How To Build An App Like E& Money?

The growing market of fintech apps is an opportunity to discover new areas to improve user experience. It is essential for fostering innovation as well as driving economic growth.

As an entrepreneur, can you grasp this opportunity?

Well, many fintech apps have established their identity in this diversified market. e& money is among them and has become a super app for Europeans. If you are interested in this aspect, we are here for you.

But, the question is “How to develop an app like e& money?”

Relax, we got you covered with concepts, industry statistics, steps, monetization strategies, costs, and more.

Let’s evaluate it all in this blog.

e& money: UAE Based Financial Super App- An Overview

Let’s begin with learning a brief about the app.

e& money is the first digital wallet licensed by the Central Bank of UAE. The app is designed to revolutionize the user’s digital experience via an innovative financial super app marketplace. Additionally, the users will be able to access a diversified series of financial services including virtual and physical cards with IBAN.

It is a super financial app helpful for users to send money globally and locally, send gifts, merchants, and much more.

The app is effective in the UAE, which offers the most rewarding prepaid card loyalty program assisting customers with one percent cash rewards on all types of their spending during the launch period.

Along with this, the app is regulated by the UAE Central Bank for offering people valued facilities and retail payment services. To use the app, users don’t require any bank account, or any registration fees, with zero minimum balance.

Here are some certain stats about the industry and the app:

• The number of fintech users worldwide from the year 2017 and 2023. In 2024, the number of users over digital payments was 3.57 billion, which is expected to reach 4.81 billion users by the year 2028.
• Additionally, based on fintech statistics, the global fintech sector is valued at $179 billion, which is driven by 30,000 startups. Along with this, 90% of China’s citizens have embraced fintech banking.
• According to eWallet market statistics, the global digital payments market was worth around $4 trillion in 2020 and is expected to exceed $10 trillion by 2026.

When it comes to the e& money App, let’s explore its related statistics:

• The number of e& UAE subscribers reached 14.5 million in Q1 2024, but the consolidated subscribers reached 173 million, which represents an increase of 5% from last year.
• Now over the Play Store, the downloads have reached 1M+.
• E& money has acquired a 100% stake for an enterprise value of $60 million on a cash-free, debt-free basis.

With such stats, it’s clear that creating an app like e& money in this diversified market will be helpful for you to lead the industry and contribute to the growing fintech share within the market.

Well, if you are still confused about why invest in an app like e& money, the following section can be valuable.

Why Build an App Like e& Money?

While beginning to create an app like e& money, it’s valuable to check what’s the need to do this.

Here is a list of important reasons to explore:

1. Growing Fintech Market Share

North America is the leading region for fintech market share globally with a value of USD 89.61 billion in the year 2022. This has depicted the growing need for customization, cross-selling opportunities, and regulatory compliance along with the fintech industry trends.

This growing market share of the fintech industry can become a major reason to go ahead with developing an app like e& money.

2. Enhancing User Engagement

One of the major reasons to consider building an app like e& money is to bring attention to the software. Through an app like e& money, you can dedicate it to represent the walk and talk of your fintech business.

An app grasps the user’s attention faster than a website, how? Well, when a user views their smartphone, an app triggers them to open it and use it to do operations. Thus, building an app is important here.

3. Creates Revenue

To create a super app like e& money, you can have multiple media to generate revenue. With an app, you can earn money via in-app purchases, and transaction fees by providing a platform to the users to go ahead with fintech transactions, and via advertising.

Additionally, you can opt for strategies like paid apps and data monetization while creating an app like e& money.

4. Helps Build Brand Recognition

While building an app like e& money, you can create your brand recognition. When an app like e& money gets installed on a phone, it will increase the visibility and awareness among the users. This will provoke them to use the app to address their tasks and operations.

Hence, via building an app like e& money, you can increase brand awareness about the business.

5. Gather Data and Analysis

Building an app like e& money can help collect vast data from the users. Well, building an app will gather data about the users such as their financial information, and their preferences to use fintech apps for their tasks.

With the help of building an app, you can collect such a wide area of data from the users. This data will be helpful in providing the users with adequate recommendations for utilizing the fintech apps effectively.

