These days, buy now, pay later (BNPL) apps like Afterplay are somewhat well-known. Though this BNPL idea is fresh to the globe, it is rapidly conquering the market. Like credit cards, only around half of the consumers use this service. Moreover, more than half of the individuals choose their in-house BNPL solution as all the international e-commerce organizations provide. The primary cause of spending is now new fashionable gadgets.

According to certain studies, this sector has great market potential and has seen significant expansion recently. Many companies and startups all throughout the United States of America and other countries have paid interest to all of this. Many individuals these days want to create similar apps like Afterpay. And if you belong among these folks, you have arrived at the correct venue. All the important information you need to develop an app like Afterpay successfully will be highlighted in this blog.

Market Statics For BNPL Apps Like Afterpay

By the end of 2023, the worldwide BNPL is projected to be USD 16 billion; by 2032, it will reach USD 115 billion. With a compound annual growth rate (CAGR) of 25.30%, the purchase now, pay later sector is expected to show throughout the forecast period. These are some of the main lessons learned from a USA-based poll about BNPL services.

• End-User Analysis: With more than 71.30% of income during its forecast term, retail is expected to be the most profitable end-user category within the worldwide purchase now-pay-later industry.
• Enterprise Size Analysis: With about 61.0% market share in 2023, big companies seem to be among the most appealing categories in the worldwide BNPL market.
• Channel Analysis: With 62.0% of all global revenues earned, online is by far the most profitable BNPL category available.
• Market Growth: Projected CAGR of 25.30% from 2023 to 2032 indicates that the worldwide market for BNPL payment apps like Afterpay is fast expanding.
• Opportunities: Providers of BNPL products perceive a chance to penetrate new markets and increase their client bases since many developing nations still have low penetration of such solutions.

Cost Breakdown for Developing a BNPL Apps Like Afterplay

The particular requirements and objectives of the company as well as the market expectations and competition affect the features and complexity of a BNPL app.

You may be curious about the computation of basic, medium, and sophisticated purchase now-pay-later applications. Thus, below is a chart to help one grasp the cost breakdown and produce similar apps like Afterpay. Along with the time span this banking app development will take, this table will address the characteristics a BNPL app should have and their cost. 

Types Of BNPL App	Features For Your BNPL App	Development Cost Range	Time Required For Development
App With Basic Features	– Basic customer support – Payment tracking – Payment options – Product searching and selection – Customer registration and login	$20,000 to $30,000	2 to 3 Months
App With Moderately Advanced Features	– All the basic features from above – In-app chat support – Personalized product recommendations – Advanced user support – Integration with multiple e-commerce platforms	$30,000 to $40,000	4 to 7 Months
App With Highly Advanced Features	– All the moderately advanced features from above – Comprehensive API integration with partner vendors – Advanced analytics and reporting  features – Multiple payment options, like bank accounts and credit cards – Customizable  user profiles and preferences	$50,000 <	8 to 12 months

Now, after reading this table, you will get fintech app ideas about how much would it cost you to develop a BNPL application.

Top 5 Best Apps Like Afterpay

Here is a list of BNPL payment apps like Afterpay that are booming in the current market. Check their key features they have to offer and makes them unique.

1. Klarna

Among the most often used “buy now, pay later” services available in the USA is Klarna. Less strong qualifying criteria are set by the firm than certain lending options. Furthermore, debtors have three alternative choices for repayment, which exceeds what other BNPL applications provide.

Another point to bear in mind is that Klarna can cause a cycle of borrowing as it might inspire its consumers to borrow more than they can afford to pay back. Below are some key features that Kalrna has to offer to its customers and merchants.

Key Features: 

• Available with several top retailers
• Limited qualification requirements
• Offers no-interest financing

2. PayPal Credits

Afterpay apps like PayPal enable consumers fund transactions as little as $30. Though customers may purchase with a large range of brands, financing levels are only $1,500.

Together with one down payment and bi-weekly payments free of late penalties, borrowers may divide their purchases into four interest-free installments. See the many salient characteristics of PayPal that help it to be among the most used payment tools. 

Key Features:

• Available with top brands
• Offers two payment structures
• No late fees

3. Splitit

Splitit’s financing allows borrowers with bad or inadequate credit to benefit without having to apply or go through a credit check. Online merchants may employ this white-label fintech app development companies to streamline consumer financing. Rather than starting a fresh purchase loan.

Splitit allows consumers to divide a transaction using their present credit cards. Following purchase authorization or delivery, the platform charges the first installment to the borrower’s card then charges the card each month until the conclusion of the payment schedule. Take a look at some other features of this BNPL application.

