Are you looking to develop payment apps like Samsung Pay? But you have a question in mind: how to develop one for your business and where to start? Then don’t worry you are at the right place. In this blog we will try to cover what exactly these apps are, how to build one for your business and why investing in these app can be profitable for your business. 

Apart from this basic information we will also cover the top features you can include in your application to make it stand out from the competition. The average cost to develop apps like samsung pay. 

So without wasting your time let’s get started with the blog. 

What does the concept of digital wallet mean? 

A virtual, digital, or e-wallet is a digital version of a physical wallet that you use to store and manage your money digitally. It is essentially an app that you can download and install on your smartphone or tablet that lets you make payments, send money, receive money, and manage your finances all in one place.

Making transactions without having to carry cash or real cards with you is simple and handy when you use a virtual wallet to link your bank account, credit cards, or other payment methods to the app.

App similar to Samsung Pay, are gaining traction because they provide a quick, easy, safe, and convenient way to handle your money. The potential of the app to completely change how people manage their finances and make payments, they are especially alluring to investors, fintech, and finance companies.

Must-have Features for Payment App like Samsung Play

These features are critical to ensure that your payment app possesses the basic functionalities to serve its users adequately. 

Send and Receive money

With the help of the send and receive money feature the users have the flexibility to transfer any available amount in their e-wallet or share money to any one in seconds. They can receive money from senders from other users.

Spending Analytics

Samsung pay wallet app allows the users to review their expenses over a specific duration and plan future spending. Some payment apps include Saving Goals and Cashback, which are helpful for encouraging responsible spending.

Push Notification 

The top ewallet app development company focuses on providing the best features thus one of them is push notification that provides immediate updates about every change or offer in the app that user can get. 

Payment and invoicing

Payment and invoicing are the main thing of the Samsung pay apps. The feature allows the user to get the bills after paying to a certain place. This helps them keep a record  of the previous data. 

Transaction history

The software has to keep unchangeable records of previous transactions and provide filters that let users choose particular transactions and time frames.

Multi-Factor Authentication 

Unauthorized parties cannot misuse the payment app thanks to OTP, PIN, and biometric confirmation. Along with this by using these security tokens, users are prevented from inadvertently starting money transactions.

Banking integration 

P2P payment app development and  transfers, introducing the capability of sending funds to bank accounts makes the app more user-friendly. 

Biometric identification 

A great backup security measure to stop someone from opening the payment app is a fingerprint lock. It shields users’ private information and keeps private financial records from unintentionally being viewed.

Text messaging

An interactive messaging module for P2P lending and social-oriented apps is helpful for connecting with fellow users. It keeps conversations contained and relevant to monetary transactions. 

Customer support 

Users who experience technical, transactional, or other issues with the app can find solutions with the assistance of an AI-based chatbot and knowledge base.

Read more: How to develop apps like paypal?

Different Industries Benefiting from Apps like Samsung Pay  Development 

Mentioned below are the top Industries benefiting from making the apps like samsung pay for their business. In this section we have mentioned the small brief and benefits. 

1. Banking and Finance

Digital wallet apps change the banking and finance sector by offering customers a smooth way to manage their financial transactions. With these apps, users can perform banking activities, make payments, and transfer funds without needing to visit a physical bank. The integration of advanced security features such as biometric authentication ensures that transactions are both secure and user-friendly. 

Benefits:

• Convenience of managing finances from a mobile device.
• Enhanced security through advanced authentication methods.
• Improved financial management with budgeting tools and real-time notifications.

2. Retail & Ecommerce

In retail and ecommerce, digital wallet apps smoothen the purchasing process by enabling quick, secure transactions. Shoppers can pay for goods and services with a simple tap or scan, reducing checkout time and improving the overall shopping experience. 

Benefits:

• Faster and more convenient checkout process.
• Integration with loyalty programs and digital coupons.
• Access to valuable consumer behavior insights.

3. Hospitality & Travel

For the hospitality and travel industry, digital wallet apps enhance the travel experience by simplifying payment processes and managing travel documents. Users can book and pay for flights, hotel stays, and other travel services directly through the app. Digital wallets also support the storage of boarding passes, hotel keys, and itineraries, which can streamline check-in and check-out processes. 

Benefits:

• Simplified booking and payment processes.
• Digital storage and management of travel documents.
• Streamlined check-in and check-out procedures.

4. Healthcare

In healthcare, digital wallet apps offer a range of benefits by facilitating easier and more secure payments for medical services. Patients can pay for medical bills, prescriptions, and other healthcare-related expenses directly through the app. These apps can also be used for scheduling appointments and managing health records.

Benefits:

• Simplified payment for medical bills and prescriptions.
• Streamlined appointment scheduling.
• Secure storage and management of health records.

5. Food & Beverage

Digital wallet apps are transforming the food and beverage industry by enabling contactless payments, which is both convenient and hygienic. Consumers can pay for meals at restaurants or cafes with just a tap, and these apps often support online ordering and food delivery services. Food delivery app development can also involve these payment solution integrated to get better response and enhance customer engagement and retention.

Benefits:

• Quick and secure contactless payments.
• Support for online ordering and delivery services.
• Management of loyalty programs and promotions.