These were all the essential reasons to be considered for building an app like e& money.

Now that we know why we have to go ahead with the app, let’s check the important steps of how such apps work in the following section.

How Does an App Like e& money Work?

Before you jump to build an app like e& money, it’s essential to check its working process.

Here’s a series to follow:

► Profile Creation and Adding Money

After downloading an app, the users need to build their profile and add all the essential details.

Later, the users need to add money via different methods including direct bank transfers, Apple Pay, debit/credit cards, or payment machines and agents.

► Perform Transactions

Now, users can send money abroad to over 200 countries either to a bank account, mobile wallet, or via a cash pickup.

With an app like e& money, the users can send money to a mobile number or to a bank account.

► Manage Bills, Buy Gifts, and Support Favorite Charities

With the app, users can manage their bills via the fintech app, buy gifts, and can also support their favorite charities with a few clicks.

The app allows users to distribute money by playing a game or to surprise loved ones. This will help the users to manage their finances in the way they want it.

► Review and Feedback

After using the app for their purpose, the users are allowed to review its tasks, processes, and operations over the Google or Apple Store.

These reviews assist businesses to improve the overall functionality of the app and enhance the network with their potential users.

Well, after evaluating diversified steps in the working process of an app like e& money, let’s cover the features to include within it.

Features to Include in an App like e& money

What are the top fintech app features to include within the app?

You can search for the important features in this section:

♦ Biometrics

One of the significant features to include within the app like e& money is biometrics. Here the users are asked to add passwords or their finger impressions to ensure the safety of the app. This will enable the users to keep their data secure and hence no one other than the owner of the phone can unlock the app.

♦ Notifications

With push notifications, the users can get updates on their transactions or any due bills that need to be paid on time. This enables the processing of financial transactions seamlessly. It is the feature that notifies the people about any changes in fintech regulations or within the app. This process will help them to promote secure transactions, effectively.

♦ Artificial Intelligence

Implementation of AI within apps like e& money helps analyze the user’s preferences and then provide them important recommendations based on their transactions. These recommendations will be helpful to the users to proceed with the tasks that might be important for them while processing the app.

♦ Voice Assistance Integration

The integration of voice assistance is helpful for the users to proceed with the transactions even without typing on the phone keyboard. They can proceed with the commands on the phone and the task can be performed abruptly. You can even add a voice recognition system in the app like e& money, so that the app can perform tasks only with the voice of the phone or app’s owner.

♦ Digital Wallets

Apps like e& money act like digital wallets where the user can add their money or link accounts when and wherever required. This will enable them to perform the transactions without any kind of barrier or error along with safety guidelines. eWallet feature provides the user’s convenience in every transaction.

♦ Personalization

By integrating important features such as AI, the app can provide personalized recommendations to the users that will accommodate them to proceed with the bills due or any pending recharges. You can add a dashboard while personalizing the app. Here, users can find all the essential details with respect to their accounts, payments, and more.

♦ Order History

The users can go through the order history for every transaction that they have made in the past. This will enable them to evaluate their expenses along with any displaying the transactions that might be important to review back such as payment to any merchant or retail firms. They can even proceed with repeat purchases by evaluating their order history.

♦ Peer-to-Peer Transfers

Through peer-to-peer transfers, users can easily receive or send money directly from their contacts using their eWallets. This feature is effective for splitting bills or any payments that are required to be reviewed for receiving any payments. With this feature, the contacts are interlinked to the app and the users need not demand for the number of any QR associated with that person.

These were some of the features to consider here.

Now, are you waiting to know “how to build a super app like e& money?”

Well, the wait is over. Let’s discover the important steps in the given section.

Steps to Build an App like e& money

How to create an app like e& money?

To build a fintech app, all you require is to follow important guidance and steps.

Learn them all below:

Step 1: Value Proposition

It is important to identify the value of your financial app idea in the market. Thus, the value proposition comes as the first step to build an app like e& money.

Additionally, you need to focus on market research, where it is significant to identify what can attract user’s attention. Here it’s important to collect a lot of information related to the financial market, the payment systems and how people like to pay, what kind of methods need to be added to make the process seamless, and more.

