ReapMind TEch Blogs

How Much does it cost to develop an app like Cred?


Gone are the days of impulsive spending!

Today’s users, especially in India, are actively seeking tools and platforms that empower them to manage their finances responsibly, build strong Credit scores, and access exclusive benefits.

This shift in consumer behavior is fueled by a rapidly growing population of over 75 million Credit-conscious individuals. To cater to this evolving market, innovative mobile applications like Cred have emerged, offering a one-stop shop for financially savvy users.

But what exactly makes an app like Cred so successful, and how much is the cost of mobile app development like Cred?

In this blog, we’ll delve into a detailed breakdown of the mobile application development cost to develop a payment app like Cred, along with mobile application development cost estimations for each component.

What is Cred? 

Cred, founded by Kunal Shah in 2018, has become a major player in India’s fintech sector, targeting over 75 million credit-conscious consumers. By March 2024, its user base surpassed 11 million, with Cred processing about 25% of all Credit card bill payments in India.

Notably, Cred has been recognized by CNBC as one of the Top Disruptors in Fintech, underscoring its innovative approach and impact.

Offering a unique mix of financial tools and rewards, Cred has earned trust among users, simplifying Credit management and providing tangible benefits. Its rapid growth reflects the effectiveness of its strategies in meeting the evolving needs of consumers.

  1. How Does an App Like Cred Work?

Cred operates on a core principle: rewarding users for responsible Credit management. This user-centric approach fosters a community of financially savvy individuals.

Let’s walk through the typical user journey within a Cred-like app:

Step 1: The process starts with a smooth user registration, potentially leveraging social media integration for added convenience.

Step 2:  The app integrates with Credit bureaus to display the user’s Credit score and provide valuable insights into areas for improvement. This transparency empowers users to make informed financial decisions.

Step 3:  Cred-like apps facilitate secure and convenient bill payments for various categories like Credit cards, utilities, and subscriptions. This streamlines the bill management process and avoids late fees.

Step 4: The app sends automated alerts for upcoming bills and due dates, ensuring users stay on top of their financial obligations and avoid missed payments.

Step 5: To incentivize timely payments and active app usage, Cred-like platforms offer reward programs. These rewards can range from cashback offers to exclusive discounts on various products and services. This gamified approach motivates users to maintain financial discipline.

  1. Essential Features of a Cred-like App:

Cred has become a prominent example of how a payment app can go beyond simple transactions. By offering a comprehensive suite of innovative features, Cred has established itself as a one-stop shop for financially responsible individuals.

But what exactly makes an app like Cred so successful? The answer lies in its core functionalities and the strategic integration of advanced features.

Here’s a breakdown of essential features to consider when estimating your mobile application development cost for a Cred-like platform:

  • Core functionalities:
FeatureDescriptionEstimated Development Time (Hours)
User onboarding and loginSecure registration, potentially with social media integration.40-60
Credit score monitoringIntegrates with bureaus to display scores and insights.80-120
Bill paymentsEasy and secure bill pay for various categories.100-150
Payment reminders and notificationsTimely alerts for upcoming bills and due dates.30-40
Transaction historyClear record of past transactions for better management.20-30
  • Advanced features:
FeatureDescriptionEstimated Development Time (Hours)
Investment optionsManage investments directly within the app.150-200+ 
Rewards and gamificationIncentivize timely payments and app usage with a reward system.80-120
AI-powered financial insightsAnalyze spending habits and provide personalized recommendations.120-160+ 
Secure vaultSecure space to store important financial documents.50-80
Chat supportReal-time customer service through in-app chat.40-60
  1. Understanding Cred’s Business Model:

Cred’s business model revolves around targeted user acquisition and providing compelling value propositions to both users and businesses. By focusing on attracting individuals with a history of responsible financial management, verified through credit score analysis, Cred creates an exclusive community that appeals to businesses seeking high-value customers.

For users, Cred offers reward programs such as Cred coins earned for timely bill payments, financial management tools like bill reminders and credit score monitoring, and a seamless payment experience integrating various options. Meanwhile, businesses benefit from targeted marketing opportunities within the app through in-app advertising and promotional offers, leveraging Cred’s credit-worthy and financially engaged user base.

This dual-sided approach not only fosters user engagement but also provides businesses with a platform to reach desirable customers effectively, creating a mutually beneficial ecosystem for all stakeholders involved.

  1. Understanding Cred’s Revenue Model:

Cred’s revenue model centers around listing fees and data monetization.

Businesses pay to list their products and services on the Cred app, gaining exposure to its targeted user base. Simultaneously, Cred collects and analyzes anonymized user data on spending habits and preferences, with user consent and privacy protection measures in place. This data is then sold to financial institutions for market research and risk assessment purposes. Financial entities leverage this data to understand customer behavior, refine product offerings, and tailor marketing strategies effectively. Additionally, the anonymized data aids in assessing creditworthiness and developing precise risk profiles for potential borrowers. 

