cash in app

These days, mobile payment apps have revolutionized the way we handle transactions and manage our money. One such trailblazer in the realm of peer-to-peer payments is the Cash App, renowned for its seamless user experience and innovative features. If you’ve ever pondered the idea of getting into a cash app business by making your own app like Cash, you’re in the right place. This comprehensive guide will navigate you through the intricate process, shedding light on essential factors such as cost, key features, and the step-by-step development process.

What is the Cash Payment App?

Cash Mobile Payment App

Cash App is a mobile payment service that serves as a versatile digital financial tool, offering users a range of features. Its primary function revolves around seamless money transfers, allowing users to send and receive funds effortlessly to and from friends, family, or any other Cash App account holder. Functioning as a digital wallet, Cash App facilitates swift and convenient transactions, positioning itself as a reliable platform for financial exchanges.

Additionally, the Cash App offers spending capabilities through its associated features:

  • Cash App Card: Users can link a customizable debit card to their Cash App account, enabling purchases at stores and ATM withdrawals.
  • Direct Debit: Certain merchants allow payments to be made directly through Cash App, eliminating the need for a physical card.

Cash App goes beyond mere transactions by offering a savings feature known as Savings Boost. This feature automatically rounds up user’s purchases to the nearest dollar, channeling the spare change into the savings account. Moreover, users can establish direct deposits and schedule automatic transfers, contributing to the systematic growth of their savings.

For users in the United States, Cash App extends its functionality to investment opportunities. Through Cash App, individuals can invest in fractional shares of stocks and Exchange-Traded Funds (ETFs), allowing participation in the stock market with even modest amounts of money. This investment feature enhances Cash App’s appeal as an all-encompassing financial platform, catering to both everyday transactions and wealth-building aspirations.

How Does the Cash App Work?

Cash App, the peer-to-peer payment app, has innovated the way users send and receive money. But what happens behind the scenes when you tap that familiar green button? Let’s get into the intricate technological tapestry that powers the Cash App.

1. The Foundation

Users can begin by creating an account and linking their bank. This involves:

  • User Data: User’s name, phone number, email, and a unique $Cashtag are stored securely on Cash App’s servers.
  • Bank Connect: Users have to provide their bank account details, which Cash App uses through Plaid, a third-party financial data aggregator, to establish a secure connection. Plaid fetches user’s account information without revealing their login credentials.

2. Sending Money

For sending money,

  • Initiation: Users enter the recipient’s $Cashtag or phone number and the amount.
  • Routing: Cash App identifies the recipient’s bank based on their $Cashtag or linked account information.
  • Clearing: If both sender and receiver have linked banks, the funds are transferred directly through the Automated Clearing House (ACH) network, taking 1-3 business days. This incurs no fee.

3. Instant Transfers: A Borrowed Bridge

For instant transfers, a different mechanism kicks in:

  • External Partner: Cash App partners with Sutton Bank, which acts as a temporary intermediary.
  • Borrowing and Repayment: Sutton Bank forwards the recipient the money instantly, while Cash App debits the user’s linked bank account and settles the amount with Sutton Bank within a few days. This incurs a fee of 1.75% of the amount, with a minimum of $0.25.

4. Receiving Money

Receiving money is a simpler affair:

  • Notification: Users receive a notification when someone sends you money.
  • Crediting: The funds are added to the user’s Cash App balance, which is essentially a digital holding account within the app.

5. Cash Card

The Cash Card, a free Visa debit card linked to the user’s Cash App balance, adds another layer of functionality:

  • Card Network: Transactions made with the Cash Card are processed through the Visa network, allowing users to spend their Cash App balance anywhere Visa is accepted.
  • Funding: When using the Cash Card, the funds are deducted from the Cash App balance first. If the Cash App balance is insufficient, the transaction draws from the user’s linked bank account.

