Tarun Nagar “Tap your business into success by creating applications like Yap.”
UAE has now become a hub for digital banks to expand in the fintech market. Local investors in the region are ready to build an app like Yap delivering exclusive mobile banking and money lending services. Additionally, there are multiple resources available that guide the app development process, but only a few are reliable.
Going online is necessary for all businesses in the present time to stay updated and compete with existing competitors. You can create an app like Yap by understanding various aspects like cost, features, process, and monetization.
Here, we are going to provide all the information helping businesses to develop a banking app like Yap. So, let’s move forward and understand more.
What is Yap?
YAP provides a smooth and branchless mobile banking experience which is the first independent digital banking platform in the UAE. In addition to offering contemporary features like virtual cards, budgeting tools, and real-time analytics, it uses banking & finance software development services to supply essential banking infrastructure.
YAP, created for tech-savvy consumers, revolutionizes standard banking by emphasizing ease of use, creativity, and financial empowerment.
- Revenue: Estimated annual revenue exceeded $10 Million by 2023, driven by transaction fees, interchange, and premium services.
- Growth Rate: Achieved a rate of 35% CAGR from 2021 to 2024, fueled by regional expansion and digital banking demand.
- Mobile App Downloads: Surpassed 500K downloads across Android and iOS platforms within three years of launch.
- Market Reach: Expanded beyond the UAE into markets like Saudi Arabia and Qatar, targeting underbanked populations.
- Strategic Partnerships: Collaborated with RAKBANK and Mashreq Bank for regulatory backing and core banking support.
What are the Benefits of Developing an App Like Yap?
Banks and fintech businesses can develop an app like Yap to deliver a cutting-edge and advanced platform to consumers. These applications streamline processes and improve the consumer experience:
1. Enhanced Customer Convenience
Customers can use their cellphones to access banking services from anywhere at any time. This removes the need for in-person meetings, lines, and paperwork. These banking services help businesses to increase client retention by reducing the cost to build an app like Yap.
2. Cost-Effective Operations
Businesses should invest in Yap mobile app development services to reduce manual procedures and personal visits. Additionally, you can also contact a banking app development company to handle Errors, operational expenses, and business requirements for a big workforce.
3. High Scalability
It is beneficial to develop a digital banking app like Yap that can accommodate increasing user needs with the use of cloud-based architecture. Performance may be maintained while adding new features and services. This scalability fosters innovation and long-term growth.
4. Increased Data Security
User data is protected by multi-factor authentication, biometrics, and advanced encryption. Fraud and other suspect activity are identified by using ewallet app development services at reduced prices. It guarantees adherence to financial regulations and fosters user trust.
5. Multiple Revenue Streams
Investing money to make a digital banking app like Yap may help businesses to generate income through affiliate relationships, premium plans, loans, and transaction fees. Every service or feature creates a new avenue for revenue. This kind lessens dependency on one source of revenue.
How AI Transforms Banking Apps?
By improving security, personalization, and operational efficiency, artificial intelligence is transforming digital banking applications. AI helps businesses to make a banking app like Yap that provides better decisions and delivers faster services through data-driven insights and automation, which enhances consumer experiences.
An NBD mobile banking app development company uses AI to develop more user-friendly, responsive, and safe platforms for consumers offering financial advice with fraud detection features.
- Fraud Detection: Identifies and blocks suspicious transactions in real-time.
- Chatbots: Provides 24/7 customer support using conversational AI.
- Personalized Insights: Analyzes user behavior to offer tailored financial advice.
- Credit Risk Assessment: Evaluates creditworthiness using AI-powered scoring models.
- Process Automation: Streamlines back-office tasks like compliance checks and loan processing.
How to Create Banking Applications Like Yap?
Entrepreneurs should know a generally used process to build an app like Yap. So, they can easily balance the investment with monetization by knowing the below steps:
1. Analyze Banking Systems
The first step is to study market trends, client expectations, and present banking operations to create an app like Yap. Additionally, to find feature gaps and opportunities, learn about the features that rivals like Yap, LivX, or Mashreq Neo offer.
You can examine current trends to find out fintech app development services that can be automated. This stage guarantees that your app satisfies legal requirements as well as corporate objectives.
