“In this digital age, financial empowerment comes from the ability to Buy Now Pay Later.”

– Warren Buffett. 

 

Buy Now Pay Later apps have revolutionized shopping and managing finances in the fast-paced ecommerce environment of today. An app like Afterpay has become extremely popular, as they offer consumers an easy and flexible way to purchase items and divide payments into manageable portions. 

Thus, if you are a budding entrepreneur or business that wants to tap into this growing market by developing a BNPL app like Afterpay, then you have reached the correct place. 

This blog post will take you through all the necessary steps to build your own BNPL App like Afterpay, highlighting the key features, buy now pay later app development cost, and other aspects. 

So, let’s begin.   

 

What is an Afterpay App?

 

 

Afterpay is a popular Buy Now Pay Later app that revolutionizes the way consumers shop. It allows users to make purchases online and in-store and pay for them in interest-free installments. Afterpay conducts real-time credit assessments, offering immediate approval decisions and flexible payment schedules, typically split into four equal payments.  

Users can manage their transactions, view upcoming payment due dates, and access purchase history through the afterpay buy now pay later app. This model enables consumers to budget effectively and access products they might not otherwise afford. So, if you are planning to build an app like Afterpay for your business, then you must take help from iOS or Android app developers. 

 

Market Stats of BNPL Services 

• Between 2021 and 2026, it is predicted that global buy now pay later (BNPL)transactions will increase by almost 450 billion US dollars.
• In total, Afterpay is used by 9% of all digital payment users. Of the 43% of Americans who are familiar with the brand, only 21% actually use it.
• In the United States, 7% of users who use digital payments say they will likely use Afterpay again.

 

• In Australia, the adoption of Afterpay for in-store payment was higher in 2023 compared to early 2020. This indicates a growing usage among consumers.
• AfterPay’s top competitors in the Payment Management sector are PayPal (40.77%), Stripe (36.13%), and Authorize.net (5.11%).

 

Steps to Build a Buy Now Pay Later App Like Afterpay 

Building a Buy Now Pay Later app like Afterpay requires a systematic approach and a deep understanding of the fintech industry. Here are the key steps to help you create your own BNPL app by taking help from a fintech mobile app development services provider: 

 

 

1. Market Research and Analysis:

Conduct thorough market research before diving into development to understand the BNPL environment, consumer preferences and competitor offerings. Identify the target audience and their pain points. Assess potential retail partnerships and regulatory requirements. This step is critical in defining your app’s unique business strategy and value proposition.

 

2. Plan and Conceptualize:

Define the main features and functions of your BNPL application based on your research. Plan your project in detail, including budget, timelines and the technology stack. Decide on your revenue model. Is it through merchant fees, interest from users, or both? Create a roadmap for the app’s development, launch and updates. 

 

3. Design and User Experience:

Invest in an app that is visually appealing and user-friendly. To ensure seamless customer service, consider a responsive user interface. Focus on accessibility to ensure that your app can be used by people of all abilities. Before you create an ewallet app like Afterpay, wireframe and prototype the app to see how users will interact with it.

 

4. Start the App Development:

Bring your app to life with the help of experienced custom mobile app development services provider. Integrate your app into e-commerce platforms, payment gateways and other systems to allow users to shop with different retailers.

Implement real-time assessment of credit, flexible repayment options and secure payment processing. Create a dashboard that is easy to use for tracking transactions and managing accounts.

 

5. Testing and Quality Assurance:

Test your BNPL application thoroughly to ensure that it works seamlessly and securely. Usability testing is a great way to get feedback from users. Conduct security audits in order to identify and fix vulnerabilities. To ensure compatibility, test the app on different platforms and devices. Update and improve the app regularly based on feedback from users.

 

6. Launch and Marketing:

Once you have your BNPL mobile app ready, create a strategy to launch it. Develop a strategic marketing plan that includes digital advertising and social media promotions as well as partnerships with retailers to reach your targeted audience.

