How Much Does It Cost to Develop a Crypto Payment Gateway like Bitpay?

Big brands like Starbucks, Balenciaga, Gucci, AT&T, and more are accepting payments in cryptocurrencies indeed. Seeing such bigger companies adopting the new payment mode, crypto payment gateway development became the new idea for a bigger enterprise expansion. It’s safer, clearer, and transparent, which is why the market is extending its landscape.

Even – “You can now buy Tesla with Bitcoin.”; once the statement tweeted by Elon Musk. This widespread adaptation puts more emphasis on cryptocurrency payment gateway development. 

For this high-end secured yet transparent payment gateway development; costs are incurred heavily. Therefore, companies with the plan of development have this big question “How much does it cost to develop a crypto payment gateway app?” 

This blog brings highlights on all the aspects and other measures considered that impact the cost of payment gateway development. Also the estimated average cost for the basic development to start with. Besides the basics, we are targeting here the biggest competitor of the cryptocurrency payment gateway market; “BitPay.” 

Understanding BitPay – The Game Snatcher of All Crypto Payment Gateway Apps

BitPay is the global top-notch crypto payment processor that allows flexibility to customers and merchants to make crypto payments and accept in the meantime.  This is one best crypto payment gateway solutions supporting hundreds of crypto wallets & cryptocurrencies. 

It is the most secured, convenient, and smartest way to trade in any currency. Founded in 2011, and currently operating in 200+ countries across 20000+ businesses. The lucrative numbers influence anyone launch an app like BitPay.

This is one wanted solution for every payer & receiver because allowing to trade in any currency with the ease of conversion into Bitcoin or cryptocurrencies. 

Statistics of Cryptocurrency Payment Gateway

Cryptocurrency transaction payment apps charge lesser fees compared to traditional payment systems. That’s why we are having some incredible stats of this marketplace:

• The world’s most popular eCommerce payment methods estimated private cryptocurrencies and stablecoins at less than 0.2% of global eCommerce transactions value in 2022.
• Although the crypto payment market is still small, this has been forecasted to grow 17% between 2022 – 2023.
• BitPay wallet claims to have the highest payment success rate.
• BitPay supports 17 cryptocurrencies, and that’s about 70% of all crypto markets. 
• Cryptocurrency payment gateway apps market size valued USD 5454 Million in 2021 with an anticipated CAGR of 16.6%. 
•  236011 crypto transactions processed by Bitpay over the last 6 Months, and 37072 in the last 30 days. 

An Average Cost to Build App Like BitPay

We have many crypto payment gateway apps; such as CoinBase, Coingate, SpicyPay, CoinPayments, etc. BitPay is one top-notch among all, and that is why it has become the biggest competitor and influence for everyone. 

An average cost to build an payment gateway app like BitPay can range between $30000 to $300000. However, the basic crypto payment app development will contain simple functions, lesser features, and common flexibilities. On the other hand; the cost will increase with the improved version of cryptocurrency payment gateway solution that includes more complexities, unique features, and competitive security measures.

Stating 1 figure for the development won’t be justice to the dedicated crypto developers and cryptocurrency development companies. Therefore, it is advisable to take the demo and discuss the plan to obtain the nearly estimated cost dedicated to your project.   

Factors Affecting the Bitpay Like App Development Cost

Evaluating the cost to develop a new crypto payment gateway app, you must consider certain factors. These considerable factors are responsible to fluctuate in total BitPay-like app development cost; such as: 

Platform Complexity

The platform complexity is very important to consider when you evaluate the cost, because the complexity means a set of features to implement, functions, etc. BitPay is a big cryptocurrency payment gateway application, which has several uniquely & customly designed features with streamlined functions. Building an app like BitPay requires some extra money. The more intricate the functionalities and features set is; the higher investment it demands. 

UI/UX Designs

The UI/UX designs of BitPay are one reason for its extended success. The platform has very intuitive custom designs with incredible mobile responsive algorithms. These attributes add into development cost. So when you make analysis for crypto payment gateway development cost, consider the complexity of your design ideation to figure out cost. 