6. Security

Cash App takes security seriously, employing a multi-layered approach:

  • Data Encryption: User’s data is encrypted both in transit and at rest, using industry-standard protocols.
  • Fraud Prevention: Cash App uses machine learning and advanced analytics to detect and prevent fraudulent activity.
  • Multi-Factor Authentication: Users can enable two-factor authentication for added security, requiring a code sent to their phone for every login or transaction.

7. Beyond P2P

Cash App has evolved beyond just sending and receiving money. It now offers a suite of financial services, including:

  • Direct Deposit: Get paycheck or government benefits directly deposited into the Cash App account.
  • Investing: Buy and sell stocks and ETFs with as little as $1.
  • Bitcoin: Buy, sell, and hold Bitcoin within the app.
  • Cash Boosts: Users can earn discounts and cashback at certain retailers by using the Cash Card.

Key Market Takeaways on Mobile Payment Apps 

According to GrandViewResearch, the mobile payments market is witnessing exponential growth, reaching USD 52.21 billion in 2022 and anticipating a robust CAGR of 36.2% from 2023 to 2030, investing in a mobile payment app presents a compelling opportunity.

 For businesses thinking about making their own mobile payment app, the current dynamics of the global mobile payment market offer valuable insights and strategic considerations. 

The pivotal role played by Near-Field Communication (NFC) technology in enhancing transaction speed and user experience emphasizes its significance in app development. Integrating NFC capabilities into the app can streamline payment processes and set it apart from competitors. Additionally, the emerging trend of sound wave-based payments, especially in regions with lower smartphone penetration, presents a cost-effective and accessible avenue for businesses to explore.

Key Market Takeaways on Mobile Payment Apps

Source: GrandViewResearch

Moreover, ensuring the app’s compatibility with a variety of devices, including those in regions where advanced smartphones may be less prevalent, can broaden its market reach. The statistics indicating a 150% increase in contactless payments in the U.S. in 2020 highlight the tangible benefits of catering to this growing demand.

Also read, “How To Develop A Cash Advance App Like Dave

How to Develop a Payment App Like Cash?

Here’s how to build a payment app similar to Cash,

1. Hyper-Targeted Niche and Audience

To tailor the app effectively, delve into the financial pain points of the chosen niche. Do they desire instant micro-payments for streaming services? Struggle with cross-border transactions? Identifying and addressing these pain points lays the foundation for a successful payment app.

2. Feature Powerhouse with Cutting-Edge Tech

Beyond Basic P2P Transfers: Distinguish your app by going beyond basic peer-to-peer transfers. Incorporate AI-powered budgeting tools, gamified savings challenges, or micro-investing options tailored to the specific needs of your chosen niche.

Utilize Emerging Technologies: Stay ahead of the curve by integrating emerging technologies. Explore blockchain for secure and transparent transactions, or consider wearables for contactless payments. Personalization, facilitated by machine learning, is the key to offering custom insights and dynamic loyalty rewards.

Personalization is King: In the realm of payment apps, personalization reigns supreme. Leverage machine learning to provide users with custom spending insights, tailored investment recommendations, and dynamic loyalty rewards. By tailoring the user experience, your app becomes indispensable to its users.

3. Tech Stack Built for Speed and Security

Opt for Serverless Architectures: Choose serverless architectures to ensure scalability without exorbitant costs. This flexibility enables your app to adapt seamlessly to fluctuating user demands.

Embrace Open-Source Frameworks: Consider frameworks like React Native for cross-platform efficiency or Flutter for native-like UIs. The choice of an open-source framework significantly contributes to the app’s efficiency and user experience.

Prioritize Cutting-Edge Security: Security is non-negotiable in fintech. Implement multi-factor authentication, biometric logins, and tokenization to safeguard user data and finances. Robust security measures build trust and credibility.

4. Design that Dazzles and Delights

Be User-Friendly and Emotionally-Resonant: Craft a UI that not only facilitates transactions but also resonates emotionally with your niche. Whether it’s gamified progress bars or visually appealing spending insights, make the user experience memorable.

