Remember the days when you split your bills with friends and keeping track of them? Those are long gone. It may seem difficult to pay for your travel expenses if you are traveling with a group of relatives, friends, or colleagues. Find a guide that will provide you with all the information needed to create an app like Splitwise.

Splitting the cost of a home shared with corporate partners or friends who live far away can be difficult. Some people prefer to manage their pooled expenses via email or text message.

Many people today use apps that are designed specifically to speed up the process.

An app like Splitwise, developed by an Android app development services provider, has made it easier to split bills. These apps eliminate the embarrassing and time-consuming process of calculating bills and dividing them. The improved payment system and transaction process will ensure that no one is left with an empty pocket or without money in this age of smart technology.

You’ve found it! This blog will give you all the information about a bill splitting app. It includes its cost, features, tech stack and tips.

 

What is a Splitwise App?

Splitwise, a free app available on both iOS and Android, allows users to easily share expenses with their friends and families. It is an app for splitting bill that can help you with everything from splitting rent or apartment bills to dinner bills.

 

 

This application is cloud-based, so anyone can log on from any device to view their split bills and balances. The application also integrates with online payment systems such as PayPal. Users can pay the entire amount online. Splitwise, in a nutshell is a solution that allows you to track shared expenses and who owes whom.

 

Market Stats of Bill Splitting App

 

 

• Bill Splitting Apps Market Share will increase from USD 349.68 Million in 2021 to USD 349.68 Million in 2026 with a CAGR of 10.84%.
• Android, which is expected to account for the global split money app market in 2021 and grow at a revised CAGR of 2022-2028, will be worth USD million.
• Semrush reports that 36.29 % of Splitwise’s website traffic comes from the United States. India, with 8.2% of website traffic, is the second-largest market for Splitwise.
• Nearly 60% adults aged 18-25 use payment apps to split bills at least once per week.

 

How Does a Bill Splitting App like Splitwise Work?

It is important to understand how Splitwise works before you jump into the process of creating a bill splitting app. The bill splitting app has a simple and easy workflow. Bill splitting apps were developed to make the procedure of splitting payments conveniently.

These apps allow people to split an amount within seconds. These apps are great because they notify everyone of the split and let them know who has paid already and who is still waiting. You need to know who, how and when these apps can be useful.

 

1. For Corporates

Imagine a company planning a corporate trip and each employee is required to pay a portion of the cost. You can hire mobile app developers to create an app that calculates the budget, and makes everyone pay their fair share. By using an application, each employee knew how much money they had to pay and could make payments using the in-app payment function.

 

2. Roommates

How will you divide the monthly rent if you live with roommates? Bill split apps can be used to calculate expenses quickly and easily instead of manually calculating them.

 

3. Friends or Colleagues

You are out with colleagues or friends and it is time to decide who will pay the bill. Bill Split App allows you to pay the bill seamlessly without asking anyone.

 

 

How Does an App like Splitwise Make Money?

Most bill splitting apps, like Splitwise, allow users to split bills at their discretion. You must be wondering how does splitwise make money? It is therefore a curious question, since it takes a large investment to develop such an app.

We have listed a few revenue models Splitwise uses to generate income:

 

1. Advertisements   

In terms of monetization, advertising is the best way to split app development companies because they can offer services for free. Splitwise encourages the use of the advertising model to generate a good amount of revenue.

This monetization model involves applications placing ads and rewarding developers if the users click on them. Statista reports that mobile app revenues are largely derived from advertising. We will soon see revenue reach 281 billion U.S. Dollars.

 

2. Paying Membership Plan

Paid membership plans provide a recurring revenue model that allows customers to pay for products and services weekly, monthly or annually. The Splitwise app now offers a paid membership option called “Plus”. Subscribers can directly contact the engineering or product team through this plan.

Your feedback will be used to redesign the app with new features which will enhance its value. You can share valuable feedback with app engineers directly. Plus users can split bills without any ads. Splitwise Pro is another membership plan. Splitwise Pro is another membership plan of Splitwise.

 

3. Transaction Fees

Splitwise can be used with payment services like PayPal, Venom or credit and debit cards. It is unclear how much revenue Splitwise generates from online payments.

Splitwise has not made an official statement about the percentage charged by its application for a transaction fee to allow users to pay their bills.

 

Top 5 Alternatives of Splitwise App

There are many apps that can help you split bills. To make it simpler for you to select the best app, we have put together a list of the best ones for dividing bills.

 

 

1. Tricount – Split Group Bills

Tricount is a great alternative to Splitwise for splitting group bills. The application offers an easy-to-use design, and users may even utilize the split-bill calculator while they are not connected to the internet. So, if you want to develop a Tricount app for just android devices, then you must Hire Android App Developers who are proficient with the latest technologies.

Both smartphones and the web are supported. Tricount favors translucent nature. People who are involved in an expense may log in to their account and see what others have added. The application will automatically send a notification when a new expense occurs or a member of the group makes any changes.

 

2. Splid: Split Group Bills

Splid is a bill splitting application that allows users to keep track of their bills and settle any outstanding amounts in a simple and relaxing way.

The app supports more than 150 currencies. The app allows users to add expenses in a currency which can then be converted into a different currency according to the preferences of payers.

Splid is a simple application that allows you to add expenses, and then it divides them amongst all group members. This application can work offline so you don’t need an internet connection to split bills.

 

3. Tab: Simple Bill Splitter

Tab simplifies the bill splitting process. It does away with the necessity to manually input each amount. You only need to take a picture of the bill, and the app will automatically detect the price and all the items. You can choose the items that you ordered to find out the total amount. If the item has been shared, multiple people can choose it. The application splits the tax and tip amount.

