How to create a payment app like Zain Cash?

by | Nov 13, 2022 | Mobile App Development

Given the ubiquitous presence of mobile devices, it’s no surprise that the widespread adoption of mobile payment solutions is increasing around the world, fueling the growth of cashless transactions.

Custom payment apps offer comprehensive money management features that support all required currencies and payment methods while maintaining a high level of security for payment and personal customer information. It is all about giving customers the convenience of sending and receiving digital payments with just a few clicks on their smartphone.

Every day, thousands of apps are popping up in app stores, indicating the growth of international mobile payment services. Fintech apps, for example, are quite popular now as people embrace the convenience of easy bill payments, fast money transfers, and more. And this trend has been even more fruitful for payment apps like Zain Cash, which have gained a lot of attention since their launch in Iraq and other MENA regions.

What should you know about payment apps like Zain Cash?

With mobile payment adoption expected to reach a valuation of $4.8 billion by 2025, key players in major global regions are expected to experience remarkable growth. This is because most of these apps are now integrated with other fintech services. The most popular mobile payment apps around the world are Google Pay, Apple Pay, Paypal, Venmo, Zelle, Cash App, PayPal, Zain Cash and more. Recent statistics show that the number of mobile payment users is expected to reach 1.31 billion by 2023, reflecting the increased popularity and use of mobile payment apps worldwide.

Among the apps of all time, Zain Cash has become one of the largest and most widely used online payment solutions in the MENA region. It is a mobile withdrawal service founded in 2013 by Ahmed Al-Hemyari. Zain Cash is headquartered in Baghdad, Iraq and is licensed by the Central Bank of Iraq. With over 4,000 agents across Iraq, Zain Cash has a huge user base enabling individuals to transfer money, pay bills, shop online, receive payments and d use other personal banking services.

According to Yazen Al-Timimi, Managing Director of Iraq Wallet, Zain Cash “has a strong customer base of 11 million, many of whom have never used online payment services before and are now enjoying Zain’s hassle-free mobile transaction services. . Zain Cash will be instrumental in promoting social and economic development throughout Iraq.

Zain Cash recorded sales of KD 421 million in the second quarter of 2022, growing by $1.4 billion at a CAGR of 14%.

Analysis and collection of needs

This is the initial phase of the development process for your P2P payment application. Custom fintech app development experts will do their research before starting the development process. The team creates a plan to finalize the functionality and look of the user interface. He then communicates with key project stakeholders to discuss the vision of the payment application, the choice of payment application, the platform on which the payment application is based, functional capabilities, UI/UX requirements and other non-functional requirements.

Choose preferred P2P application type

There are different types of peer-to-peer payment apps, usually offering banking and other standalone solutions. Here are the main types of P2P applications you need to know about before you start developing your mobile payment application. Bank oriented system

Several banks are now developing their own P2P payment system to offer convenient and accessible banking services to their customers. These apps help users to instantly deposit or receive funds into their bank account without having to visit banks. Banking apps have completely revamped the user experience as they now have full control over finances and can transact seamlessly.

Our experts at X-Strategy Services partnered with a leading global bank in Europe where they automated their banking processes using machine learning and artificial intelligence technologies. This helped increase the bank’s customer retention rate by 20% as the focus shifted to improvising the customer experience.

Autonomous services

They are independent banking solution providers that offer their own payment systems such as Zain Cash, Venmo and PayPal. These apps allow users to create their own digital wallet and use it to make payments or store their e-money as an e-wallet. As a rule, these applications support Visa and MasterCard cards.

Mobile operating system

Smartphones today have an integrated payment function. It works like any full-fledged mobile payment app. Some of the best examples of mobile OS payment systems are Android Pay, Samsung Pay, and Apple Pay.

Social media platforms

Social media apps and other messaging apps are also developing their own integrated payment features. The best examples are Facebook and WhatsApp. Social media users can now send money directly to their friends without leaving the app.

Create your feature list

Now that you have decided on the type of P2P application you want to create, the next thing you need to do is create a list of features to develop your mobile wallet application. Choose the basic version first, then add the extra features. In order not to miss anything, study your target group, create a clear portrait of your users and analyze the user flow.

Work on UI/UX design

The first thing users see when they open your app is how the app looks and how smoothly they can interact with it. The effectiveness of your application can be measured by the optimal combination of functionality and attractiveness. With that in mind, make sure your app is simple, intuitive, and engaging. While User Interface (UI) refers to how users view your mobile app, User Experience (UX) relates to how they interact with the app.

Add a robust security architecture

When building a P2P payment app, it is crucial to ensure a solid security architecture. All user account and transaction history information must be end-to-end encrypted.

But how do you ensure a good level of security for your application?

To avoid accidental payments or any kind of fraudulent action, implement the best security features such as fingerprint scanner, multi-factor authentication, facial recognition, OTP or unique ID, etc. It is also essential for you to ensure the security of your digital administration wallet to prevent the possibility of personal data leaks. Discuss with your development team what other security features can be implemented in your payment application to make it fully secure.