Personalization on Steroids: Allow users to customize their dashboards, transaction themes, and set savings goals with gamified challenges. Voice-activated payments and AI-powered assistants elevate convenience, seamlessly integrating with users’ daily lives.

5. Testing and Refinement

Thorough Testing: Conduct through testing across various platforms and devices to identify and rectify potential bugs. A flawless user experience is essential for the success of any payment app.

User Feedback: Gather feedback from beta testers and early users. Valuable insights from real users can highlight areas for improvement and guide refinements for enhanced user satisfaction.

Iteration and Improvement: Stay agile and responsive to market changes and user needs. Continuous iteration and improvement based on user feedback ensure that your app remains competitive and user-friendly.

Must-Have Features in a Payment App like Cash App

Let’s get into the feature sets of payment apps similar to Cash. These features not only contribute to the app’s uniqueness but also significantly impact the cost of P2P payment app development.

Basic Features 

1. Multiple Accounts Type

To enhance user retention, Cash-like apps should offer customized profiles for both businesses and individuals, tailoring the experience to diverse needs.

2. Multi-Factor Authentication

Security is paramount, and apps must employ multi-factor authentication methods, including email, OTP, and biometric verification, to safeguard user accounts.

3. Link Bank Account and Cards

Seamless integration of multiple bank accounts and cards within the app ensures a user-friendly experience and supports various financial activities.

4. Peer-to-Peer Money Transfer

Real-time money transfers, including QR-based and contactless payments, form the core of these apps, fostering convenient and swift financial transactions.

5. Conversational AI and Bots

Implementing AI-powered chatbots as financial assistants adds a personal touch, answering queries and facilitating transactions through natural language conversations.

6. Blockchain Integration

Exploring secure digital identity management, NFTs for loyalty programs, and DeFi capabilities enhances the app’s functionality and keeps it at the forefront of technological advancements.

Also read, “Streamlining KYC With Blockchain: The Future Of Identity Verification

7. Open Banking APIs

Leveraging open banking APIs enables the provision of personalized financial services such as credit score monitoring, loan comparisons, and automated investment recommendations.

8. Biometric Payments

Secure and touchless payment authorization through fingerprint, facial, or voice recognition adds an extra layer of convenience and security.

9. Contextual Recommendations

Utilizing machine learning to offer personalized suggestions based on user location, purchase history, and real-time market trends enhances user engagement and satisfaction.

10. Personalized Financial Insights

Interactive dashboards and reports offering detailed breakdowns of expenses, income sources, and investment performance provide users with valuable insights tailored to their financial situation.

11. Gamification and Rewards

Implementing game mechanics, including points, badges, and leaderboards, encourages responsible financial behavior, increases user engagement, and builds brand loyalty.

Advanced Features

1. Secure Enclave Integration

Leveraging hardware-based secure enclaves (TEE) on users’ devices adds an unparalleled layer of security. Storing sensitive financial data such as PINs and private keys in these enclaves enhances protection beyond software-based encryption.

2. Zero-Knowledge Proof Transactions

Implementing Zero-Knowledge Proof (ZKP) transactions allows users to prove account balance and transaction validity without disclosing actual account details. This not only enhances privacy but also reduces the risk of fraud.

3 Decentralized Identity (DID) Management

Utilizing Decentralized Identity (DID) management empowers users with control over their identity data. Enabling secure verification without relying on centralized authorities opens avenues for cross-border payments and promotes financial inclusivity.

4. Brain-Computer Interface (BCI) Payments

Exploring Brain-Computer Interface (BCI) technology for hands-free transaction authorization offers unparalleled convenience and security, presenting a futuristic approach to financial interactions.

5. Hyperledger Fabric Integration

Leveraging Hyperledger Fabric, a permissioned blockchain platform, establishes a secure and private network for institutional financial transactions. This enhances efficiency in interbank settlements and facilitates asset tokenization.