 

4. Settle up – Group Expenses

Splitwise is not the only alternative for those who want to settle down. By allowing users the option to split their expenses, this application helps reduce the strain on wallets. Settle UP allows you to split the bill based on a variety of factors, such as weight, income, bill expenses, etc.

 

5. Group Expense – Track & Split  

As the name suggests, Group expense is the best alternative to Splitwise. With the help of the application, customers may keep track of their spending and distribute it fairly or unfairly depending on their preferences. You can split bills using your Android or iOS device. The Group Expense Split app does not require a password or username.

 

 

Key Features of Bill Splitting App like Splitwise

Want to know the features of an app like splitwise? So, in this section we will discuss the most important features of an app like Splitwise that are approved by an iPhone app development company.

 

1. User Panel

Apps should have a user interface where users can login and register for the first use. The user panel must be simple to navigate and use, so that users can access the app’s services.

 

2. Admin Panel

Admins must register or log in to the app, just like users. An admin panel that is easy to use can be used by the admins to manage users, products, services, payments, discounts and more.

 

3. Attractive Design

App design should be innovative and unique to attract users. Additionally, it will make it simpler for them to use the application. App design will determine whether users stay or leave. It should be designed in a way that is appealing and offers easy navigation.

 

4. Push Notifications

Reminding your group members to pay the split amount is not always easy. The notification feature will help you send messages directly to the group members that are involved in the bill.

 

5. Set Reminders

Bill split apps will allow users to create recurring payments, and they should be able to send reminders just a few days prior the due date. This feature allows group members to pay their rent or other utility bills jointly.

 

6. OCR System

Apps with an OCR system can read bills automatically. This saves users time and effort by not having to manually enter each item. Splitting bill apps must have this feature.

 

7. Link Credit Cards

It would be great if an app allowed users to link credit cards with accounts. Cashing out payments directly into one’s account is also a great feature. These features are essential to the success of a split-bill app. Besides, the other payment gateway integration can also be possible.

 

8. Security

Apps that offer security can help prevent fraud. Bill-splitting applications must target security, as they deal with money. Apps with an integrated authentication system are a necessity.

 

9. Create Group

Users should be able to create groups in such apps or edit groups that have already been created, perhaps by members of the group. No more need to keep track of who is responsible for what expenses within a group.

 

10. Add Details to Expenses

A bill splitting app should allow users to see all their expenses and income for the selected date. Their income and spending will be fully visible to them.

 

11. Splitting Expenses

It is one of the most important features of an app like this, as it allows for the easy splitting of expenses between members of a group according to the method selected from the drop-down list to get accurate results.

 

12. Expense Estimate

The app’s split bill feature lets users know how much they have to spend or pay in the coming month. This includes bill-split amount, recurring expenses and more.

 

13. Costs Settlement

Apps that include this feature will come with payment gateways such as Paytm to make it easier for users to pay their bills. E-Wallet will allow users to add money into their app wallet, and make transactions.

 

 

Tech Stack of an App like Splitwise

The cost to develop a mobile app requires the latest technology stack and frameworks. So in this section, we will see the necessary tech stack required for the

 

i. Tech Stack Used for Android App Development

 

Tools	Laravel	Java	Kotlin	PHP
Database	MySQL	Firebase	Sqlite	Database
Library		Google maps SDK	Google push notification	Library

 

ii. Tech Stack Used for iOs App Development

 

Tools	Objective-C	Swift	Tools
Database	Firebase	MySQL	Sqlite	Database
Library	Swiping cards	Google maps SDK	Google push notification	Library

 

 

How Much Does it Cost to Develop an App like Splitwise?

You can expect to spend anywhere between $12,000 and $21,000 to create an app such as Splitwise. The advanced versions of Splitwise, a bill splitting app that splits bills in half, may cost around $15,000 or $25,000.

Why is it so expensive? It may look simple, but there are many powerful features and technologies behind the scenes that make the app work.

If you’re wondering why the ad campaigns above are so dissimilar, you should also be aware of the elements that influence app development costs. Costs might vary significantly based on things like:

What is the complexity of your app? Are you planning to build an MVP, an average level app, or one with advanced features and functions? Costs can vary. The cost can vary. For the basic app, it could cost up to $10,000.

 

 

• Choose The Operating System

Decide if you want to build a native or hybrid app. You can save 40% on app development costs by using a framework for cross-platform development. Your app will run on all devices and you won’t need to hire Indian mobile app developers to work in a specific language.

 

• The UI/UX Design

The cost will depend on how complex the app is designed. Design a User-Interface that is simple, easy to use, and accessible. You can hire an hourly UI/UX Designer for $15 to $20 per hour in order to create a simple design.

 

• App Development Team

In order to create an app such as Splitwise, it is necessary to hire a team of app developers, including a project manager, business analyst, UI/UX Designer, and Quality Assurance Engineer. Hourly costs for app developers range from $50 to 150 depending on where you hire them.

These are the main factors that affect the mobile app development cost. They are only rough estimates. The actual value depends on the complexity of project requirements and business needs. However, to get a proper estimate of an app development cost, you must hire a company.

 

Conclusion

Bill-splitting applications can be very convenient in this digital age. It will be difficult for businesses to create an app with the correct functionality, a user-friendly interface and a strong backend. You can therefore hire a mobile app development company who can assist you in integrating the features you need and create a design which will allow you to generate revenue.

 

 

Frequently Asked Questions