How Can You Develop A Buy Now Pay Later iOS App

by Fluper Dubai Mobile App Development Company

E-commerce is expanding. This increase is fueled by the advent of new technology and payment options. Fintech industry solutions give customers a growing range of payment options. The Buy Now Pay Later (BNPL) solution is one of them. The emerging trends of BNPL save time by allowing millions of people all around the world to afford things they urgently needed in the time of the lockdowns and financial trouble as the world slid into an unparalleled monetary situation.

Here, we’ll explain how a genuine ios App Development Company develops a Buy Now Pay Later iOS App from the start and the cost of developing an app like Buy now, pay later (BNPL) solutions.

How BNPL ios app works?

To know the Cost of Developing an App like BNPL in Buy now, pay later (BNPL) is the same like using a credit card or obtaining a soft loan. Customers can make online purchases with "pay later" options and spread out their payments over a certain timeframe, such as a few months.

Without having to pay the full amount at the checkout, this is a practical method of payment when purchasing online. Customers can obtain a loan quickly and easily because the procedure has been considerably simplified. To avoid late fines and negative effects on the customer's credit score, the loan must be paid back on time. Hence, you need to opt for a leading ios app development company to create BNPL iOS app.

Market share of BNPL solutions:

Due to the financial difficulty brought on by COVID-19, today's consumers are seeking flexible financing choices, particularly interest-free borrowing; hence BNPL has become a preferred way of payment for many. With a projected CAGR of 21.7%, the global market for "buy now, pay later" will increase from $22.86 billion in 2022 to $90.51 billion by 2029. This figure shows that investment in BNPL apps will be very beneficial in the current year if you develop the app by a renowned ios app development company.

Key features of the BNPL ios app:

As you want to know the cost of developing an app like BNPL more ios, you need to know what are the key features that any reputed Mobile App Development Firm adds to this kind of app.

•    User Sign Up- The user must sign up with his name and contact information to create and verify an account to access the app.

•    Approval- Once the user has received approval; the consumer can begin making purchases and must choose the BNPL payment option during the checkout process. The payment will be completed automatically to the retailer based on the choices for repayment option.

•    Loan terms – The Loan option can be repayable a few weeks or a few months. But, in case of expensive purchases the time span can be a few years. A leading ios app development company crafts this feature according to your business goals.

•    Convenience – It takes a few minutes to borrow a loan and get its approval. As the procedure is very rapid, users can go for this option at the time of payment.

•    Purchasing ability- The amount of loans that various BNPL providers can grant to clients varies. Some could provide loans up to $20,000. Hire a renowned ios app development company that can design the feature sophisticatedly.

•    Advance Payment- Because BNPL emphasizes flexible payment choices, it's crucial to employ a professional from a reputed ios app development company that can help you implement this function and allow clients to pay installments in advance.

•    Payment Rescheduled:-Anyone, at any time, can experience financial emergencies. Hire an app development company to design apps for you that has the option to reschedule payments within specific parameters and relieve them of their financial burdens.

•    In-app shoppin- Let customers use the app and then prompt them to register when they make a purchase. Hire a top app development company to design this feature innovatively.

•    Repayment period- Customers need to repay the loan at predetermined intervals. Customers might be asked to make weekly or monthly payments. However, retailers typically receive their entire payment upfront. Hire a leading mobile app development firm that comprehends your goals and needs to design this feature.

•    Auto-Deductions-It makes the repayment procedure simpler and less stressful for your consumers.

•    Push Notifications- It's crucial to have this function in your app whether you're reminding customers to make payments or informing them about bargains, offers, or savings on different payment plans.

•    Paperless loan- Process for applying for and approving loans without paper. Clients are not required to print or sign any paperwork.

Any reputed mobile app development firm estimates the cost of developing an app like buy now pay later considering the development time of the above-mentioned features.

Estimated cost of developing an app like buy now pay later:

The cost of developing an app is estimated by some factors. If you hire a leading ios app development company, it will consider the factors like Total development time, Developer’s rate per hour, features of the app, complexity of the app, UI/ UX design and third-party integration.

Any reputed mobile app development firm estimates approx USD 20,000 average cost of developing an app like BNPL on an ios platform with basic features. If you want to add more features and advanced-level functionalities to the app, it’ll cost USD 25,000 to 35,000 USD. If you hire a top-notch ios app development company for the BNPL ios app, it will design your app with emerging technology and robust features.

Final thought:

Buy Now Pay Later like Fintech app development has become a critical requirement for organisations due to the increase in e-commerce sales. The discussion about the key features and the cost of developing an app like BNPL will help you to make a plan for your BNPL app. A mobile app development firm can help you stand out in the market by applying a distinctive variety of features and ensuring high-quality solutions if you are also going to produce a similar mobile app solution for your business.