6. Homomorphic Encryption

Enabling computations on encrypted financial data directly, using homomorphic encryption, opens doors to advanced features such as on-device fraud detection and credit scoring while ensuring data protection.

7. Secure Multi-Party Computation (MPC)

Facilitating complex financial calculations like risk assessments or tax preparation between multiple parties without revealing individual data ensures collaborative financial activities with enhanced privacy.

8. Blockchain-based Smart Contracts

Integrating smart contracts automates tasks like loan repayments, escrow services, or dividend distributions. This streamlines financial processes, improves transparency, and fosters trust in automated financial services.

9. Integration with Emerging Technologies

Exploring the potential of wearable devices, Internet of Things (IoT) connectivity, and voice assistants for innovative payment methods and context-aware financial management ensures the app stays at the forefront of technological advancements.

10. Explainable AI (XAI)

Integrating Explainable AI (XAI) algorithms provides users with clear explanations and insights into the decisions made by the app’s AI models. This enhances trust and transparency in automated financial services.

11. Metaverse Integration

Exploring opportunities for secure financial transactions and innovative financial management tools within emerging metaverse platforms prepares the app for a future where virtual economies take center stage.

Factors Affecting the Cost of Developing a Cash-like App

Here’re some of the important features that can affect the cost of developing a similar app like Cash,

1. App Features

The features integrated into the app play a pivotal role in determining the development cost. Complex functionalities like real-time currency conversion or international transfers add intricacy, impacting the overall budget.

2. Mobile App Design

The design of the mobile app is more than just aesthetics; it directly affects the development costs. A clean and straightforward design may be cost-effective, while more intricate designs demand a higher budget.

3. App Platform

The choice of platform—whether web, cross-platform, native, or hybrid—affects development costs. Each platform has its nuances, and the development approach must align with the targeted user experience.

4. Security and Compliance

Advanced Fraud Detection: The sophistication of fraud detection mechanisms, including AI-powered behavioral analysis and real-time transaction monitoring, directly impacts development costs. The more robust the security, the higher the investment required.

Data Privacy Regulations: Integrating features to comply with stringent data privacy regulations such as GDPR or CCPA demands dedicated development effort. Ensuring user data security is not only a legal requirement but also a critical factor in app development costs.

Blockchain or Secure Enclave Implementation: Utilizing security measures like hardware-based secure enclaves or blockchain-based authentication adds complexity and cost. While enhancing security, these implementations require specialized expertise and resources.

5. Integration and Scalability

Open Banking API Integration: Connecting to multiple financial institutions through open banking APIs demands specific development expertise and may involve API fees. The seamless integration of these APIs is essential for the app’s functionality but comes with an additional cost.

Cloud Infrastructure and Scalability: Building the app on scalable cloud platforms like AWS or Azure incurs additional costs but allows for future growth and efficient handling of increased user activity. The scalability factor is an investment in the app’s long-term success.

Also read, “Developing Cloud Native Application on AWS

Third-party Integration and APIs: Integrating with external services such as loyalty programs, remittance networks, or investment platforms comes with added development costs and potential API fees. These integrations enhance the app’s capabilities but contribute to the overall budget.

6. Emerging Technologies for Cash-like Apps

AI-powered Personalization: Implementing custom AI models for financial insights, predictive budgeting, or chatbot assistants significantly increases development costs. The investment in AI-driven personalization enhances user experience and engagement.

Conversational Interfaces: Integrating voice assistants like Siri or Alexa for hands-free payments and financial management demands specific skill sets and additional development effort. While innovative, these features contribute to higher development costs.

Emerging Technologies: Exploring cutting-edge features like Brain-Computer Interface (BCI) payments, secure off-chain transactions, or metaverse integration requires thorough research, development, and potential partnerships, translating to higher costs. These innovations position the app at the forefront of technological advancements.

7. Development and Testing Approaches

Agile Development: Utilizing agile methodologies for iterative development may increase upfront costs but leads to faster results and flexibility. The agile approach is well-suited for dynamic projects that require adaptability.