6. Telecommunications

In telecommunications, digital wallet apps simplify the management of telecom services. Users can pay their phone bills, recharge prepaid plans, and manage their accounts directly through the app. This integration enhances the customer experience and offers telecom companies an efficient way to handle transactions and customer interactions.

Benefits:

• Easy payment of phone bills and prepaid recharges.
• Convenient account management.
• Enhanced customer experience with streamlined transactions.

7. Entertainment & Media

For the entertainment and media sector, digital wallet apps like samsung pay offer a streamlined approach to managing subscriptions, ticket purchases, and in-app content. Users can subscribe to streaming services, buy event tickets, and make in-app purchases securely and efficiently. 

Benefits:

• Simplified management of subscriptions and tickets.
• Secure payments for digital content and in-app purchases.
• Enhanced user experience with streamlined transactions.

8. Education

In the education sector, e-wallet apps make it easier for students and parents to handle payments related to tuition, fees, and other educational expenses. Schools and universities can offer a convenient way for students to pay for various services and manage their accounts. 

Benefits:

• Simplified payment for tuition and fees.
• Convenient management of educational expenses.
• Secure access to campus facilities through digital IDs.

9. Real Estate

Digital wallet apps like Samsung pay benefit the real estate industry by facilitating payments for property transactions, rent, and management fees. Tenants can pay rent securely and conveniently through the app, and property managers can streamline fee collection and manage transactions efficiently.

Benefits:

• Convenient and secure rent and fee payments.
• Streamlined property transactions.
• Enhanced transparency and reduced administrative work.

10. Government Services

For government services, digital wallet apps like samsung pay provide a modern solution for managing payments related to taxes, permits, and benefits. Citizens can pay for various government services directly through the app, which can also be used for disbursing benefits and subsidies.

Benefits:

• Streamlined payment of taxes and fees.
• Simplified process for obtaining permits and licenses.
• Efficient disbursement of government benefits and subsidies.

Read more: How To Develop An App Like Cash App?

How to Develop Apps like Samsung Pay?

Here are steps to develop apps like Samsung pay. We tried to mention all the things briefly to make you understand each step properly. 

Market Research

Conduct comprehensive market research to understand user needs, industry trends, and competitive landscape. Analyze target demographics, preferences, and pain points to inform banking app development. Gather insights to guide feature prioritization and design.

Define Requirements

Outline the app’s core functionalities, features, and user experience based on research findings. Establish technical, business, and compliance requirements to ensure all stakeholder needs are met. Create detailed documentation to guide the development process.

Choose Top Development Team

Select a skilled development team with expertise in digital wallet technology and a proven track record. Evaluate potential teams based on their experience, portfolio, and client feedback. Ensure they align with your project goals and timeline.

App Prototyping

Create a prototype to visualize and test the app’s design and functionality before full-scale development. Use wireframes and interactive mockups to gather feedback and refine the user interface and experience. Iterate on the prototype based on stakeholder input.

Build MVP/Final Product

Develop a Minimum Viable Product (MVP) to test core features and gather initial user feedback. After validation, proceed with building the final product, incorporating additional features and refinements. Ensure the final product meets all defined requirements and business objectives.

Quality Assurance

With the top software testing services our experts do quality assurance to identify and fix bugs, ensure functionality, and verify performance across different devices and platforms. Implement automated and manual testing strategies for comprehensive coverage. Validate that the app meets all usability and security standards.

Deploy and Launch

Prepare for deployment by finalizing app store submissions, marketing strategies, and user onboarding processes. Launch the app to the public, monitor initial performance, and address any immediate issues. Plan for ongoing updates and support based on user feedback and analytics.

Cost To Develop App Like Samsung Pay 

There are multiple factor that influence the cost of development of samsung pay mobile app such as geographical location. The team expertise, type and more. Let’s briefly have a look at each one of the following. 

1. Different Platform For Digital Wallet App Development

Native Development (iOS and Android) 

This platform option provides the largest user base. The Samsung Pay app for Android and the Samsung Pay app for iPhone are top choices for users, though functionalities may differ in development costs. The average starting cost is high, around $100,000, and can increase.

Web Platform Development 

It is also one of the top choices of the fintech app development companies as these web apps can be accessible on the big screen and have more features compare to the others. The average cost can be around $30,000 and go higher. 

Cross Platform Development

These provide the cheaper option as compare to the above both as it can be worked on the both iOS and Android with the same base code. This can cost combined around can start with $50,000 and go more. 

2. Geographical Location 

The of the major factors affecting the cost of fintech app development services can be geographical location of the company you are selecting for the development of app like samsung pay.

Sr. No	Region	Cost to Hire Development Company
1	North America	$100- $200
2	Western Europe	$75- $150
3	Central and Eastern Europe	$50- $70
4	Africa	$20- $45
5	Asia	$20- $40

3. Technology Stack 

The technology stack can also affect the cost of development. The type of app you are developing require different technology stack thus one need to take care of these things. The different tech stack can cost differently. More than 50% of cost comes under this as these are involved in all the processes. 

Apart from these the major cost can be additional ones such as integrating some third party services in digital wallet app development. The average cost to develop the apps like Samsung Pay can start from $ 50,000 and go higher. 

Conclusion 

If you are looking to develop apps like Samsung Pay for your fintech app development company or any other company, you can find relevant information in this blog. If you encounter any issues with the blog or have other inquiries, contact the experts at Octal. Our team is available 24/7 to assist you.