Highlight your app’s unique features. Consider limited-time promotional offers or incentives as a way to attract new users. Continue to monitor user feedback and improve your application in order to remain competitive in the BNPL marketplace.

 

Crucial Features to Build a Buy Now Pay Later App Like Afterpay 

Creating a Buy Now Pay Later app like Afterpay requires a comprehensive understanding of the critical features that make these platforms successful. In this section, we’ll delve into crucial features that are essential for Afterpay mobile banking application development.

 

 

1. User-Friendly Onboarding:

Start by creating a seamless onboarding process that allows users to sign up quickly. Ask for essential information, such as name, email, and phone number, to establish their identity. Provide an option for social media sign-ins to enhance user convenience.

 

2. Product Integration:

You must hire dedicated developers for the integration of this feature with e-commerce platforms and retail stores. This means users can shop from a variety of online and physical stores. Make sure your afterpay mobile app offers a wide range of products and retailers to cater to diverse customer needs.

 

3. Real-Time Credit Approval:

One of the standout features of BNPL apps is real-time credit approval. Implement a quick credit assessment process that assesses a user’s creditworthiness in real-time to determine if they are eligible for the service. This process should be fast and transparent, providing users with an instant decision.

 

4. Flexible Payment Schedules:

Offer users the flexibility to choose their payment schedules. Allow them to pay in multiple installments over a set period, such as weekly or monthly. Additionally, provide options for users to customize their repayment plans based on their financial capabilities. 

 

5. Transaction Management:

Implement a transaction management system in your loan lending app development that enables users to view their purchase history, outstanding balances, and payment due dates. Clearly display the details of each transaction and provide notifications when due dates are approaching to help users stay on top of their payments.

 

 

6. Secure Payment Processing:

Security is paramount in BNPL apps. Ensure that all transactions are securely processed and that users’ financial data is protected with robust encryption. Collaborate with trusted payment gateways to instill confidence in your users.

 

7. Customer Support:

Offer excellent customer support through various channels, including chat support, email, and phone. A responsive customer support buy now pay later app development company

 can assist users with any issues, queries, or concerns, ensuring a positive user experience. However, if you want to track your expenses, then you must build a BNPL app with the help of an expense management app development services provider. 

 

8. Reward Programs and Loyalty Points:

To encourage user engagement and loyalty, introduce a reward program. Users can earn loyalty points or cashback rewards for on-time payments or referring friends to the app. These incentives can enhance user retention and attract new customers. 

 

Top 5 BNPL Apps like Afterpay 

If you are planning to develop an app like Afterpay, then it is vital to know the different apps that are doing well in the market. So we have jotted down apps like Afterpay for your reference.    

 

BNPL Apps	Available Platform	Ratings	Downloads
Klarna	Android | iOS	10M+	4.5
Affirm	Android | iOS	5M+	4.7
Sezzle	Android | iOS	1M+	4.7
Uplift	Android | iOS	100K+	4.1
Clearpay	Android | iOS	1M+	3.2

 

1. Klarna:

 

 

Klarna, a popular Buy Now Pay Later application, allows shoppers to purchase items without having to pay in full immediately. Shoppers can choose Klarna as their payment method at the checkout of a variety of retailers online and in stores.

Klarna app offers a simple, transparent, and secure payment method. It is also known for its easy-to-use interface, instant credit decisions and flexible payment schedules.

 

2. Affirm:

 

 

Affirm, a popular Buy Now Pay Later application. Users can make purchases online or in stores by splitting payments into manageable installments. Affirm offers a fast and transparent credit approval, which allows users to check their eligibility in real time.

 

3. Sezzle:

 

 

Sezzle is an app that allows users to split payments and make online purchases into interest-free installments. Sezzle allows shoppers to choose from thousands of online retailers, and then select Sezzle during the checkout process. Sezzle is a new app that doesn’t need a credit check. It also offers flexible payment plans. This makes it an attractive choice for consumers who are looking for convenient and affordable shopping.