Automated Testing and QA: Implementing comprehensive automated testing frameworks and robust Quality Assurance (QA) processes ensures quality but contributes to the overall development cost. Rigorous testing is essential for a seamless and reliable user experience.

User Research and Prototyping: Conducting extensive user research and iterative prototyping of features before development can save time and costs in the long run. Understanding user needs and refining features through prototyping minimizes the risk of costly revisions later in the development process.

How to Make Money with Cash-like Payments Apps?

The proliferation of peer-to-peer (P2P) cash-like payment apps offers businesses a lucrative avenue to not only facilitate seamless financial transactions but also generate substantial revenue. 

Beyond conventional monetization strategies, embracing cutting-edge and technologically innovative approaches can unlock new streams of income.Here’s a deep dive into strategies that can propel businesses towards financial success:

1. Data-driven Monetization

Personalized Financial Products: Leverage user data ethically to offer personalized financial products such as loans, credit cards, or insurance. By forming partnerships with financial institutions, businesses can earn commissions based on successful transactions and user sign-ups.

Contextual Advertising and Promotions: Utilize artificial intelligence (AI) to deliver personalized in-app advertisements or promotions. By tailoring content based on user spending habits, location, and real-time events, businesses can enhance user engagement and attract advertising revenue.

Financial Data Monetization: With user consent, partner with data analytics companies to anonymize and aggregate financial data for market research or risk assessment. Revenue can be generated through data licensing agreements, ensuring privacy is maintained.

2. DeFi Integration and Earning Opportunities

Yield Farming and Staking Services: Offer integrated platforms for users to engage in decentralized finance (DeFi) activities like yield farming or staking their crypto assets. Businesses can earn commissions on deposited funds or collect fees for facilitating these services.

Fractional Asset Ownership Marketplace: Create a marketplace where users can buy and sell fractions of real-world assets, such as real estate or artwork. By earning fees from facilitating transactions, businesses can tap into the growing market of fractional asset ownership.

Peer-to-peer Lending Pool: Act as a facilitator for peer-to-peer lending within the app, enabling users to lend and borrow money directly from each other. Businesses can earn interest and fees on facilitated loans, contributing to revenue generation.

3. Value-added Services and Subscriptions

Advanced Analytics and Insights: Offer subscription tiers with enhanced financial dashboards, personalized budgeting tools, and AI-powered investment recommendations. Businesses can generate revenue through subscription fees from users seeking comprehensive financial control.

Early Access to Features and Rewards: Provide premium users with early access to new features, exclusive discounts, and cashback rewards through partnerships with merchants. Businesses can charge a premium subscription fee for these value-added services.

Financial Wellness Platform: Develop a comprehensive financial wellness platform within the app, incorporating debt management tools, mental health resources, and access to financial advisors. Businesses can generate revenue through subscription fees for this holistic financial well-being service.

4. Blockchain-powered Innovation

Cross-border Payments with Stablecoins: Facilitate fast and cost-effective cross-border payments using stablecoins. Businesses can earn fees on currency conversions and transactions, tapping into the growing demand for efficient international money transfers.

Microtransactions and NFTs: Integrate features for seamless micro-payments to creators or platforms and enable in-app purchases of non-fungible tokens (NFTs) linked to real-world assets or digital goods. Businesses can earn commissions or transaction fees, capitalizing on the popularity of NFTs.

Loyalty Programs and Tokenization: Offer tokenized loyalty rewards linked to the app’s native token, creating a closed-loop ecosystem. This not only incentivizes user engagement but also generates value for the app’s native token, creating additional revenue streams.

Also read, “How to Develop an Investment App like Autopilot

USA Regulations You Need to Know Before Developing a   Payment App Like Cash

Here’re some legal considerations you need to consider before developing a Cash-like payment app,

1. Federal Regulations Overview

Bank Secrecy Act (BSA) & Anti-Money Laundering (AML)

Developing a cash-like app demands a robust approach to combat financial crime. Implementing Anti-Money Laundering (AML) and Know Your Customer (KYC) programs is paramount. These programs verify user identities, monitor transactions, and report any suspicious activities.

