Cost to Develop an App Like Tamara: Factors, Features, and More

What’s the cost to develop an app like Tamara?

Well, for developing an app, it’s vital to look forward to the essential resources such as time and cost.

Here, the cost can vary from $20,000 to $300,000, depending on diversified factors and many other parameters.

Let’s discuss them all in the given blog.

Introduction of Tamara App

Before you dive into the pool of learning about the cost and its related factors, it’s important to know the app. Here is Tamara’s app description for those who are unaware of its capabilities.

Tamara is a fintech platform where users can shop, pay, and bank. It is the largest used app in Saudi Arabia and within the GCC region, which has made it the first fintech unicorn. The app allows the users to split the payments and pay in full to a wide range of users’ favorite stores which may comprise SHEIN, Namshi, noon, Nice One, and many others.

The app upholds Islamic Sharia principles via strict adherence to Islamic finance guidelines and is committed to integrity as well as transparency while delivering each project.

Current downloads of the app are 1 Million+.

Want to know more about the industry and the Tamara App?

Let’s go ahead with the next section.

Current Market Statistics of the Fintech Industry and Tamara App

Fintech app market statistics will cover you with the current aspects useful to learn for entering into the industry. Here are some of the points to be considered.

• The global fintech market was valued at USD 294.74 billion in the year 2023 and is projected to be worth at USD 340.10 billion by the year 2024. The market is expected to reach USD 1,152.06 billion by 2032.

• As of January 2024, America has become the largest region to have 13,100 fintechs, followed by the Middle East and Asia-Pacific regions.
• The number of digital payments users is forecast to grow gradually and reaching to 4.81 billion in 2028.
• The revenue of the global fintech industry is forecast to increase sharply and has been estimated at 79.38 billion U.S. dollars.
• Additionally, the digital asset market is expected to display a revenue growth of 17.38% in the year 2025.
• When it comes to Tamara, it has landed a $1 billion valuation with $340 series C funding, which is led by SNB Capital and Sanabil Investments.

Well, are you interested in building a split payment app like Tamara?

Why Create an App Like Tamara?

Are you still puzzled about developing a split payment app like Tamara?

Well, we will provide you with the exact reasons for developing a fintech app in the list below.

♦ Manage Finances

An app like Tamara can assist users in managing their finances in a personalized manner. Additionally, creating this app can make payments simpler and more secure.

This will reduce the issues of standing in long queues to manage their funds without visiting banks. It is one of the most useful ways to keep track of funds in the best possible manner.

♦ Increasing Fintech Market

One of the reasons for creating an app like Tamara can be the growth of the market.

The global market size of the fintech app is estimated at USD 266.56 billion in the year 2022 which is further expected to grow at a CAGR of 17.5% from the year 2023 to 2030. Hence, there is a great scope for building a split payment app like Tamara.

♦ Enhance User Engagement

If you are a financial institution or are an owner of a bank and want to initiate the app service, then it’s a brilliant idea to engage the users.

With an inclined market towards the fintech industry, users are switching towards split payments, managing finances via mobile phones, and performing transactions smoothly. Thus, it’s a great market to explore and win user’s trust.

♦ Scope of Innovation

It is a growing market, hence the scope of innovations to add to users’ performance is high. Here you can discover new ways to assist users in payments and managing funds.

Creating this app can provide you with a way to bring revolution to the fintech market. Hence, building a split payment app like Tamara is one of the options to avoid.

♦ Revenue Generation

When you develop a split payments app like Tamara, it will provide multiple ways to generate money that can become one of the motivations to proceed with this process.

After creating an app, you can proceed with many options to generate revenue such as in-app purchases, in-app advertising, crowdfunding, and many others.

These are all reasons to be considered when making a split payments app like Tamara, effectively.

Well, are you ready to develop an app like Tamara? In the process, features play an essential role, let’s study them all in the following section.