Comply with legal regulations

Regulatory compliance is vital to the security of your payment app like Zain Cash. For the development of your online payment transfer app, you must comply with the payment standards set by the regional government. Regulatory compliance varies across different global regions, and you need to choose your target region when building an app like Zain Cash.

Test your app

The tests determine if your app works as expected and if it’s comfortable to use. Here is a quick checklist for testing your Zain Cash-like app:

  • Make sure your app installs and works correctly on different devices.
  • Check how the application behaves in case of special events such as low battery, incoming calls, airplane mode, etc.
  • Test hardware connectivity such as Wi-Fi, Bluetooth, USB, and NFC.
  • Test the app with users to make sure it runs smoothly on their devices.
  • Get feedback and make changes if needed.

Always remember that a few swipes and clicks are not always enough to convince your users and draw conclusions about your app. According to Compuware, 48% of users are likely to abandon your application if they constantly experience performance issues. Thus, end-to-end testing helps you avoid this risk and retain your users.

Start your MVP and evolve

Validate your MVP and gain valuable user insights that can help you quickly iterate and improvise your product before fully developing it.

The idea behind MVP app development is how users will be impacted by your app idea before investing a fortune to take it to the next level. For a better look at the MVP concept, read the Pocket Guide to Creating a Minimally Viable Product.

You can do MVP builds and other test launches. Your mobile payment application must be able to handle thousands of users and offer stability when loading. Once you’ve received feedback from your users, update or implement it before rolling out the new version to production and launching your application.

Implement these basic features to build a payment app like Zain Cash

Features play an important role in the development of digital wallet applications. By integrating the best mobile payment app features, you increase your chances of your app being adopted and well used by your target audience. Here is the list of essential features that can make the difference and stand out from the crowd.

1. Digital wallet

The digital wallet is at the heart of every payment application. A digital wallet allows users to store their e-money and make simple payments. Typically, these wallets are integrated with the payment card tokenization services of MasterCard and Visa, as these two providers cover most banking institutions in the country.

2. Send or request money

Users of the P2P app can perform the two main operations of requesting and sending funds to other users. To build a solid payment gateway, implement this must-have functionality in your app so your users can complete transactions quickly and securely.

3. Currency conversion

Automatic currency conversion is one of the most useful features that can make your mobile payment app popular. By implementing this feature, your users can transact across borders and pay for goods and services while traveling to other regions.

Technically, you need to integrate your mobile payment app with exchange rate APIs, which will help you manage automatic conversions as your users transact.

4. Send invoices and invoices

For the convenience of your user, your app should have the function of generating bills or invoices that can be received by both the sender and the recipient. The invoice generator feature should support popular formats like PDF and in-app downloads. Additionally, your users should be able to share invoices and generated invoices with a single click.

5. Unique identifier or one-time password

According to KPMG, 72% of businesses witnessed various types of cyberattacks in 2018. These included DDoS, phishing, and spamming activities that caused huge losses to end users. These statistics indicate the need to pay attention to the security of your payment application.

Therefore, to prevent accidental or unwanted transactions and fraud, your users must be able to confirm their unique identification number or one-time password (OTP) when executing a transaction.

6. Transaction history

By implementing the transaction history feature, you help your end users keep track of their finances and reconcile their incoming and outgoing flows. Give your users access to their account information as much as possible. To stand out in the competitive market, you need to provide your users with unique features that help them manage their finances. With filters like smart sorting and a custom date range, customers can generate their own statements and download them when needed. They can also convert transaction history or electronic bank statements to PDF and share them via messenger and other apps.

7. Bank transfer

To make your peer-to-peer payment system more convenient and useful, offer your users the ability to transfer money from apps like Zain Cash to their bank account and vice versa.

8. Push Notifications

By implementing the push notifications feature, you can send your users quick messages about promotions, new offers, or other updates. Also, users can receive instant messages or notifications whenever they perform any type of transaction.

However, you should keep in mind that constant push notifications can annoy your users. Therefore, it is better to send them notifications that engage them with your app rather than annoy them.

Additional features to be implemented in the development of the E-Wallet app

Implementing some advanced features in your wallet app can make it easier to use and more secure. Let’s take a look at the list of additional features in your payment app.

Fingerprint security lock

To minimize the risk of your application, your users can configure fingerprint security. This way, your users are the sole owners of their accounts. The fingerprint scan feature adds an extra layer of security to your app by protecting the app from third party access.


A chatbot in your e-wallet app can generally improvise the user experience. This allows users to interact with your app and resolve any questions they may have. A chatbot helps users quickly resolve problems that can arise due to incorrect wallet charges, money transfer problems, and more.

As users connect with chatbots for help, they can get timely solutions to their problems. If the problem requires human intervention, the chatbot advises users to contact their customer service representative.