Customer Identification Program (CIP)

Compliance with the Customer Identification Program is vital. Collecting and verifying user information, including names, addresses, and government-issued IDs, ensures adherence to CIP requirements.

Electronic Funds Transfer (EFT) Act

The EFT Act governs electronic fund transfers, dictating timelines, dispute resolution, and error liability. Adhering to transfer timing, notification requirements, and error correction procedures is essential for regulatory compliance.

Truth in Lending Act (TILA)

For any credit offered within the app, compliance with the Truth in Lending Act is mandatory. Clearly and accurately disclosing fees, interest rates, and other terms is crucial to TILA compliance.

Consumer Financial Protection Bureau (CFPB)

The CFPB oversees various consumer protection laws, including fair lending practices and data privacy. Staying updated on CFPB rules ensures that your app operates in a fair and transparent manner.

2. State Regulations Overview

Money Transmitter Licenses (MTLs)

Most states require Money Transmitter Licenses for businesses involved in fund transfers. It is crucial to research and understand specific licensing requirements in target states and obtain necessary licenses before operating.

Data Privacy Laws

Several states have enacted data privacy laws like the California Consumer Privacy Act (CCPA). Understanding obligations regarding user data collection, usage, and deletion based on state-specific regulations is essential.

3. Additional Considerations

Payment Card Industry Data Security Standard (PCI DSS)

If your app handles credit card data, compliance with PCI DSS protocols is mandatory. This involves strict measures for data encryption, security, and vulnerability assessments.

Fintech Sandboxes

Some states offer regulatory sandboxes for innovative financial technologies. Participating in these programs can be beneficial to test your app’s compliance and viability under relaxed regulations.


Implementing robust cybersecurity measures is vital to protect user data from unauthorized access, breaches, and cyberattacks.

Top Tech Stack To Consider for Making a Payment App like Cash 

Creating a payment app that rivals the success of Cash requires not just innovative features but a robust tech stack. Let’s get into how each technology can be beneficial for building a payment app like Cash.

1. Frontend Technologies

React Native

React Native facilitates efficient cross-platform development, allowing businesses to reach a wider audience. With native-like performance and UI/UX flexibility, it ensures a seamless and engaging user experience, crucial for retaining and attracting users to the payment app.


Flutter’s native-looking UIs and platform-specific animations contribute to an aesthetically pleasing app. The hot reload feature accelerates development, reducing time-to-market. For a payment app, a visually appealing interface enhances user satisfaction and trust.


GraphQL’s efficient data fetching scheme reduces payload size, making transactions smoother and improving app responsiveness. This technology enhances the overall performance of the payment app, ensuring a quick and user-friendly experience.

2. Backend Technologies

Microservices Architecture

Breaking down the app into microservices ensures scalability, making it easier to adapt to fluctuating user demands. This approach also enhances maintainability and facilitates faster deployments, providing a more agile and responsive backend for the payment app.

Serverless Functions

Serverless platforms automatically scale to handle traffic bursts, ensuring that the payment app remains responsive even during peak usage. Eliminating server management complexities allows businesses to focus on enhancing user experiences and features.

Backend Languages (Go/Python/Node.js)

Choosing the right backend language based on expertise and functionality ensures optimal performance. Go’s speed and concurrency, Python’s versatility in data science, and Node.js’s rapid development capabilities cater to specific needs, enhancing the overall efficiency of the payment app.

3. Database Technologies


PostgreSQL’s robust features and high performance make it an excellent choice for managing financial data securely. The reliability of this open-source relational database ensures the smooth functioning of the payment app’s core transaction engine.


MongoDB’s flexibility and document-oriented model make it ideal for storing user data and preferences in a payment app. Its scalability and ease of querying contribute to the efficient handling of a large user base.