Location of the Developers

The geographical zone of the development team matters when estimating the cost to develop a solution or platform. The location of developers directly connected to the Web3 Crypto Payment Gateway development cost. The platform developers from different countries charge varies; such as:

• Asia – $20-$30
• Eastern Europe – $40-$50 
• UAE – $50-$70 
• Australia – $70-$90 
• US – $80-$150 

These are the hourly development rates of the developers from different geolocations. Therefore when you estimate the cost for your white lable crypto payment gateway development, kindly consider one location’s average hourly development cost. 

Security Level

Building a successful crypto payment gateway demands robust security features & function integration. When you add the high-end encryption standards, multi-factor authentications, and regulatory compliances; that will impact the actual development cost. 

Testing and Quality Assurance

You must invest bucks on cutting-edge testing tools to ensure security and compliance requirements. The crypto payment solution requires heavy tools and software for its security assurance. Therefore, cost also impacts this stage during development. 

Maintenance and Updates

Regular maintenance, which includes addressing bugs, implementing security patches, and adding new features, is essential for the smooth functioning and long-term reliability of the crypto payment gateway. This ongoing process is a crucial factor contributing to the overall development and operational costs.

Payment Processor Integration

As noted earlier, BitPay supports 16 cryptocurrencies, representing 70% of the global crypto market cap. Ensuring compatibility with multiple cryptocurrencies necessitates seamless integration with various payment processors. The integration of APIs and consideration of transaction speed play a pivotal role in determining development complexity and associated expenses.

Legal and Compliance Costs

Developing a crypto payment gateway like BitPay involves adhering to regulatory requirements, including anti-money laundering (AML) and know-your-customer (KYC) standards. This entails engaging experienced developers to ensure compliance with industry regulations, enabling secure transaction processing. These efforts add to the total cost of developing a web3 crypto payment gateway.

Cost to Maintain a Crypto Payment Gateway like Bitpay

Maintaining a crypto payment gateway akin to BitPay involves several ongoing expenses that are crucial for its seamless operation, security, and user satisfaction. Key maintenance cost components include:

Regular Updates and Feature Enhancements

To stay competitive and meet user expectations, it’s essential to periodically update the platform with new features and improvements. This ensures the gateway remains relevant and continues to offer value to its users.

Security Measures

Implementing robust security protocols is vital to protect against potential threats and vulnerabilities. Regular security audits, vulnerability assessments, and timely patch deployments are necessary to safeguard user data and transaction integrity.

Compliance with Regulatory Standards

Adhering to evolving regulatory requirements, such as Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols, necessitates continuous monitoring and updates. This ensures the platform operates within legal frameworks and maintains its credibility.

Server and Infrastructure Management

Maintaining the backend infrastructure, including servers and databases, is crucial for ensuring high availability and performance. This involves regular monitoring, scaling resources as needed, and performing routine maintenance tasks.

Customer Support Services

Providing responsive customer support enhances user satisfaction and trust. Investing in a dedicated support team to address user queries and issues promptly is an ongoing operational cost.

Marketing and User Acquisition

Continuous marketing efforts are necessary to attract and retain users. This includes digital marketing campaigns, content creation, and other promotional activities to maintain the platform’s visibility and competitiveness.

Necessary Features to Develop An Crypto Payment App Like BitPay

Building an app like BitPay requires integrating several key features to ensure functionality, security, and an optimal user experience. Below are the essential features needed:

1. Multi-Currency Support

• The app should support multiple cryptocurrencies like Bitcoin, Ethereum, and others, allowing users to transact in their preferred digital currency.
• Integration with APIs to ensure seamless compatibility with various blockchain networks.

2. User-Friendly Interface

• An intuitive and responsive interface that simplifies navigation for both new and experienced users.
• Mobile-first design to cater to a broad audience, given the increasing use of smartphones for cryptocurrency transactions.

3. Secure Wallet Integration

• Integration with crypto wallets for secure storage and management of digital assets.
• Features like QR code scanning for easy payments and wallet-to-wallet transfers.

4. Instant Transactions

• Enable real-time transactions to enhance the user experience.
• High transaction speed to ensure seamless payment processing without delays.