 

4. Uplift:

 

 

Uplift, a popular Buy Now Pay Later application, allows users to make purchases at retailers that are partners and pay in installments. It offers flexible payments, low or zero-interest rates and rapid credit approval processes. Uplift’s goal is to empower consumers with a simple and affordable way to manage finances when shopping for products and services.

 

5. Clearpay:

 

 

Clearpay, a popular app for Buy Now Pay Later, allows users to make purchases online or in stores and split their payments into installments that are interest-free.

The app is widely used throughout Europe and the United Kingdom. Clearpay offers real-time credit checking, flexible payment schedules and a seamless online shopping experience. Users can view payment plans and manage transactions. They can also receive payment reminders.

 

Cost to Build a Buy Now Pay Later App Like Afterpay 

The cost to develop mobile apps relies on various factors. Also, it does not remain the same but keeps on fluctuating with time. However, the features of a BNPL mobile app can vary in complexity and functionality depending on your business’s needs, goals, and market conditions. 

The mobile App Development Cost can range between $10,000-$25,000 or more. Below is the table that showcases the cost to build an app like Afterpay on the basis of level of complexity. 

 

Level of Complexity	Cost Estimation	Time Duration
Simple App	$10000-$15000	2-4 months
Medium App	$16000-$20000	5-6 months
Complex App	$25000 or more	9 months

 

However, it is possible that you would like to know how simple, medium or complex apps are developed. This is why we’ve provided a simple calculator to help you estimate the cost for developing a buy-now-pay later app.      

 

BNPL App Development Time x Cost Per Hour for BNPL App Development=Total BNPL App Development Cost Estimate 

 

Moreover, if you want to know the accurate cost to build an app like Afterpay, then you must talk to an experienced hybrid app development company, who can give you an exact afterpay mobile app development cost. 

 

 

Final Thoughts 

The BNPL payment method became popular when the pandemic hit the world. Apps that allow users to pay now and later have proved to be very convenient for those who want to buy but cannot afford it. The benefits and challenges of developing a build-now pay-later app like Afterpay are unique.

Thus, now is the correct time to invest in a buy now pay later app development like Afterpay. You need to focus on each aspect, including brainstorming ideas and hiring the best eWallet app development company. 

 

Frequently Asked Questions 

 

1. How Much Time Does it Take to Build an App Like Afterpay?

Buy Now Pay Later afterpay mobile app development takes around 4-9 months. The timeline for developing a BNPL app varies widely depending on the complexity of the app and the specific features included.

Typically, it takes several months to develop a high-quality BNPL app. If you want to know the exact time, then you must consult with an afterpay mobile app development company.

 

2. What Are the Benefits of Creating an App Like Afterpay?

Creating an app like Afterpay offers benefits such as tapping into the growing BNPL market, generating revenue from user interest and merchant fees, fostering customer loyalty, and providing a convenient financial solution for shoppers. 

 

3. What Are the Advanced Features to Build an App like Afterpay? 

To create an advanced app like Afterpay, consider implementing features like AI-driven credit risk assessment, personalized shopping recommendations, virtual cards for in-store purchases, advanced fraud detection, loyalty programs with tier-based rewards, and integration with financial management tools. These features enhance user experience, security, and competitiveness in the Buy Now Pay Later market.

 

4. How to Monetize An App Like Afterpay? 

To monetize an app like Afterpay, consider these revenue streams:

• Merchant Fees: Charge retailers a percentage of each transaction for using your BNPL service.
• User Interest: Earn money from users who choose to pay interest on delayed payments.
• Late Fees: Impose charges on users for missed payments.
• Data Analytics: Offer insights and data to retailers for a fee, helping them enhance their sales strategies.
• Promotional Partnerships: Collaborate with brands for promotional activities and earn fees for increased visibility.