: Different locations have varying hourly rates for app development services. Consider the cost of hiring a dedicated team in each location and balance it with the quality of work they can deliver.
  • Communication and Time Zone: Ensure that the location you choose allows for effective communication and collaboration with the development team. Similar time zones can facilitate real-time discussions and minimize communication gaps.
  • Language Proficiency: Ensure that the developers you hire have a good command of the language you plan to communicate in, as effective communication is essential for project success.
  • Legal and Contractual Considerations: Research the legal and contractual aspects of hiring a development team in a specific location, including intellectual property rights, data protection laws, and non-disclosure agreements.
  • Recommendations and References: Seek recommendations and references from other businesses that have worked with development teams in the location you are considering. This can provide valuable insights into the team’s capabilities and performance.
  • Remote vs. On-Site Development: Consider whether you want an on-site development team or are open to hiring a remote team. Remote teams can offer cost advantages and access to a global talent pool.
cost to hiring an app developer

Image Source: aglowiditsolutions

Common locations to hire dedicated development teams for P2P payment app development include:

  • United States: Known for its tech hubs like Silicon Valley, offering top-tier talent but with higher hourly rates ranging from $50 to $100 per hour. 
  • United Kingdom: Known for hiring a dedicated development team with an hourly cost of $15 to $18.
  • Eastern Europe (e.g., Ukraine, Poland): Known for a strong pool of skilled developers at more competitive rates than the US.
  • India: Offers cost-effective solutions and a vast talent pool with expertise in app development and is becoming a popular outsourcing destination as it allows you to hire app developers at $10 to $15 per hour.
  • Southeast Asia (e.g., Vietnam, Philippines): Provides skilled developers at competitive rates ranging from $20 to $25 an hour.

Ultimately, the location you choose will depend on your budget, project requirements, and the level of expertise and talent you seek for your P2P payment app development team. Thorough research and due diligence are essential in making the right decision for your project’s success.

Factor 6: Hiring Approach You Choose For Developing Payment Apps Like Venmo

When developing payment apps like Venmo, choosing the right hiring approach can significantly impact the success and quality of the project. There are two main options to consider: hiring mobile app development company or hiring freelancers. Let’s explore the factors that can influence the cost and benefits of each approach:

App Development Company:

  • Expertise and Skills: App development companies typically have a diverse team of experienced professionals, including project managers, business analysts, designers, front-end and back-end developers, and quality assurance analysts. This ensures a comprehensive and well-coordinated approach to app development.
  • Scalability: If your payment app project requires scaling up resources quickly, an app development company can accommodate your needs more efficiently than freelancers.
  • Quality Assurance: App development companies have established processes and protocols for ensuring high-quality code, security measures, and compliance with industry standards and regulations.
  • Ongoing Support: Companies often provide post-launch support and maintenance services, ensuring your payment app remains updated and functioning smoothly.
  • Project Management: App development companies have dedicated project managers who oversee the entire development process, ensuring effective communication and on-time delivery.

Read more to know why you should choose smartsourcing over traditional outsourcing.


  • Cost Flexibility: Hiring freelancers can be more cost-effective in the short term, as you can negotiate rates and hire based on specific project requirements.
  • Specialized Skills: Freelancers may offer specialized skills that fit your project needs precisely, such as unique design styles or specific technical expertise.
  • Faster Start: Onboarding individual freelancers can be quicker compared to a company, allowing for a faster start to the development process.
  • Direct Communication: Working with freelancers allows for direct communication with each team member, which may enhance collaboration and decision-making.

Choosing between an app development company and freelancers depends on your project’s complexity, budget, and long-term goals. If you seek a comprehensive team with a wide range of expertise and seamless project management, an app development company like Hidden Brains UK can be a preferred choice. 

On the other hand, if you have a small-scale project with a limited budget and specific skill requirements, hiring freelancers could be a viable option. Whichever approach you choose, ensure that the team aligns with your project vision and can deliver a high-quality, user-friendly payment app.

What Are The Best Tips To Reduce P2P Mobile Payment Development Costs?

Reducing P2P mobile payment development costs is a common goal for businesses. Here are a few top tips to help you achieve cost optimization without compromising the quality of your app:

Tip #1 Define Clear Project Requirements:

Clearly define your project requirements and prioritize essential features. This helps avoid scope creep and unnecessary development work that can increase costs. Focus on developing core functionalities first and consider adding additional features in future iterations.

Tip #2 Utilize Cross-Platform Development:

Instead of developing separate apps for each platform (iOS, Android), consider cross-platform frameworks like React Native or Flutter. These frameworks allow you to write code once and deploy it on multiple platforms, saving development time and costs.

Tip #3 Optimize Development Process:

Efficient project management and streamlined development processes can significantly reduce costs. Implement Agile or Lean development methodologies to improve collaboration, minimize rework, and ensure timely delivery of features.

Tip #4 Leverage Open-Source Solutions:

Utilize open-source libraries and frameworks to leverage existing functionalities and reduce development efforts. Open-source resources can save time and cost, allowing developers to focus on customizing and fine-tuning specific aspects of your app.

Tip #5 Outsource Development to Cost-Effective Locations:

Consider outsourcing development to regions with lower labor costs, such as Eastern Europe, Southeast Asia, or South America. Hiring development teams from these locations can offer cost savings while maintaining quality standards.

Tip #6 Prioritize Minimal Viable Product (MVP):

Start with developing a Minimum Viable Product (MVP) that includes core features and essential functionality. Launching an MVP allows you to gather user feedback and validate your concept before investing heavily in additional features, potentially reducing development costs.

By implementing these cost-saving strategies, you can optimize your P2P mobile payment app development without compromising on functionality or quality. However, it’s essential to strike the right balance between cost optimization and meeting user expectations to ensure the long-term success of your app.


With the growing preference for cashless transactions and the increasing reliance on mobile devices, P2P payment apps have become a necessity for businesses. Hidden Brains UK is your trusted partner in building seamless payment apps that cater to modern consumer needs. By hiring a mobile app developer in the UK you can create feature-rich and secure payment apps that stand out in the market. From user-friendly interfaces to robust security measures, our comprehensive approach ensures that your payment app delivers a seamless experience to users while maintaining compliance with industry regulations.

Partner with Hidden Brains UK to create a world-class payment app like Venmo or Zelle and unlock new growth opportunities in the digital payment landscape.

For more details, you can drop a query below or contact us!


What is a P2P payment app?

A P2P payment app is a mobile application that allows users to send and receive money directly to and from their contacts or friends. It facilitates seamless and instant money transfers, making it convenient for splitting bills, repaying debts, and sharing expenses.

Why should businesses invest in building P2P payment apps like Venmo?

Businesses should invest in P2P payment apps like Venmo to enhance customer experience, increase sales and conversions, reduce transaction processing costs, and stay competitive in the cashless payment landscape.

How much does it cost to develop a payment app like Venmo?

The cost of developing a payment app like Venmo depends on factors such as complexity, features, platforms (Android, iOS, cross-platform), and the development team’s location. It can range from $20,000 to $30,000+ or more.

How long does it take to build a payment app like Venmo?

The development time for a payment app like Venmo typically ranges from 4 to 8 months, depending on the app’s complexity and features.


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