Key Features:

• No fees or interest charges
• No credit check
• No application process

4. Sezzle

Among the apps like Afterpay that let its customers spend money without thinking about high rate of interest is sezzle. To simplify the procedure, this software divides the purchases into four interest-free payments.

Its simple design helps the customers to grasp its offerings. It does not apply the traditional credit check. Users with less than excellent credit may therefore still use this portal. Instead, Sezzle uses a propriety algorithm of their own to identify a customer’s eligibility. Now, let’s check out some of the major features of this platform.

Key Features:

• Good at payment meeting requirements
• User-friendly interface
• Amazing customer support

5. Affirm

Affirm is a handy choice for big purchases as Affirm provides high financing limits and is offered at a lot of stores. Found in hundreds of internet and in-store stores, it is a USA-based app like Cash App.

A fantastic choice for big purchases because borrowing ranges from $50 to $25,000. Affirm’s goal is to provide sincere financial solutions enhancing quality of life. Unlike most credit cards and other pay-over-time choices, we show customers precisely what they will pay up front, never raise that amount, and never charge any late or hidden penalties. 

Key Features: 

• Widespread Availability
• Zero-interest and no-fee loans available
• Huge borrowing limit

Read more: How to Build Out a Mobile Wallet App?

Steps To Develop Apps Like Afterpay

Creating payment applications such as Afterpay calls both methodical approach and thorough knowledge of the fintech sector. Following advice from a fintech app development services supplier can help you design your own BNPL app in the following major stages.

1. Market Research and Analysis

Before starting planning, do extensive market research to grasp the BNPL environment, customer tastes and competition offers. Name the target audience and their issues. Evaluate possible retail alliances and legal needs. Defining the special business strategy and value proposition for your app depends on this stage.

2. Planning and Conceptualization

Based on your investigation, list the primary purposes and characteristics of your BNPL application. Describe your project in great detail, including the budget, timeframes, and technological stack. Choose your income source. By merchant fees, user interest, or both? Plan the evolution of the app, launch, and update it.

3. Design and User Experience:

Make investments in an aesthetically pleasing and intuitive app. A responsive user interface helps to guarantee flawless client service. Emphasize accessibility so that everyone with all kinds of ability may utilize your program. Prior to the digital wallet app development process, wireframes and prototypes the app to observe user interaction.

4. Start the App Development:

Using a seasoned fintech and ewallet app development company can help you bring your app to life. Include your app with payment gateways, e-commerce systems, and other systems so customers may buy from many stores.

5. Testing and Quality Assurance:

Make sure your BNPL application runs safely and flawlessly by closely testing it. One excellent approach to getting user comments is usability testing. Security audits help to find and resolve weaknesses. Try the app on many platforms and devices to guarantee fit. Often depending on user comments, update and enhance the software.

6. Launch and Marketing:

Once your BNPL mobile app is complete, plot how you will introduce it. To reach your intended market, create a smart marketing strategy including digital advertising and social media promotions in addition to merchant relationships. 

Read more: How To Develop A Contactless Payment App

Frequently Asked Questions (FAQs):

1. Time-period it takes to create apps like Afterpay?

A simple version takes three to four months to produce. However, building an app like Afterpay with sophisticated features and capabilities takes more time and money, thus extending the development period.

2. How much does it cost to develop BNPL payment apps like AfterPay?

The intricacy of the app and the development team you hire will have a big impact on how expensive creating a BNPL app like Affirm or AfterPay costs. The typical cost, however, may run from $40,000 to $150,000 or more.

3. Must-have features in similar apps like Afterpay?

A BNPL application should have these features: 

• Multiple payment options
• Customer support
• Loyalty programs
• In-store payment methods
• Analytics and reporting capabilities
• Robust fraud detection
• Integration with popular online retailers
• Automated payment reminders and schedulings
• Personalized credit limits.

Final Thoughts

The BNPL payment system gained popularity as the epidemic swept throughout the globe. For individuals who want to purchase but cannot afford it, apps letting users pay now and later have shown to be really handy. Developing a build-now pay-later app like Afterpay has unique advantages and drawbacks. Now is thus the right moment to invest in a purchase-now pay-later app development such as Afterpay.

At a time when customers demand simplicity and flexibility in their payment choices, BNPL apps have become indispensable. Octal IT Solution has become a dependable Fintech and P2P app development company meeting this need for strong BNPL applications akin to Afterpay.

Octal has a history of creating creative FinTech products like Smoov and GIGPay, which attracted large user involvement and funding and showed great success. Hiring Octal a top assures the delivery of a user-centric BNPL platform that not only meets but also beyond the evolving expectations of consumers and retailers both. This guarantees your Afterpay app development process is not only.

Get in Touch with us to create the best apps like Afterpay.