- What are the key features required?
- What banking regulations must be ensured?
- What challenges do users currently face in digital banking systems?
2. Prepare MVP
You need to specify the essential functions like basic transfers, wallet management, and digital onboarding. Put user value and operational viability first to validate your idea in the market. An MVP allows feedback-driven enhancements and lowers the cost to develop an app like Yap.
It serves as the basis for progressively adding features depending on actual use. Additionally, businesses can also identify the tools used for development.
- Which core functionalities are essential for launch?
- How can we validate product-market fit?
- What is the estimated cost to develop the MVP?
3. Hiring Experts
Businesses must gather security officials, business analysts, UI/UX designers, and fintech developers from a reputed mobile banking app development company in Dubai, UAE. Make sure your team has knowledge of financial connectors like KYC APIs and payment gateways.
Hiring internally, outsourcing, or collaborating with an agency to make an app like Yap are the available options. Building a safe and effective application requires hiring an appropriate team.
- Whom should we hire for banking app development?
- What technical expertise is needed for the team?
- How do we ensure communication across different teams?
4. Create Responsive UI
To develop a banking app like Yap with a user-friendly interface that complies with banking brand requirements, you need expert app designers. For tasks like card management, transfers, and login, prioritize ease of use, accessibility, and user flow.
By ensuring seamless performance across devices, responsive design enhances user engagement and experience. Incorporate secure interaction cues like lock icons and status updates.
- What are the key frontend features?
- How can we design the app across various devices?
- What visual elements communicate trust and security?
5. Backend Integration
Entrepreneurs must avail Yap app development services to create the backend for enabling data storage, user authentication, real-time processing, and third-party services. Additionally, you must hire mobile app developers to include mandatory APIs for credit scoring, account management, and payments.
Make that the system is flexible, expandable, and complies with security and banking standards. Secure and easy banking transactions are guaranteed by dependable backend infrastructure.
- What APIs services are needed?
- How will the backend ensure data security?
- What architecture is best suited for future growth?
6. Testing & Security
It is important to conduct proper testing of devices and operating systems for functionality, performance, and security. Put intrusion detection systems, multi-factor authentication, tokenization, and encryption into practice.
Conduct vulnerability evaluations and penetration tests to guarantee user and regulatory data safety. This influences the overall cost to build a digital banking app like Yap.
- How can we test the app performance?
- What security protocols protect sensitive financial data?
- How do we conduct penetration testing?
7. Launch & Maintenance
Use analytics and user feedback tools to track the app’s performance after deploying it to app stores. Regularly release security patches, compliance updates, and feature updates. Provide client service, expand infrastructure, and address problems.
Maintenance is included within the mobile application development services to prevent additional expenses. The app must receive regular maintenance to remain reliable and competitive.
- What channels will we use for app launch?
- How will we handle user feedback?
- How to enhance scaling of banking apps?
Interesting Features of Yap Like Applications
Digital banking apps like Yap provide intuitive features to satisfy various users and financial demands. For consumers handling their finances, these features improve connectivity, control, and convenience:
1. Digital Onboarding
A banking app like Al Rajhi Bank enables quick account opening for consumers with eKYC and mobile verification. The procedure is quick, entirely digital, and doesn’t involve any paper documentation.
2. Multi-Currency Wallet
These apps allow using a single wallet to transact in numerous currencies. So, you can create a digital banking app like Yap that is perfect for cross-border transactions, travelers, and users worldwide.
3. Virtual Card Management
The program allows users to create, manage, and freeze virtual cards. These cards are simple to manage and safe for use when making transactions online.
4. Peer-to-Peer (P2P) Transfers
A mobile banking app like Canara ai1 allows customers to instantly transfer money using QR codes or phone numbers. It makes mailing money or splitting bills easier and is quick and fee-free.
5. Bill Payments & Recharges
A banking application like yap enables customers to pay subscriptions, mobile bills, and utilities straight from the app. It allows for reminders and recurring payments for increased convenience.
6. Personal Finance Management (PFM)
Personal payment apps include financial information, cost trackers, and budgeting tools. They help customers to set financial goals and keep an eye on their spending.
