Buy Now Pay Later is one of the most reliable methods for online businesses to be successful, particularly for those operating in regions like the MENA region. In the process of replacing the cash upon Delivery phenomenon, a number of sellers are seeking ways to enable customers to fulfill exactly what technology promises to purchase today and later.
In response, a variety of options have been developed within the UAE and elsewhere in the MENA region but one has been growing as the best option for merchants – the Tabby app. With figures of 3 million users and 800+ merchants and a total investment of $185 million to the present The app has emerged as an inspiration to new entrepreneurs who want to create an online buy-now-pay-later app.
In terms of cost, It can cost the range of $35,000 to $60,000 to create an application such as Tabby with a basic UI and technology. The cost of developing an app that has multiple integrations with technology as well as sophisticated design software in contrast could be $150,000 or more. In this article, we’ll examine the various aspects that result in the cost of building a buy now pay later application range.
Tabby’s features: Tabby buys today and pays later, just like the app
What makes Tabby the top option for both eCommerce customers and merchants is the convenience and security it gives. From an easy in-app experience that is backed by well-organized categories for shopping, to an API/SDK that functions seamlessly across various platforms and devices, the buy now, pay later app is setting the bar for payment methods globally. Here are a few options that allow it to be used.
1. Sign-up/ sign-in
Although it’s the most basic function of any app the sign-up and login experience that Tabby offers is the factor that sets users up for a seamless user experience. The app offers customers the option to check in as a guest and they don’t need to provide their email address or telephone number unless they’ve tried the app.
Once they’ve done the credentials, they can log in by using their email address and phone number.
Apps that pay after the purchase like Tabby have Shop features that let you make categories around the names of products, stores, and even discounts. The app functions as an online store where customers can look up information about products as well as prices and discounts.
After purchase, this app provides customers with a way to monitor their order and receive actual time information on the place it is within the delivery process.
3. Split payments
The amount of installments particular to the Tabby app is the basis of all after-pay apps. It lets customers purchase the item, and then use their credit card information to Tabby to start the four split payments once per month. All they need to pay for is the first installment when they make the purchase.
4. Advance payment
Tabby’s Buy Now Pay Later application lets customers pay in advance against their planned split payment date. The application allows customers to choose between making payments at the time they have sufficient funds and not waiting on a particular date.
5. Automatic deductions
When customers input their card information, the app that allows them to shop-now-pay-later such as Tabby instantly deducts the money from their bank account. But, prior to making the deduction the app sends out an email to customers to inform them about the coming payment.
TIP: When you are planning the system to automatically deduct money ensure that you keep cancellations and returns in your mind. If it is Tabby in the event that the customer decides to cancel the order, Tabby stops the installments when it receives updates from Tabby.
6. Control of your accounts
The most effective after-pay applications like Tabby include a dedicated account management system that allows customers to check their history of purchases, the number of payments made as well as the scheduled payments, and also their personal information.
Although all of these features allow the app to be popular with customers, however, there are some characteristics that make the app popular with merchants too. Tabby is available on Android, iOS, and web API/SDK which can be connected to e-commerce sites, which allows merchants to provide a seamless checkout experience for their customers.
The factors that influence the cost of creating an app similar to Tabby
Conceptually, the concept behind the Tabby, UAE application is to let users purchase products either via the app or through an eCommerce retailer partner and then pay in four installments. The diverse components that make Tabby purchase now and pay later are among the more sought-after apps in the UAE region.
The following are the diverse aspects that impact the price of creating an app such as Tabby:
1. App design
The main benefit of the Tabby app is its minimalist design. It is broken down into four sections: Shop and Payments, Cashback, and Profile. Each screen has a distinct user experience that is illustrated through simple line icons, crisp images of the product, and an intuitive map of the user’s journey.
If you are building an app such as Tabby make a note of the need for minimalism within the app by avoiding excessive cramming of visual and content elements. Consider the user’s journey for each feature and plan the design to get the users to where they want to go.
2. App development
If you decide to invest in the design of a payment later application, you have two options to choose from – make it a specific feature for your particular store or build an API/SDK for it to enable it to be integrated with other online stores. At iTechnolabs, We recommend using the approach of a milestone-wise strategy when you have an e-commerce store. This means that you implement the feature within your store first, and then create an API or SDK for it.
Depending on the type of business model you select The development effort will be focused on creating the front and backend for the app, incorporating all the features we have mentioned in the previous paragraphs (or even more), and integrating advanced technology such as VR to try out products, or AI to provide predictive analytics. In addition, based on the business model you select, you’ll either need to create one version of the pay-later app or two.
Pay applications are still a brand new concept in the world of finance and regulatory compliances are in the process of developing globally. If we consider Tabby specifically it is in compliance with the Saudi Central Bank’s regulatory Sandbox Environment in the KSA and also certified PCI DSS. If you’re launching your application out of that UAE region, you’ll have to consult with regulators like the FTC prior to the launch of your app to mass use.
Another compliance-related issue you’ll need to keep the credit bureau up-to-date. At a global scale, it is the case that when customers purchase things on credit or take an EMI their credit score is affected depending on whether they’re returning the loan or not. To keep this system in check, you’ll be required to inform the compliance bureau every week to determine whether a client has completed payment via EMI the payment, or not.
4. Development team
The final factor that makes a significant difference in the price of developing an app such as Tabby can be the number of people who work on the project. It is a matter of two factors as well as the size of the team and the location that they operate from. At iTechnolabs, typically, when we design a buy-now, pay-later application, we gather experts in research, platform-specific developers’ backend, design, and quality assurance.
However, the area in which the team is located is a major factor in the costs of developing an app that allows you to buy now and pay later. A Financial app development firm such as iTechnolabs based in India costs between $80-100 an hour, and a business located in the US will charge between $100 and 120 per hour.
These factors, along with the above-mentioned features determine the price to create an application like Tabby. It could cost anywhere between $35,000 to $60,000 with a basic UI and technology, while an app with multiple tech integrations, as well as a top-quality design system, can be priced up to $150,000 or higher.
How Much Does It Cost To Develop An App Like Tabby?
At iTechnolabs, we’ve built several Fintech products. While some are based on traditional models such as payment cards and cross-border transactions Some of our solutions are very innovative in their design such as BNPL apps are among them.
Our financial developers have years of experience creating secure, smart applications which make paying in installments much more simple. Our reputation as a reliable brand in the field of developing an open-source solution is our experience in putting ourselves in the shoes of users while watching the limitations of regulation. If you’re seeking a partner who can keep both of your needs at the top of the list, we are the right people. Contact us.