Must-Have Features For an App Like Tamara

To create a split payment app like Tamara, it’s important to include the top features that are leading the fintech industry.

Here is a list of top fintech app features to consider for your next project.

• Real-Time Notifications

Financial data flows regularly, and it’s important to provide real-time notifications to the users based on their current transactions through an integration with third-party apps. Apps like Tamara have this feature to engage the audience in the long run.

• Artificial Intelligence

The use of AI in the fintech apps is useful in developing the budget for the app. It is one of the most important features that is useful in evaluating customer data for forecasting future behavior and segmenting customers into different categories.

• Cross-Platform Integration

The app must work over diversified platforms to reach the target audience. Along with this, the app should be able to connect with other devices to successfully connect with the targeted users.

• Multiple Payment Gateways

One of the essential parameters here is diversified payment gateways offered by an app like Tamara. The app should provide multiple platforms where the users can conduct their diversified transactions.

• Live Chat and Chabot

It is vital to integrate customer support features to enhance the user experience. With the help of customer support, you can address the user’s concern effectively and may help them in using the app.

• Voice Assistant

A voice assistant feature can be helpful to everyone. This feature is useful to disabled users and many other people who face difficulty in typing. The design of the app should be effective to address the issue related to the search.

• Language Options

There should be multiple language options need to be placed. Giving them options will help them feel included and ensure that the customer can use the application freely and without any kind of language barrier.

These are all the features that should be implemented while developing a split payments app like Tamara.

Now, the question is “How much resources are required to invest while developing a split payments app like Tamara?”

Let’s start by discussing the cost of creating a split payments app like Tamara.

What’s the Cost to Build a Split Payments App Like Tamara?

On average, the cost to develop an app like Tamara typically ranges from $20,000 to $300,000 depending on the type of app and the features it includes.

Many other factors might impact the overall cost of building a split payments app like Tamara such as the complexity of the app, design, tech stack, and many other parameters.

Want to learn more about these factors?

Check out the following section.

Major Factors Determining the Cost to Develop an App Like Tamara

After analyzing the cost needed to be invested in creating an app like Tamara, it’s vital to look for the factors impacting it.
Let’s check them all, below.

1. Complexity of Apps

A high complexity of apps and their features can further result in increasing the total cost invested to build them. Apps with complicated features including AI-driven analytics and extensive integrations will result in enhanced cost and vice versa.

Now, the question is, how much does the complexity impact the cost of creating a split payment app like Tamara?

Here, the cost may vary from $5000 to $80,000 depending on the type of features and its related software integration cost.

2. Choice of Platform

The type of platform selection can also impact the overall cost of developing an app like Tamara. Here, it’s important to select the right platform to reach the target audience.

You can select Android, iOS or hybrid app development based on the aim of the app and to publish your app.

The cost of launching the app on the platform depends on the licensing fees of the selected online store. Here the cost may vary depending on $10,000 to $30,000, totally based on the industry.

3. App Design

Visual design and UI/UX elements including icons, and images, can impact the overall cost of developing a split payment app like Tamara.

Additionally, advanced finetch app design elements and custom illustrations will further drive up the expenses. Here, the type of wireframe and portfolio construction impacts the complete cost.

Here the cost can vary from $5000 to $50,000. This app design will vary depending on the type of design you select for your dream project.

4. Technology Stack

The type of technology set will impact the cost along with the latest version of technology you select for the project.

The fintech tech stack comprises diversified programming languages, libraries, tools, and technologies that will help construct the software application.

The cost can differentiate from $10,000 to $60,000, depending on the type of technology selection. Here the selection should be based on the project’s aim and objectives.

5. Maintenance Cost

The type of fintech app maintenance selection will impact the cost of developing a split payments app like Tamara.

Here the type of maintenance tool selection will affect the complete cost. The type of asset and how often upkeep is required can impact the overall cost of creating them.

