The Buy Now Pay Later (BNPL) service is among the most popular developments in the rapidly expanding financial technology industry. Forecasts indicate that the worldwide buy now pay later market will expand from $37.19 billion in 2024 to $167.58 billion by 2032, representing a CAGR of 20.7%. The creation of a BNPL app like Laybuy could have great commercial potential, but companies could be discouraged from getting involved due to the high expenses they perceive. This article analyses the costs of establishing a BNPL app like Laybuy in 2024 and the factors that affect them.
Introduction To BNPL Apps
Buy Now Pay Later (BNPL) apps offer consumers the ability to purchase products and pay for them in installments, often without interest if payments are made on time. These apps provide a convenient and flexible payment solution, contributing to their increasing popularity. Laybuy is an example of a successful BNPL app that offers easy installment payment options and has gained a significant user base.
Key Features Of A BNPL App
Before diving into the cost breakdown, it’s essential to understand the core features that a BNPL app must have:
- User Registration and Login: Secure and easy registration and login process.
- Product Browsing: Users can browse and select products for purchase.
- Payment Tracking: Real-time tracking of payment schedules and history.
- Payment Options: Various payment methods, including credit/debit cards and bank transfers.
- Personalized Payment Schedules: Flexible repayment schedules tailored to individual users.
- Integration with eCommerce Platforms: Seamless integration with online retailers.
- Analytics and Reporting: Insights into payment trends and financial performance.
- Fraud Detection and Prevention: Security features to prevent fraudulent activities.
- Customer Support: Chat support for resolving user issues.
- In-Store Payments: Option for users to pay in physical stores.
- Credit Score Tra
cking: Monitoring and displaying users’ credit scores. - Loyalty Programs: Incentives for regular and timely payments.
Also read this blog:-How Much Does It Cost to Create an App Like EarnIn in 2025?
Cost Breakdown For Creating An App Like Laybuy
The cost of developing a BNPL app like Laybuy can vary widely, primarily depending on the complexity and features of the app. Here is a detailed breakdown based on different levels of app complexity:
1. Simple BNPL App With Basic Features
A simple BNPL app includes essential features such as user registration, product browsing, payment tracking, and basic payment options. This type of app is suitable for startups looking to enter the market with a minimal viable product (MVP).
- Estimated Cost: $25,000 to $35,000
- Development Time: 2 to 3 months
2. Medium-Level BNPL App With Advanced Features
This app includes all the features of a simple BNPL app, plus additional functionalities like integration with multiple eCommerce platforms, advanced customer support, and personalized recommendations.
- Estimated Cost: $35,000 to $45,000
- Development Time: 4 to 7 months
3. Complex BNPL App With High-End Features
A complex BNPL app offers comprehensive features, including customizable user preferences, multiple payment options, advanced analytics, API integration capabilities, and more.
- Estimated Cost: $50,000 or more
- Development Time: 8 to 12 months
Factors Influencing The Cost Of BNPL App Development
Several factors can significantly influence the cost of developing a BNPL app. These include:
1. Choice Of Development Platform
The platform you choose for your BNPL app—iOS, Android, or cross-platform—affects the overall development cost and time.
- iOS Platform: $13,000 to $33,000
- Android Platform: $12,000 to $30,000
- Cross-Platform: $15,000 to $34,000
Developing a cross-platform app can save costs compared to building separate native apps for iOS and Android, but it might lack some platform-specific optimizations.
2. Feature Selection
The more features you include in your app, the higher the development cost. Here are some additional features that can add to the cost:
- Personalized Payment Schedules and Credit Limits
- Third-Party Integration with Online Retailers
- Analytics and Reporting Tools
- Automated Payment Scheduling and Reminders
- Fraud Detection and Prevention
- In-Store Payment Capabilities
- Chat Support for Customers
- Credit Score Tracking
- Multi-Language Support
- Loyalty Programs
Each feature adds complexity and requires additional development time, thereby increasing the overall cost.
3. Development Team Composition
The composition and location of your development team can also impact the cost. Typically, you will need:
- Project Manager
- Business Analysts
- Front-End Developers
- Back-End Developers
- UI/UX Designers
- Quality Assurance (QA) Analysts
You have two primary options for hiring a development team:
- In-House Development: Hiring an in-house team can be expensive due to salaries, benefits, and other overhead costs.
- Outsourcing: Outsourcing to a professional app development company can be more cost-effective. It allows you to leverage specialized skills and reduce overhead costs.
Outsourcing can provide a faster turnaround time and lower hourly rates, making it a popular choice for startups and businesses.
Detailed Cost Analysis
To provide a clearer picture, here’s a detailed cost analysis based on the various stages of app development:
1. Planning And Research
- Market Research: $2,000 to $5,000
- Requirement Analysis: $1,000 to $3,000
- Project Planning: $1,000 to $2,000
2. UI/UX Design
- Wireframing: $2,000 to $4,000
- Prototyping: $3,000 to $6,000
- UI/UX Design: $5,000 to $10,000
3. Front-End Development
- Simple Features: $5,000 to $10,000
- Advanced Features: $10,000 to $20,000
4. Back-End Development
- Simple Features: $10,000 to $20,000
- Advanced Features: $20,000 to $40,000
5. Integration With Third-Party Services
- Basic Integration: $3,000 to $5,000
- Complex Integration: $5,000 to $10,000
6. Testing And QA
- Basic Testing: $3,000 to $5,000
- Comprehensive Testing: $5,000 to $10,000
7. Deployment And Maintenance
- Initial Deployment: $1,000 to $3,000
- Ongoing Maintenance: $2,000 to $5,000 per month
Cost-Saving Tips
While developing a BNPL app can be costly, there are several strategies to manage and potentially reduce expenses:
- Define a Clear Scope: Clearly define your project’s scope to avoid scope creep, which can increase costs.
- MVP Approach: Start with a minimal viable product (MVP) with essential features. You can add more features later based on user feedback.
- Agile Development: Use agile development methodologies to manage changes effectively and keep costs under control.
- Outsource Wisely: Choose an experienced and reliable partner like Appic Softwares to reduce costs without compromising quality.
- Reuse Existing Solutions: Where possible, use existing third-party solutions and APIs to reduce development time and costs.
- Automate Testing: Use automated testing tools to reduce manual testing efforts and improve efficiency.
Conclusion
Developing a BNPL app like Laybuy in 2024 can be a lucrative venture, but it requires careful planning and consideration of various cost factors. By understanding the detailed cost breakdown and the factors that influence these costs, you can make informed decisions to manage your budget effectively. Whether you opt for a simple app with basic features or a complex solution with advanced capabilities, the key is to balance functionality with cost-efficiency to achieve a successful product launch.
Ready to bring your BNPL app idea to life? Partner with Appic Softwares, the leading FinTech app development company, to transform your vision into reality. Our expert team offers tailored solutions to fit your budget and requirements, ensuring a seamless development process from start to finish. Get in touch today to kickstart your project and join the booming BNPL market with confidence!