This dual revenue stream ensures Cred’s profitability while providing value to both businesses and financial institutions, all within a framework that respects user privacy and consent.

Benefits of Building an App Like Cred:

The success of Cred, a members-only payment app in India, has sparked interest in developing similar platforms. But beyond the initial buzz, what are the concrete benefits of venturing into this space? 

Here’s a glimpse into the benefits of building an app like Cred:

1. By implementing a membership system based on Credit score, you can target a financially responsible user base, making them attractive to potential business partners.

2. Reward programs like cashback offers and exclusive deals incentivize timely payments and keep users engaged within your app’s ecosystem.

3. Building a platform associated with financial responsibility strengthens your brand’s reputation and fosters trust among users.

4. Integrating with secure payment gateways allows users to make seamless transactions within the app, boosting convenience and user satisfaction.

5. By analyzing user spending habits and preferences, you gain valuable data to tailor future offerings and marketing strategies.

6. Consider offering value-added services like wealth management tools or investment opportunities to a creditworthy user base.

7. Partner with relevant businesses to offer exclusive deals and discounts within your app, generating additional revenue streams.

8. As your user base grows, the network effect strengthens, attracting more users and businesses seeking access to this creditworthy demographic.

9. Leverage user data to personalize marketing campaigns and promotions, leading to higher conversion rates and increased customer lifetime value.

10. Mobile payment solutions are rapidly growing, and building a Cred-like app positions your company at the forefront of this evolving financial landscape.

How Much does it cost to develop a payment app like Cred?

The booming fintech market beckons with exciting possibilities. But converting your Cred-like vision into reality requires understanding development expenses. Developing a fintech app like Cred can range anywhere from $50,000 to upwards of $500,000+. Several factors play a crucial role in deciding the final cost of your Cred-like payment app. By understanding these key factors and their impact on the cost breakdown for Cred-like app development, you can make informed decisions about features, technology choices, and team location. 

Key Factors affecting the cost of developing an app like Cred:

A. Feature Complexity:

The app development cost estimation for Cred like platform is significantly influenced by the complexity of integrated features. Understanding how complexity impacts development costs is crucial for accurate app development cost estimation, allowing businesses to budget effectively and prioritize features based on their strategic objectives.

Basic features like bill payments cost around $5,000–$10,000, while advanced features like AI-powered financial planning tools may exceed $30,000 due to specialized expertise and increased development time. Integrating with multiple financial institutions for diverse services can add $10,000–$20,000; real-time credit score updates may cost $5,000–$10,000; and complex investment options like stock trading could increase expenses by over $50,000. 

B. Development Team Location:

The location of your development team plays a major role in estimating expenses for developing a Cred-like app.

Geographic location significantly affects developer rates for app development, with North America and Western Europe charging $150 to $250 per hour, compared to $50 to $100 per hour in Eastern Europe or Asia. Factors like experience and project complexity further influence these rates. Selecting a location strategically can lead to cost savings of 20% to 60%.

Leveraging regions with lower developer rates while maintaining quality ensures optimal development expenses, fostering financial viability for the project.

C. Technology Stack:

While separate native apps for iOS and Android can cost around $30,000 each, a single cross-platform app may range from $10,000 to $20,000. Despite the cost advantage, native apps offer superior performance and user experience. Integrating secure payment gateways costing $5,000 to $10,000 and robust data encryption tools priced at $3,000 to $5,000 is crucial for handling sensitive financial information. Although these functionalities increase development expenses, they are essential for user trust and regulatory compliance. 

D. Security and Compliance:

Financial apps handle sensitive user data, making robust security measures a non-negotiable expense. Implementing data encryption and secure authentication protocols, such as two-factor authentication, is essential to safeguarding user information, costing between $5,000 and $15,000. Compliance with financial regulations like PCI-DSS entails specific security measures, adding to the development workload and cost, typically ranging from $5,000 to $10,000. 

E. Third-party Integrations:

By integrating with external services, apps gain access to real-time data, a broader range of payment options, and the potential to offer diverse financial products within the app. For instance, integrating payment gateways may incur costs ranging from $2,000 to $5,000 per gateway. 

While these integrations may require an upfront investment, they play a pivotal role in enhancing the user experience, increasing app functionality, and ultimately driving user engagement and satisfaction in the competitive landscape of financial technology.

F.  Design and User Interface (UI):

A user-friendly design and intuitive user interface (UI) are essential for fostering trust and encouraging user interaction with financial apps. Hiring experienced UI/UX designers and developers to create visually appealing interfaces incurs costs, typically ranging from $10,000 to $20,000. Despite the expenses, the benefits in user adoption and engagement are invaluable. 