The cost can vary from $2000 to $30,000, depending on the type of services opt for in your app.

6. App Security

The adoption of robust security parameters will enhance the complete cost. Finance as well as healthcare apps will be comprised of stringent security.

So, if you want to create an app like Tamara, it’s important to invest in its security and that should be robust and updated based on dynamic market, and industry licenses to ensure data safety.

Here, the cost can vary from $5000 to $50,000. This cost will depend on the fintech mobile app security protocols and multifactor authentication methods for protecting the user data.

7. Team of Developers

The selection of the developer’s team too impacts the complete cost of creating an app like Tamara. Here, one of the important determinants is the location and skills of the developers.

Experienced and skilled developers will lead to higher costs, but can also ensure a higher quality end product. Hiring less skilled developers can cut out the cost but may lead to a less polished app.

Well, it’s not true in most cases, all you need is to hire mobile app developers and create your dream project. Here the cost can vary from $10,000 to $100,000 depending on the developers.

8. Quality Analysis

The type of fintech app testing tools implemented to identify bugs and errors can further impact the total cost of creating a split payments app like Tamara.

The main aim of creating an app is to reduce user’s issues, not to increase them, right?

Well, adopting such a quality will require the adoption of robust technologies. With highly advanced technologies, you will be able to reduce the errors. The cost can vary from $5000 to $30,000.

These factors should be considered when evaluating the cost of creating a split payments app like Tamara.

Now that you have evaluated the cost, it’s time to cover it by implementing effective monetization strategies.

Let’s study them all in the following section.

Monetization Techniques for a Split Payment App Like Tamara

How do fintech apps earn money?

Here is a list of app monetization strategies that can be considered.

➤ In-App Purchases

In-app purchases are among the best monetization strategies, where users can purchase the features based on their requirements after paying an extra amount.

This framework can be helpful to the app for covering the cost of developing an app like Tamara. It can help you earn permanent revenue from the app.

➤ In-App Advertisement

This is another important framework useful for earning money. It enables developers to monetize their apps by assisting the advertisers to serve effective ads to the users. Under this, you provide a platform for the brands to promote their products and earn money.

➤ Data Monetization

Data monetization comprises using the user’s data for monetization. It is one of the important sources, where you take the consent of the users and then use their data to earn money. One of the important determinants here is to get consent as without it, you can face legal challenges.

➤ Sponsorships

With the help of a sponsorship app, the users should be able to increase brand exposure, access to the attendee data, speaking opportunities, and even discounted transactions. Here you connect with diversified brands to promote their products and charge money in exchange.

➤ Subscription Plans

You can have subscription plans for your users based on different prices. These prices should be based on the user’s demands. With a variety of subscription plans, you allow the users to select the best to continue with the app. These subscription plans can become a permanent source of monetization.

These are all monetization strategies that can be helpful here. If you want to know more, connecting with an experienced team of developers can help.

Why Choose Nimble AppGenie to Develop an App Like Tamara?

Searching for a great team of developers?

Partner with Nimble AppGenie and get exclusive price deals within your budget. Additionally, with use, you can select and create a team of developers who can shape your dream project.

We are the best Fintech App Development Company, focused on delivering quality with integrity and transparency.

Conclusion

To evaluate the cost to develop a split payment app like Tamara can be affected due to several factors such as the complexity of the app, number of features, app design, maintenance cost, security cost, tech stack, app design, choice of platform, and quality analysis.

Other than this, you can include diversified features while creating it such as real-time notifications, push notifications, cross-platform integration, multiple payment gateways, and many others. You can connect with an experienced company to lead the industry.

FAQs

Niketan Sharma

Niketan Sharma is the CTO of Nimble AppGenie, a prominent website and mobile app development company in the USA that is delivering excellence with a commitment to boosting business growth & maximizing customer satisfaction. He is a highly motivated individual who helps SMEs and startups grow in this dynamic market with the latest technology and innovation.