Redis’s caching capabilities significantly improve the app’s speed by storing frequently accessed data in memory. This is essential for a payment app, where real-time updates and quick responses are critical for user satisfaction.

4. Security and Compliance Technologies

Zero-Knowledge Proofs (ZKPs)

ZKPs enhance user privacy by allowing authentication and transaction verification without revealing sensitive financial information. This privacy-centric approach builds trust among users, a crucial aspect for the success of a payment app.

Biometric Authentication

Integrating biometric authentication adds an extra layer of security, making logins more secure and convenient for users. Eliminating the need for passwords enhances the overall security posture of the payment app.


Tokenization minimizes data storage and reduces the attack surface by replacing sensitive data with secure tokens. This ensures the security of financial transactions, a paramount concern for any payment app.

Top 9 Payment App Like Cash in USA Right Now 

Important things you should know about some other payment apps like Cash in USA,

1. Venmo

Venmo mobile payment app

Estimated Annual Revenue: $935 M

Strengths: Large user base, easy peer-to-peer payments, social features, purchase integration with select merchants.

Major Revenue Streams

  • Fees: Instant transfer fees, merchant transaction fees.
  • In-app purchases: Virtual purchases for emojis and custom stickers.
  • Data monetization: Partnering with anonymized data analytics companies.

2. Revolut

Revolut mobile payment app

Estimated Annual Revenue: $766 M

Strengths: Goes beyond simple P2P transfers, offering multi-currency accounts, international transfers, cryptocurrency trading, and budgeting tools.

Major Revenue Streams

  • Subscription plans: Offering premium tiers with advanced features like priority customer support and higher foreign exchange limits.
  • Currency exchange fees: Markup on currency conversions at market rates.
  • Financial product partnerships: Commissions on partner products like loans and insurance.

3. Apple Pay

Apple Pay mobile payment app

Estimated Annual Revenue: $988 M

Strengths: Seamless contactless payments in stores, secure with Face ID or Touch ID, high adoption rate with Apple devices.

Major Revenue Streams

  • Merchant transaction fees: Apple receives a small percentage of each transaction made through Apple Pay.
  • Apple Card integration: They encourage Apple Card usage through contactless payments, increasing credit card revenue.

4. Chime

Chime mobile payment app

Estimated Annual Revenue: $3.16 B

Strengths: Free mobile banking app, early paycheck access, fee-free ATM withdrawals, budgeting tools.

Major Revenue Streams

  • Interchange fees: Earns a small fee from merchants on debit card transactions.
  • Optional premium features: Potential future introduction of paid premium features within the app.
  • Partnerships: Revenue sharing with partner institutions for offering products like early paycheck access.

5. SoFi Money

SoFi mobile payment app

Estimated Annual Revenue: $537 M

Strengths: Free mobile banking app, integrated investment tools, automated savings features, high-yield savings account.

Major Revenue Streams

  • Investment product fees: Commissions on stocks, ETFs, and other investment options offered within the app.
  • Membership fees: Potential future introduction of tiered membership plans with access to additional features.
  • Partnerships: Collaborations with financial institutions or service providers for referral fees.

6. Current

Current mobile payment app

Estimated Annual Revenue: $420 M

Strengths: Free mobile banking app, cashback rewards on debit card purchases, gas pump discounts, financial education tools.

Major Revenue Streams

  • Interchange fees: It earns from merchant fees on debit card transactions.
  • Partnerships: Collaborations with retailers and service providers for cashback rewards or exclusive deals offered through the app.
  • Financial education partnerships: Revenue sharing with financial education companies for integrated resources within Current.

7. Robinhood

Robinhood mobile payment app

Estimated Annual Revenue: $1.3 B

Strengths: Free stock trading (limited to certain stocks), Fractional shares investment, Crypto trading, User-friendly interface, Major Revenue Streams:

Major Revenue Streams

  • Payment for order flow (PFOF): Robinhood receives a small fee from market makers for routing customer orders.
  • Margin lending: Interest charged on borrowed funds used for leveraged stock purchases.
  • Crypto transaction fees: Fees on buying and selling cryptocurrencies within the app.
  • Premium subscriptions: Optional premium features like access to market research and advanced investment tools.