A smooth UI enhances the overall user experience, instills confidence in the app’s reliability, and ultimately contributes to building long-term trust with users. 

Cost Optimization Tips for Developing a Payment App Like Cred:

A financial app like Cred can revolutionize how users manage their money and open doors to a world of rewards. The most crucial factor in optimizing the cost of mobile app development for Cred-like apps is striking a balance between features, functionality, and budget to deliver a successful financial application.

Here are some handy tips to help you be smart with your budget:

  1. Initially, focus on core functionalities like bill payments and credit score monitoring. Advanced features, like investment options, can be added later.
  2. Developing for both iOS and Android simultaneously can be expensive. Start with one platform and expand based on user traction.
  3. Launch a basic version with core features to gather user feedback and iterate before extensive development.
  4. Utilize pre-built libraries for common functionalities to reduce development time and cost.
  5. Consider outsourcing specific tasks like back-end development or UI/UX design to cost-effective regions.
  6. An experienced team can advise on cost-saving measures and optimize the development process.
  7. While cost-conscious, prioritize robust security measures to ensure user trust and avoid potential breaches.
  8. Factor in ongoing maintenance costs for bug fixes, updates, and future feature additions.
  9. Design your app architecture with future growth in mind to avoid costly reworks later.

Why Choose ReapMind to Build Your Dream Payment App Like Cred?

The fintech sector is experiencing phenomenal growth, driven by a surge in mobile app usage and a wave of Credit-conscious consumers. According to a recent PWC report, the global fintech market is expected to reach a staggering $48.1 trillion by 2030. 

Developing a successful Cred-like app requires more than just replicating features. It demands a deep understanding of the evolving financial landscape, user needs, and the ability to translate your vision into a robust and secure mobile application. That’s where ReapMind steps in!

Why ReapMind?

  • ReapMind has a history of successfully developing and launching innovative payment apps. Our portfolio serves as a testament to our capabilities and dedication to exceeding client expectations.
  • Team ReapMind boasts extensive experience in payment app development. We understand the unique challenges and opportunities within the fintech landscape, ensuring your app aligns with the latest trends and user demands.
  • We prioritize transparency throughout the development process. We’ll provide you with accurate cost breakdowns for Cred-like app development, allowing you to make informed financial decisions and optimize your budget.
  • At ReapMind, we believe in crafting intuitive and user-friendly interfaces that prioritize a seamless user experience. This ensures your app is not only feature-rich but also easy and enjoyable to navigate.
  • We build apps with scalability in mind, ensuring your platform can accommodate future growth and user adoption. Additionally, we prioritize robust security measures to safeguard user data and financial information.
  • Team ReapMind employs an agile development methodology, fostering constant communication and collaboration. This allows us to adapt to your evolving requirements and deliver a final product that perfectly aligns with your vision.

Ready to take the first step towards fintech success? Contact ReapMind today for a free consultation.


Wrapping up!

The booming fintech market presents a wealth of opportunities for innovative payment apps. But with so much competition, navigating the development process and estimating expenses for developing a Cred-like app can feel overwhelming.

Choosing the right development partner is crucial for ensuring a smooth development process, cost-effectiveness, and a user-centric design that fosters app adoption. That’s where we step in!

By leveraging our expertise in payment mobile application development, we can guide you through every stage, from concept to launch. We’ll provide a cost breakdown for Cred-like app development, ensuring transparency and optimizing your budget without compromising on quality.

ReapMind is more than just a payment app development company; we’re your strategic partner. We’ll work closely with you to understand your vision, target audience, and desired features and craft a Cred-like app that not only meets your needs but also delivers a seamless user experience that rivals industry leaders.

Don’t miss out on your chance to capitalize on the fintech revolution. Contact ReapMind today for a free consultation. Let’s Connect!


1. How much time does it take to develop a Cred-like app?

Ans: The timeline varies based on complexity. A basic app might take 3–4 months, while a feature-rich one could extend to 6–8 months or more.

2. Are there any pre-built solutions for developing a Cred-like app?

Ans: While there might be pre-built templates or frameworks, extensive customization would likely be required to achieve the specific functionalities of a Cred-like app.

3. Can I develop a simpler version for less?

Ans: Yes, a basic app with core functionalities like bill payments and basic credit management might cost around $20,000 to $35,000.

4. Are there additional ongoing costs?

Ans: Yes, expect expenses for maintenance, security, and potential fees for API integrations with credit bureaus or payment gateways.

5. What factors affect the development cost?

Ans: Complexity of features, developer location, chosen tech stack, and design (UI/UX involvement) significantly affect the development cost.

Get a Free Consultation from our Technology Expert

Trusted by Global Companies. Contact Us Today!

Share this post: