The year is 2025, and not a single soul wants the fuss of handling cash or standing in endless queues. We want payments to be seamless, quick, and hassle-free.
That’s where custom fintech mobile apps like STC Pay come in by putting convenience at the palm of your hand. To level up businesses, apps like STC Pay serve as an epitome of digital banking made easier.
If you wish to extend the seamless money transfer experience with just a single tap on your phone, you’re in the right place.
In this blog, we’ll uncover the process to build a digital wallet like STC Pay, along with its must-have features. Let’s dive into it.
What Does STC Pay Do?
If you’re unaware of what STC Pay can do, in a nutshell, it's like an all-in-one digital wallet app, receiving and making payments, managing personal bills, and making in-store and online purchases.
It can do it all.
Licensed and approved by Saudi Arabia’s Central Bank and backed by the Saudi Telecom Company, STC Pay is trusted by millions across the Gulf region and proves to be a secure platform for individuals to manage their finances.
Everything considered, if you’re eager to build an app like STC Pay, buddy up with a fintech app development company to bring that tailored digital app to life.
7 Steps To Build A Digital Wallet Like STC Pay
Building an app like STC Pay takes cautious planning; one wrong step and your plan might end up in the graveyard of ideas that dared to build differently but were weakened by inefficient planning.
Entering the fintech space means strict regulations. User privacy and security are critical here, along with fast and reliable transfer of funds.
But when done right, the rewards are fruitful. So here is a step-by-step guide for STC Pay clone app development:
Step 1: Market Research To Stay Compliant
Financial software development requires market research to avoid government interruptions at later stages, so it's advisable to start on a compliance-friendly step.
Address the following questions before you build an app like STC Pay.
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Who are your users? (Individuals, freelancers, or businesses)
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Where do you aim to launch your app? (Saudi Arabia, Bahrain, or Dubai)
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Have you checked competitor apps for weak spots? (PayTabs, UrPay, or Payit)
Answering these questions is the first step to digital wallet app development. These questions will influence your app design, adherence to regulations, and unique selling point.
Step 2: Map a User-Friendly Design For Your App
The first impression is the last. A sketchy app design will instantly rob the trust of your users. I mean, would you trust an app that looks cluttered or feels like it’s straight out of 2015?
Keep your fintech mobile app development simple, the primary goal of your app is to send and receive transactions; everything else can follow.
Here are a few pointers to keep in mind:
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Keep the app layout, color palette, and font simple
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Use clear icons to keep navigation effortless
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Make the app accessible in multiple languages, along with a step-by-step guide to help your users power through
Step 3: Validate Your Idea with an MVP
What if you develop a fully functional digital wallet app but realise that what you build isn’t aligning with what your target market wants? That’s a waste of time, resources, and tremendous effort.
The solution is to start small, gather feedback, make changes, and then market launch to scale and hire fintech app development company for proactive control.
A minimum viable product proves to be instrumental in validating the core functions, like secure fund transfers and recurring bill payments. The key takeaway is to beta test your idea before the market launch.
Step 4: Conduct Multiple Tests For User Security
Digital wallet app development and user security go hand-in-hand. There is no room for security threats and risks; user data and privacy are fragile. To build an app like STC Pay, run multiple tests to check for:
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Data protection during fund transfers
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Integration of two-factor authentication
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Secure API development practices
And if you wish to outshine your competitors, stay compliant with local regulations.
Countries like Saudi Arabia, the UAE, Bahrain, and Oman have made this process easier by establishing regulatory sandboxes, allowing fintech companies to test new financial products and business models in controlled environments.
Step 5: Pick the Right Financial Partners
Now that the internal fuss is settled, it's time to partner with the right financial institutions to give your digital wallet app that professional touch.
Users need external payment gateways that connect your app with banks. Choose the financial partners that:
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Your app users can rely on
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Are easily accessible
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Abide by local regulations
Step 6: Collect Feedback for Quality Assurance
Be your own critic. Before anyone else pinpoints the flaws in your app, work on it. Run deep internal and external tests to ensure quality across all touchpoints.
After collecting feedback, your digital wallet app should be ready to:
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Effortlessly run on multiple devices(laptops, computers, and smartphones) and at varied network speeds
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Resolve payment failures and obstructions
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Support multiple languages and currencies
Step 7: Launch Your App to Optimize Performance
Finally, the moment of truth. It's time to launch your app and step into a learning curve. Watch closely how the users interact with your app.
This is the time when you can gain an audience. Be sure to fix bugs, answer queries, and resolve issues in real-time.
To stay relevant and compliance-ready, hire fintech app developers for constant upgrades. It depends on your requirements whether you choose an in-house development team or hire a fintech app development company.
Top Features To Include in Your Digital Wallet App
Fintech apps are not regular apps; building them comes with a set of predefined features.
So, to make sure you don’t miss out on any, here are the must-have features that help build a user-friendly and compliance-friendly digital wallet app like STC Pay.
1. Easy-To-Navigate UI
The first tap says it all. The user is there for a simple purpose: two-way transactions. For that to happen, the user interface needs to be simple, intuitive, and well-structured.
2. P2P Payment Gateway
Being able to use the digital wallet app to make payments to anyone at any time and anywhere is what makes it an ideal package. So, whether your user wishes to pay for groceries or make big investments, the payment gateway should be seamless and transparent.
3. PIN and Biometrics
Something that you’re already familiar with is the use of pins, biometrics, and a facial recognition feature gateway before making transactions. This is a must-include user authentication technique for credibility.
4. Payment Receipts
Every transaction needs a record. Digital payment app development should be accompanied by auto-generating records, be it in the form of an email or within the app’s digital records.
5. Notifications and Alerts
Any activity in the user account should be timely informed through notifications and alerts. This is how you can proactively prevent fraud and enhance user experience.
6. Virtual Assistants
AI chatbots are the talk of the fintech town. These chatbots assist users with round-the-clock support, personalized insights, and portfolio management.
Thanks to custom fintech software development services, any obstacle in navigation can be easily solved without a customer support team.
Explore how AI assistants, credit scoring algorithms, and fraud detection systems are shaping digital banking. Dive into our blog on AI in Fintech and Digital Banking.
How Do Apps Like STC Pay Stay Profitable?
Building an app that connects users is often viewed as a challenge to profitability. So, how do platforms like STC Pay turn convenience into revenue?
Digital payment platforms don’t charge directly; they have multiple streams to generate their revenue.
Here’s what you might not know:
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Commissions
Merchant transactions are charged with a small fee on every sale they make through the digital wallet app. Apart from this, a small commission is charged when users make bill payments through the app.
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Ads and Partnerships
Ever noticed those pop-up ads or discount vouchers after you make a payment? Brands pay to apps like STC Pay for collaborations and promotions.
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Interests on Lending
Features like small digital loans or pay-later options earn interest on lending.
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Top Up Features
When you choose to upgrade your plan for top-up features, that's when you directly contribute to app revenue.
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Transaction Fees
Global transactions are charged with a small fee. Additionally, digital wallet apps like STC Pay also earn from currency exchange rates.
Build Your Digital Wallet App With Infutrix…
There you have it, folks. What may seem like a daunting task at first becomes far simpler with the right features and steps in place.
Even if your app isn’t 100% perfect from day one, it’s a start. And if you stumble upon any challenges along the way, Infutrix, with the best fintech app developers and an expertise in fintech app development services, is here to guide you from concept to launch, ensuring your digital wallet is secure, user-friendly, and ready to thrive in the market.