8. Acorns

Acorns mobile payment app

Estimated Annual Revenue: $2.9 M

Strengths: Turns spare change from everyday purchases into automated investments, Micro-investing with low minimums, Personalized investment portfolios, Automatic rebalancing.

Major Revenue Streams

  • Management fees: Acorns charges a small monthly fee based on the value of your investment portfolio.
  • Partner referral fees: Commissions earned when users sign up for partner financial products like credit cards or insurance.
  • Round-up transaction fees: Small processing fee for each micro-transaction that rounds up your purchases.
  • Premium subscriptions: Option to upgrade for additional features like retirement planning tools and financial goal tracking.

9. Affirm

Affirm mobile payment app

Estimated Annual Revenue: $1.72 B

Strengths: Buy-now-pay-later (BNPL) financing for online purchases, Flexible payment plans with transparent fees, No credit score requirement, Wide range of retail partners.

Major Revenue Streams

  • Merchant fees: Retailers pay Affirm a percentage of each transaction financed through their platform.
  • Late fees: Charges incurred by users who miss payments on their BNPL installments.
  • Interest income: Optional high-interest financing plans generate interest for Affirm.
  • Data monetization: Partnering with anonymized data analytics companies for targeted marketing within the BNPL ecosystem.


Developing an app like Cash involves several key steps. Firstly, a thorough market analysis is essential to understand the target audience and competition. The app’s core features, such as user accounts, transaction processing, and security measures, should be meticulously planned. Integrating a user-friendly interface and incorporating cutting-edge technologies like blockchain for secure transactions is crucial. Additionally, ensuring compliance with financial regulations and obtaining the necessary licenses is imperative. The development process should involve agile methodologies, allowing for continuous improvement based on user feedback. Rigorous testing and quality assurance measures are essential before the app’s launch.

Looking To Make a Similar App To Cash App?

Are you looking to create the next groundbreaking financial app like Cash? Look no further than IdeaUsher! Whether you envision a mobile app or a web-based platform, we’ve got you covered. Our experienced team is well-versed in the intricacies of app development, from market research and planning to cutting-edge technology integration. We understand the importance of a user-friendly interface and prioritize security measures to ensure a seamless and safe user experience. At IdeaUsher, we go beyond development – we’re your partners in success. If you’re ready to turn your idea into a reality, let us help you navigate the intricate landscape of app development.

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Q1: How much does it cost to create an app like Cash App?

A1: The cost of developing an app like Cash App can vary significantly based on several factors, including the complexity of features, design, development time, and the hourly rates of the development team. 

Q2: How do I make an app like Cash App?

To create an app like Cash App, you need to follow a systematic process. Begin with market research to understand user needs and competition. Plan the app’s features, focusing on essential functionalities like user accounts, secure transactions, and user-friendly interfaces. Choose a reliable technology stack and programming language for development. Ensure compliance with financial regulations and obtain necessary licenses. Adopt agile development methodologies, incorporating user feedback throughout the process. Rigorous testing is crucial before the app’s launch. Collaboration with experienced developers and adherence to industry best practices are key to success.

Q3: Is Cash App profitable?

A3: Cash App, developed by Square, has been reported as a profitable venture. The app generates revenue through various channels, including transaction fees, Cash Card services, and Bitcoin transactions.

Q4: What language is Cash App written in?

A4: The specific programming languages used to develop Cash App may not be publicly disclosed by the company. However, mobile applications are commonly developed using languages like Swift for iOS (Apple devices) and Kotlin or Java for Android. The backend of such financial applications might use languages like Node.js, Python, or Ruby, and the database could be managed using technologies like PostgreSQL or MySQL. The exact technologies used depend on the development team’s preferences and the requirements of the application.

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