Cryptocurrency payment

The cryptocurrency exchange platform market was recently valued at $30.8 billion and is expected to grow at a CAGR of 27.8% from 2022 to 2030. Banking apps are also becoming a holistic platform for management of cryptocurrencies and other payments in digital currencies like Ethereum and Bitcoin.

X-Strategy Services has partnered with one of the world’s leading banks, Asian Bank, and introduced crypto as their primary source for their day-to-day transactions. Our team took Asian Bank’s cryptocurrency project to the next level by offering them a banking solution that provides a custodial cryptocurrency wallet using plastic cards. The app quickly saw over 250,000 app downloads and over 50,000 cryptocurrency transactions.

Technology stack required to build an app like Zain Cash

To build an app like Zain Cash, you need to choose a robust set of technologies based on the type of app. Choosing the right set of technologies determines the future of your product as it affects the overall performance of the application.

For example, Kotlin and Java are best for Android payment apps and Swift and Objective-C for iOS apps. For cross-platform app development, you can use programming languages ​​like React Native, Flutter, and Xamarin.

How much does it cost to develop an app like Zain Cash? Every business has its own unique ideas, goals, and requirements. In general, the cost of building a paid app and its timeline mostly depends on several factors like number of features implemented, launch date, geographic locations, budget size, and many more. Here are some of the major factors that impact the total cost of developing e-wallet apps.

Research and estimation

Our wallet app development team validates your app idea by researching the P2P payment app market and determining their competitive advantage. Our team will get back to you with their feedback and discuss the project estimate for the next step.

Design and development

Our designers build the app UI and build a robust product backend that deals with compliance and security issues, as well as connecting databases to the data stream. Our frontend developers then combine the prototypes and code created with the creation of the final version of the app.

To test

Testing is another factor that affects fintech app development costs. At this stage, our QA engineers work with developers and identify possible errors in the application. If the team finds errors, they fix them immediately and launch the app.

Post-launch support

Our team ensures that you receive continued support after launching the application. With constant updates, we provide full maintenance and improve the performance of your app after launch.

With these factors in mind, the overall estimate of the average app development cost can be determined. The cost of developing an app like Zain Cash can range from $38,000 to $60,000 depending on the client’s needs. Note that adding more advanced features would also double the cost.

Choose X-Strategy Services as your mobile payment application development partner

In order to create a payment app like Zain Cash that attracts a huge user base, you need to ensure that it is reliable and responsive. With extensive experience in wallet app development, X-Strategy Servicesas a world-class fintech app development company is creating an end-to-end encrypted and secure mobile payment app that will earn you huge income.

Our solution architects analyse your needs and create a robust functional fintech application for you. Entrust us with the development of your mobile payment app. Get in touch with our experts and start working on your project idea today.

Frequent questions

Q. How much does it cost to create a payment app?

A. The cost of building a money transfer or payment app depends on the features you want to implement, the design approach, the location of the development team, and the number of hours needed. to complete the project. On average, the average cost to build a payment application would be $38,000 to $60,000 depending on the complexity and size of the project.

Q. How does the payment app work?

A. P2P applications are used by almost everyone today. It ensures easy money transfer directly from one account to another. All you have to do is create an account and link your bank account to it. P2P transactions allow money to be transferred without intermediaries.

Payment apps ensure smoother, faster, and hassle-free transactions between users of different banks. P2P systems have countless applications. You can pay for services using such apps, send and receive money, buy items from the online marketplace, make cross-border payments, and much more.

Q. What are the three best ways to monetize your app?

A. As an entrepreneur, your main goal should be to make a profit after launching your P2P payment app. Here are some of the best ways to monetize your money transfer app:

Charge App Fees: This monetization model requires a certain amount to be charged for each transaction made by users. This is one of the most aggressive business models that can distract users. Also, chargeback and refund scenarios should not include additional costs as most users believe this is an unfair business.

Fee per feature: This is one of the primary business models of the payment gateway app. This business model requires you to offer some features for free, but to explore the additional features users need to opt for the paid pricing plans.

Usage Fees: This business model is very similar to the Free App and Revenue Share models, but involves users paying for high account activity and not being charged for each transaction. This approach works well when analyzing monetary transactions over a period of time per user. After that, you can invoice customers regularly.

Q. How to create a mobile payment app?

A. To build a robust payment app, you need to follow these steps:

  • Put your needs in one place
  • Choose the payment app platform
  • Validate regulatory compliance
  • Design an attractive UI/UX
  • Test your app
  • Launch your MVP and scale

Q. What are the uses of peer-to-peer payment apps?

A. Payment apps enable faster and easier digital payments. Here are some of the main uses of payment apps:

Peer-to-peer currency exchange: Sending funds to friends and groups just got super easy with P2P apps. According to Statista, in 2022, 42% of respondents said they would use P2P payment platforms.

Online Shopping: Payment platforms like Zain Cash allow users to make easy purchases from the online marketplace with a single click. For example, ecommerce companies now support various types of payment gateways to make it easier for users to complete the checkout process.