Quick summary: Are you looking to build an app like STC Pay? If yes, then read this blog. It will cover everything from steps, features, costs to create an app like STC Pay.    

Have you ever imagined paying for your groceries, splitting a restaurant bill, or even topping up your phone balance with just a tap on your phone? Well, that’s what fintech apps like STC Pay do! These e-wallets have transformed the way we manage our money. But have you ever wondered why and how to build an app like STC Pay to level up your business?

According to projections, the fintech industry would reach a valuation of $257.26 billion in 2022 and expand to $882.30 billion by 2030, from $294.74 billion in 2023. These stats clarify that the demand for online wallet app development will increase. So, if you are someone looking to build a fintech app like STC Pay, then this blog is for you.

We will uncover everything from mobile wallet app development steps, key features, examples, costs to create an ewallet app like STC Pay for your fintech business.

So, let’s begin.

What Is A STC Pay App?

STC Pay is a digital wallet and online money transfer app offered by the Saudi Telecom Company. The STC Pay app for fintech allows users to send and receive money, pay bills, recharge mobile credit, and make purchases online and in stores using their smartphones.

Additionally, it’s a convenient and secure way for individuals to manage their money and do transactions online. So, if you are planning to build a wallet app like STC Pay, it is advisable to hire a mobile banking development company.

Current Market Stats Of Fintech Industry!

• With a total asset value of $80.08bn, the fintech industry will be the biggest market in 2024.
• An average of $96.05 will be held by each user in the fintech market in 2024.

• As of 2024, the Global Fintech Market was worth $312.92 billion. By 2029, it is projected to be worth $608.35 billion, having grown at a CAGR of more than 14%.
• The fintech market is projected to bring in 17.38% more money in 2025 than it did in 2024.
• In 2023, the industry was expected to bring in a total of $79.38 billion.

How To Build An App Like STC Pay?

Now that you are aware of the market size of the fintech industry, it is time to build an app like STC Pay. According to a banking app development company, below are the step-by-step process of STC Pay cashless payment app development.

1. Validate Your Idea

Firstly, verify there is a market for your app and validate the app idea with a banking app development company before you develop an App Like STC Pay. To make sure your concept has substance, you must perform market research, identify competitors and their USP, and get input from intended users. Also, when you build an app like stc pay, you must analyze the features that users want and the ways in which they plan to utilize your fintech app.

2. Conduct Market Research

Once your idea is validated by an ewallet app development company, you must do a comprehensive market study to determine your prospective rivals, target audience, and industry patterns. Also, it is essential to recognize the problems in the digital payments space. It is an essential stage as it will assist you in honing your concept and setting your money transfer app like STC Pay apart from others.

3. UI/UX Design   

The third stage to build an app like stc pay is app design. The way users interact with your app will determine its success. Create designs that are visually attractive and intuitive, with a focus on accessibility and simplicity of use. The iOS or Android app development company team crafts wireframes and prototypes which ensure that the app’s interface aligns with user expectations and preferences.

4. Start the App Development

Now it’s time to begin STC Pay app development when you have a strong design in place. All the data will be gathered by the Android or iOS app development services provider and develop an app like STC Pay. To successfully measure progress, break down the development process into smaller activities and create milestones. Also, it is up to you whether you want to develop an Android app for STC Pay or an iOS.

5. Test Your App

Before making your fintech app available to the users, testing is crucial for identifying any bugs and errors. Get beta testers’ opinions, then make changes to your money transfer app like STC Pay in response to their recommendations and observations. The testers and quality analysts perform the testing by utilizing different methods.

6. Launch and Maintenance

After rigorous testing, it’s time to launch an eWallet application. Follow the guidelines of app stores before releasing your app. Also, you must monitor app performance closely post-launch. It is essential to continuously update your money transfer app like STC Pay with new features as per users demand.

Key Features To Build an App like STC Pay

So, what makes an app successful? Well, it’s features obviously! It plays an essential role in grabbing users’ attention and making your app reach a wider audience. Thus, when you build an app like STC Pay, carefully choose the features that cater users needs. As per the ewallet app development company, below we have listed down the popular features that every fintech app should have.  

1. User Registration

Visitors can make an account on your financial app by using the login feature. It should be simple and intuitive for users to register and log in using their phone numbers, email addresses, and passwords.

2. Payment Gateway

To create a positive user experience, the payment gateway feature should offer a safe, easy, and fast transaction procedure. You must add payment options like digital wallets when you build an app like STC Pay.

3. Biometric Scanning   

An eWallet Apps with high security features like biometric scanning can increase the security of your app. Users may approve transactions or log in with facial recognition features also. It gives them a fast and easy login process in addition to a safe authentication technique.

4. Financial Management

The core functionality of any finance app is the money management feature. Users of this function may manage expenses, create budgets, keep track of investments, and establish financial goals, among many other services.