This will help evaluate your idea’s value and how it is effective within the present market. It will enable you to identify the target audience and what kind of tasks or functions they require and help bridge the present gap.

Step 2: Selection of Features

Within an app, features are the blood. Additionally, these features provide a way to app’s recognition or brand reputation. Here you need to segregate the basics or advanced features to be added within the app.

When it comes to fintech apps like e& money, it’s important to include different features such as biometrics, notifications, personalization, order history, digital wallets, and peer-to-peer transfers.

Along with this, it’s essential to include the features based on the objectives and aim of the project. Here, it’s important to avoid overloading the app with features that can even lead to a crash.

Step 3: Build an App Design

Under this step, you need to create a UI/UX fintech app design. Here you need to add color, typography, and theme to your project. In this step, you will visualize the complete app by adding the features and making them simple.

A simple design will attract more users and retain them with your business. Here you can make use of important design tools that will engage the users and can make your app efficient and intact.

Many front-end technologies should be included while building an app like e& money such as HTML5, CSS, and JavaScript. Other than that, you can hire app designers to learn more,

Step 4: Choose the Right Tech Stack

It is essential to include in the important technology stack for an app like e& money. This will enable you to identify the possible technology network that you can combine with your app to make it more accessible and convenient for the common people.

Well, if you are unaware of the tech stack, then it’s important to note that it’s a collection of diversified software services along with programming languages. That makes up a web or mobile application.

When it comes to the fintech app tech stack, then it is essential to note all the significant technologies that you require to add within the app, at the back end such as Python, Java, C#, and many others based on the objective of your project.

Step 5: Choice of Platform and Building the App

Now, it’s time to synchronize all the steps to develop a super app like e& money. Here you should evaluate which step will be effective to add on successfully to bring great results for your app.

You can hire mobile app developers as per your preferences and requirements. They will assist you over to form a great connection with potential users by including the types of features and technologies that will provide shape to your app.

Well, before reaching launch, it’s essential to examine the platforms on which you are ready to bring value to the targeted users. Here you can select the platforms among Android, iOS, and Hybrid accordingly.

Step 6:  App Testing

Can you launch an app like e& money without testing? Well, you know the answer. Rigorous testing will not only help you to find and reduce bugs or errors but also is effective in examining any future risks that might create an issue for your business.

Through financial app testing, it’s essential to test the app under different circumstances which will be useful to engage a large audience through enhancing their experiences.

It is a crucial phenomenon to perform various testing protocols including functional testing, performance testing, security testing, localization testing, compatibility testing, and automated testing.
Step 7: Deploy, Launch and Maintain

You can deploy the app across the defined platforms and then launch it on a specific date. It will be helpful in avoiding delays in launching or providing any chance for the competitors to take over the market.

Well, the app development process doesn’t end here. You need to note that to sustain the app in the competitive environment by maintaining it effectively.

It is important to connect with app maintenance services that can assist your app to fight the competition and sustain in the battlegrounds successfully. All you need to know about the timings of the updates here.

After identifying the potential steps to create an app like e& money, it’s important to mention significant technologies in detail to assist you in connecting with the types of tech stack to include for building the complete app.

We’ll check it in the next section.

Tech Stack to Build an App like e& money

A technology stack is all about adding the potential set that will support all the features and designs to make your app convenient to use.

Here is a table to consider for including in the technology stack:

These are all the technologies that you can implement while building a super app like e& money.

Now, let’s evaluate the resources required to build an app like e& money in the following section.

What’s the Cost to Develop an App like e& money?

How much does it cost to build a fintech app?

The cost to build an app like e& money can vary from $15,000 to $90,000 depending on diversified factors including the complexity of the app, design, technology stack, maintenance and security cost, and type of app.

Let’s examine all the factors impacting the cost of building a super app like e& money from the following section.

Factors Impacting the Cost to Build an App Like e& money

What are the important factors to include while creating an app like e& money?

While identifying the mobile app development costs, you should explore the following factors:

1] Complexity of an App

Here the complexity will depend on the type of features. A complex feature within the app can hamper the overall structure. An additional complex feature will allow the users to manage and navigate the large data sets, is via analytics for making a better decision.