7. Fraud Prevention
An online payment app makes use of biometric logins, encryption, and AI-powered monitoring. A digital banking app like Al Hilal Bank instantly safeguards user accounts and identifies questionable conduct.
8. Customer Support
Online money transferring apps provide help through ticketing systems, chatbots, and in-app live chat. They guarantee prompt and 24-hour user issue resolution.
9. International Remittances
You can build a banking app like Yap that supports real-time rates for safe, affordable international money transfers. It enables speedy and transparent international money transfers for users.
10. Transaction Alerts
Push notifications for any account activities are sent in real time on an app like Monzo. It provides users with fast access to information about every transaction.
Top Banking Alternatives of Yap in UAE
Yap is a well-known digital banking platform in the UAE, renowned for its cutting-edge features. Additionally, a number of Yap alternatives provide similar or specialized services for various user requirements. Businesses can create a mobile app in Dubai like these Yap alternatives with features like investing tools and payments by going through the below table:
Top 10 Alternatives to Yap Application | Supported Devices | Downloads | Ratings |
| alrajhi bank | Android|iOS | 10M+ | 4.5 |
| Canara ai1 | Android|iOS | 10M+ | 4.4 |
| Monzo | Android|iOS | 5M+ | 4.5 |
| Mashreq UAE | Android|iOS | 1M+ | 4.7 |
| Al Ansari Exchange | Android|iOS | 1M+ | 4.6 |
| RAKBANK App | Android|iOS | 1M+ | 4.6 |
| ADIB Mobile Banking | Android|iOS | 1M+ | 4.5 |
| ADCB | Android|iOS | 1M+ | 4.4 |
| FAB Mobile | Android|iOS | 1M+ | 4.3 |
| Al Hilal Bank | Android|iOS | 1M+ | 4.2 |
What is the Cost to Build an App Like Yap?
A number of strategic and technological factors affect the cost to build an app like Yap. Every element matters, from the intricacy of the features to the background of your development staff. Comprehending these components facilitates efficient planning and budgeting:
1. Project Complexity
The more features and integrations your application has, like fraud detection, KYC, and multi-currency wallets, the more expensive it will be. Customization has an additional effect on the banking app development cost. Additionally, complex programs need additional testing and security.
Project Complexity | Development Time | Estimated Cost |
| Simple | 2-5 months | $5000-$10000 |
| Moderate | 5-8 months | $10000-$15000 |
| Complex | 8-12 months | $15000-$20000 |
| Premium | More than 12 months | $20000-$25000 |
2. Developers’ Experience
Various highly qualified fintech developers charge higher hourly rates as they are experts in managing the cost to build an app like Yap. Their expertise frequently lessens development time and lowers long-term hazards. Additionally, higher-quality products are usually the outcome of this initial expenditure.
Developers’ Experience | Cost Estimation |
| Junior/Entry-Level | $8000-$12000 |
| Mid-Level/Experienced | $12000-$16000 |
| Senior/Expert | $16000-$20000 |
| Professional | $20000-$24000 |
3. Demographic Changes
Support for local languages, adherence to regulations, and modifications to user behavior may be necessary when targeting users in various geographical areas. The cost to develop a banking app with maintenance expenses may rise as a result of these changes.
Demographic Changes | Estimated Cost |
| USA | $25000-$30000 |
| Australia | $20000-$25000 |
| India | $5000-$12000 |
| UK | $15000-$20000 |
| UAE | $8000-$15000 |
| Brazil | $12000-$16000 |
4. Platform Choice
The cost to develop an app like Yap for iOS, Android, or both depends on the resources and development tools. Native apps are more costly but provide superior integration and performance. Additionally, cross-platform frameworks like React Native are less expensive with less advanced features.
Platform Choice | Estimated Cost |
| Flutter App | $15,000-$20,000 |
| Native App | $20,000-$25,000 |
| Hybrid App | $25,000-$30,000 |
5. Team Hiring
Using freelancers, outsourcing to an agency, or hiring an internal staff all have a big impact on the overall cost. Outsourcing may be more economical, but it allows good communication for in-house teams to have greater control. So, to manage the pricing, you can hire banking app developers in UAE at lower rates.