5. Push Notification 

Users of financial apps should also be aware of important account activity through notifications. You can develop an eWallet app in a minimum budget by integrating a basic feature like push notification.

6. Transaction History

In order to help customers understand their financial trends and monitor their spending, you may include a transaction history feature in your fintech app. To make it simple to retrieve certain transaction information, this feature may contain search and filtering capabilities.

7. Two-factor Authentication

To integrate two-factor authentication features in an STC Pay-like app, you must hire dedicated ewallet app developers. A second level of user verification, like a code delivered to the user’s email address or cell phone, is necessary in addition to the standard login information.

8. Onboarding System 

New users are guided through the features and functions of the app using an onboarding mechanism. When you build an app like STC Pay, add this feature which needs to be simple and engaging to make sure users know how to use the app efficiently from the beginning.

9. Chatbots

Chatbots that provide automated customer service are another crucial component. They may provide basic financial advice, walk consumers through specific procedures. If you are planning to integrate AI chatbot in your app, it is vital to know that it can increase the eWallet app development cost.      

10. Cashback

In fintech app development, users who utilize the cashback service get a portion of their purchases back as compensation. It promotes using the app for transactions and has the potential to greatly increase client loyalty. Cashback may take the form of discounts on further purchases, points that can be used to pay for certain services, or cash added to the app wallet.  

Top 5 Fintech Apps Like STC Pay

When you make an app like STC Pay, it is essential to be aware of the competitor apps. So, we have jotted down the best fintech apps like STC Pay that can help you in fintech app development.

1. Al Ansari Exchange     

Al Ansari Exchange is one of the prominent fintech apps in UAE. It has more than 3 million users on a monthly basis. You can build a clone app like Al Ansari Exchange while integrating features like remittance globally, bill and credit card payment.

2. Taptap Send

Taptap Send is yet another popular fintech app that enables users to quickly transfer tracktion to others. Till now, it has over 1 million downloads on Play Store. So, if you are planning to develop an app like Taptap Send, now is the perfect time to invest.

3. Slice   

With Slice, users can easily manage finance with their friends or family members. Users can easily pay for their electricity, water, LPG, and piped gas bills. Thus you must build an app like Slice with robust features and security.

4. LuLu Money

Lulu Money is a one-stop payments solution since it offers more services in one location than any other app. It is an affordable, fast, and trustworthy money transfer and payment app.

5. Payit

An ewallet app like Payit has gained popularity in a short time in the UAE. It allows users to remit money abroad easily and securely. Basically, it’s a digital wallet app that can assist users in managing your funds conveniently.        

Cost To Build A Fintech App Like STC Pay

Now you must be thinking how much does it cost to develop a mobile app like STC Pay?” On average, the cost to build an app like STC Pay may lie between $10000-$30000. The fintech app development varies depending on your project specifications and factors like features, complexity, app design and so on. To get a more clearer idea on eMoney app development cost, let’s check out the below table:

This is just a rough estimate of the cost to develop a STC Pay clone app. To know the exact amount required to build an app like STC Pay, then you must take consultation from an ewallet app development services provider.

Let’s Create Your Own Fintech App Like STC Pay!

Since the outbreak, the financial business has grown a huge amount, and more growth is on the way. The moment has finally come for you to develop a fintech app. You have already gained knowledge about the detailed fintech app development process, the features, and costs.

FinTech has a huge future ahead of it, because of the rapid advancement and innovations. So, if you are planning to build an app like STC Pay, then you are required to take guidance from one of the best eWallet app development companies like Dev Technosys that creates a top-notch app. Get in touch with us for a cashless payment app development project and take your business to greater heights.

FAQ About STC App Development! 

1. How Long Does It Take To Build an App Like STC Pay?

The time to build an app like STC Pay may generally be affected by the factors and app requirements. A basic mobile wallet app development can take 2-4 months while a complex app can increase the time up to 5-9 months. To know the exact timeframe, it is best to consult with a banking app development company.

2. What Are the Benefits Of Digital Payment App Development? 

The benefits of online wallet app development are mentioned below:

• Reduced Expenses
• Increased Cash Flow
• Improve Loyalty Programs
• Customer Engagement
• Two Factor Authentication

3. How Does A STC Pay App Work?    

STC Pay acts like a digital wallet on your phone. Users can load money into the fintech app, then use it to pay for things in stores. They may also send money to friends, or recharge phone plans. Users can also track spending and manage bills, all in one secure app.

4. How To Monetize A Fintech App Like STC Pay?   

To monetize a STC Pay eMoney app development, you must follow the below methods:

• In-app purchase
• Advertisement model
• Freemium model
• Subscription model

5. How Much Does It Cost To Maintain An App?  

The cost to maintain an app can be 15-20% of the overall digital payment app development cost. It can be affected by factors like hosting, security, feature enhancements and so on.