Under this factor, the cost may vary from $5000 to $20,000 depending on the type and complexity of the features.

2] App Design

Here, the design of an app can be helpful in evaluating the graphic elements, including icons, backgrounds, fonts, illustrations, and logos. Here selection of such types of elements will hamper a large set of designs.

Under this factor, the cost can vary from $10,000 to $25,000. Here the elements including icons and images, may elevate the overall costs.

3] Technology Stack

Technology is what adds value and where the work is processed within the backend. Here the types of platform selection will also impact the cost to include the tech stack within your app like e& money.

Here the cost will vary from $10,000 to $30,000. The cost will depend on the type of technology you include within the app.

4] Team of Developers

Under this factor, the developers will depend on two aspects including location and expertise. If you hire developers from Asia and that too with high expertise, it can cost you from $15,000 to $90,000. However, while hiring professionals from Europe can vary from $30,000 to $300,000.

Similarly, if you hire developers from the United States, the value can vary from $40,000 to $400,000 that too for the competent skilled team. Thus, these two factors are important to evaluate here.

5] Maintenance Cost

Here, the cost to maintain an app should be noted. Where you need to keep an amount to maintain the app after launch. An app should be maintained after it is launched to the market. Thus, cost should be kept aside for the same.

The cost to maintain an app can vary from 15% to 20% based on the total cost to build an app like e& money.

6] Security Cost

Under this factor, you should include security as one of the prime factors that may impact the complete cost to create an app like e& money.

Here the cost can vary from $5000 to $20,000. The cost will depend on the tools and security technology that you will include for adopting data safety.

These are all important factors to include within the app which might hamper the cost of developing an app like e& money.

Now that we’ve covered the cost of investing, let’s look at the types of strategies to include when building an app like e& money.

Monetization Strategies for an App like e& money

What are the top financial app monetization strategies to build an app like e& money?

Here are the monetization strategies to include here:

► Transaction Fees

Super apps like e& money make money from the transaction fees. Here they charge the users for every transaction they make with the app. This can be a regular income source for your app.

► In-App Advertising

You can give a platform to the brands and to the diversified group of companies who want to post ads on your app. Providing a space for such platforms can help promote their brands and services over the app. Here you can earn a regular amount.

► In-App Purchases

Well, what about adding extra features for the people who want more from the app? You can do this and earn a handsome amount of profits from it. This will help connect and build long-term relationships with the users.

► Crowdfunding

Crowdfunding is a great option if you are beginning your career within a field or industry. Here you are required to connect with the wide public and can raise funds to launch your app in the market. In exchange, you can pay a sum of interest to these people once your app touches the market peak.

► API Connection Fees

You can provide a facility to diversified platforms whether they are retail or any other to enable them to help the users to pay without shifting to any other platform. The integration is effective to earn money from such businesses to provide them with such a service.

How Much Time Does it Take to Build an App Like E& money?

How much does it cost to build a mobile app?

Bothered to know the time taken to create an app like e& money, here is its detail in the given table.

After evaluating the above table, it is essential to identify the factors impacting this time zone.

Here, time can be impacted by different factors including the frequency of building the app, the developers, and their skills.

Why Connect with Nimble AppGenie to Make an App like e& money?

Searching for an effective firm to develop your app?

Well, connect with Nimble AppGenie and let your app lead the industry. Our team is ready to help you in all the ways. We can create strategies for building your app, make an app, and then launch it in the diversified competitive industry.

We are the best Fintech App Development Company to bring your wise ideas to market and effectively create them to enhance their existence.

Conclusion

To make an app like e& money, it’s essential to look for the important series of steps that begin from market research and end on launch. You can include various features within the app such as notifications, AI, dashboards, user profiles, and API integrations.

Here, the cost to build an app like e& money can vary depending on diverse factors including the complexity of the app, design, technology stack, maintenance, and security cost.

Other than this, you need to include diversified monetization strategies such as in-app advertising, in-app purchases, data monetization, and transaction fees. Connecting with an experienced company can be helpful here.

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.