Team Hiring | Estimated Cost |
| In House Team | $5,000-$8,000 |
| Full-Time Freelancers | $3,500-$5,000 |
| Developer Outreach | $8,000-$15,000 |
6. Technologies Used
The Yap app development cost is impacted by the selection of databases, cloud services, third-party APIs, and programming languages. So, using scalable and current tech stacks may cost more up front but it will save money on maintenance and upgrades down the road.
Technologies Used | Estimated Cost |
| Artificial Intelligence | $10,000-$15,000 |
| Blockchain | $15,000-$20,000 |
| Cloud Computing | $20,000-$25,000 |
| IoT Integration | $25,000-$30,000 |
How to Monetize Banking Applications Like Yap?
Yap-like applications provide a variety of financial and value-added services that offer strong revenue efforts. You can build a banking app like Yap and follow the below six strategies to make money:
1. Transaction Fees
For transactions like currency conversions, utility bill payments, and foreign transfers, impose nominal service fees. Even though these costs are small, they add up over time as the user base grows. So, you can develop an app like Mashreq UAE that provides a direct source of income for processing expenses.
2. Premium Account Plans
Provide tiers of subscription plans with special features including increased limits and advanced budgeting tools. For further convenience and premium benefits, users pay on a monthly or yearly basis. This reduces the cost to develop an app like Yap and generates consistent revenue.
3. Interchange Revenue
Receive a commission based on a percentage each time a user uses virtual debit cards to make purchases. The app supplier and merchants’ payment processors split this money. So, you must avail mobile banking app development services to balance card usage for users and increase profit.
4. Lending & Credit Services
You can build a digital banking app like Yap to offer Buy Now Pay Later (BNPL) choices, overdrafts, and microloans. Make money by charging interest, service fees, and penalties for late payments. Additionally, it promotes the app as a comprehensive financial solution and boosts user engagement.
5. Marketing & Ad Campaigns
Businesses can hire dedicated developers to implement sponsored deals, in-app promotions, or referral schemes. Deliver targeted advertisements without interfering with the user experience by using insights from user data. Every impression, click, or successful referral generates revenue.
6. Data Monetization
Use aggregated data to give financial partners behavioral insights and market trends. Additionally, businesses must develop a digital banking app like Yap that should deliver privacy laws such as the CCPA or GDPR. This tactic maintains user trust while providing benefit to external stakeholders.
Let’s Summarize!!
Now, you can easily manage the cost of developing an app like Yap as you have understood the factors affecting the development rate. The process to build an app like Yap may change based on the business requirements, but the core method is always the same. Let’s consider some points before concluding our blog:
- Examine different business models to make an app like Yap having advanced features.
- Contact a reliable fintech app development company in Dubai, UAE.
- Adjust the budget to create a banking app like Yap for marketing and deployment.
- Implement suitable monetization methods for business growth.
An entrepreneur must follow these points to launch an online fintech brand. Additionally, they must target millions of people from across the globe to gather audience attention.
Frequently Asked Questions
1. Which are the Popular Digital Banking Apps in UAE?
YAP, LivX by Emirates NBD, Mashreq Neo, and ADIB are well-known digital banking applications in the United Arab Emirates. These apps include cutting-edge budgeting tools, fast transfers, and easy account administration.
2. How Long Does it Take to Build an App Like Yap?
It usually takes 4 to 9 months to develop an app like Yap, depending on its feature set and level of complexity. Planning, UI/UX design, backend programming, integration, testing, and deployment are all included in this.
3. How to Maintain Applications Like Yap?
- Improve app performance with updates, security, and new features.
- Use analytics and monitoring tools.
- Ensure financial regulations and data protection laws.
4. What is the Rate of Hiring Fintech App Developers?
Region-specific fees for fintech app developers range from $10 to $30 per hour in Asia to $30 to $80 per hour in the US and Europe. For a complete project, hiring a full development team may cost anything from $10,000 to $30,000+.
5. How User Data is Secured on Digital Banking Apps?
- Encrypt all user data during storage and transmission.
- Use biometric logins, OTPs, and two-step verification.
- Implement AI-driven tools to block potential threats.