5. Advanced Security Measures

• Two-factor authentication (2FA), biometric authentication, and encryption to safeguard user accounts and transactions.
• Regular security audits and compliance with industry standards to prevent cyber threats.

6. Merchant Dashboard

• A dedicated dashboard for merchants to track transactions, monitor revenue, and manage invoices.
• Support for generating invoices in multiple currencies.

7. Regulatory Compliance

• Adherence to Know Your Customer (KYC) and Anti-Money Laundering (AML) guidelines to ensure the platform’s legitimacy.
• Automated compliance checks for quick user onboarding.

8. Cross-Platform Compatibility

• Support for Android, iOS, and web platforms to cater to a diverse user base.
• Synchronization across devices to enhance user convenience.

9. Transaction History and Reporting

• Detailed transaction history for users and merchants.
• Advanced reporting tools for merchants to analyze revenue and other metrics.

10. Customer Support

• 24/7 customer support through chatbots, live chat, or email to resolve user queries efficiently.
• An extensive FAQ section to address common questions.

11. Multi-Language and Multi-Region Support

• Localization features to cater to users from different regions.
• Support for multiple languages and currencies to enhance accessibility.

12. Integration with Point-of-Sale (POS) Systems

• Allow merchants to integrate the app with POS systems for seamless in-store transactions.
• Features like generating digital receipts for customer convenience.

13. Analytics and Insights

• Provide users and merchants with detailed insights into spending patterns, revenue trends, and more.
• Dashboards with real-time analytics to make informed decisions.

14. Push Notifications

• Notify users about transaction updates, promotions, and security alerts.
• Enable merchants to inform users of offers and discounts.

Adding More Value to Your BitPay like Application

To stand out in the competitive crypto payment market, integrating advanced technologies and customized features can significantly enhance the value of your BitPay-like application. Here are some innovative ideas to take your app to the next level but with some extra cost: 

1. AI-Powered Fraud Detection

• Utilize AI and machine learning algorithms to detect and prevent fraudulent transactions.
• Analyze user behavior patterns to identify suspicious activities and mitigate risks in real-time.

2. Smart Contract Integration

• Enable automated and secure transactions by integrating smart contracts.
• Use smart contracts for subscription-based services, escrow agreements, and complex payment conditions.

3. Blockchain Interoperability

• Support interoperability across multiple blockchain networks, allowing seamless transactions between different cryptocurrencies.
• Provide users with more flexibility and choice in managing their digital assets.

4. DeFi Integration

• Incorporate decentralized finance development features such as staking, lending, and borrowing directly within your app.
• Offer users an all-in-one platform for payments and financial growth.

5. Biometric Authentication

• Enhance security with biometric features like fingerprint scanning or facial recognition for login and transactions.
• Provide a seamless and secure user experience.

6. Advanced Analytics and Reporting

• Offer users and merchants detailed analytics on transactions, spending patterns, and financial trends.
• Implement AI-driven insights to help businesses make data-backed decisions.

7. Tokenization and NFT Support

• Allow users to tokenize their assets and trade or store Non-Fungible Tokens (NFTs) within the app.
• Attract a broader audience by catering to the growing interest in NFTs.

8. Loyalty and Rewards Program

• Integrate a loyalty system where users earn rewards or cashback in cryptocurrency for their transactions.
• Provide merchants with tools to create personalized offers and discounts.

9. Crypto-to-Fiat Conversion

• Add a feature for instant conversion between cryptocurrencies and fiat currencies.
• Enable users and merchants to navigate between digital and traditional payment systems effortlessly.

10. Voice Command Features

• Incorporate voice-assisted commands for easier navigation and faster transactions.
• Use AI-powered voice assistants to support users in managing their accounts.

11. Offline Transaction Support

• Introduce the ability to process transactions offline, especially in areas with limited internet access.
• This can be done using QR codes or Bluetooth-based payment technologies.

12. Subscription Management

• Allow users to manage recurring payments or subscriptions seamlessly.
• Provide reminders and automated payment options to improve the user experience.

13. Environmental Impact Tracking

• Add a feature that tracks the carbon footprint of transactions, appealing to eco-conscious users.
• Partner with environmental organizations for carbon offsetting options.

14. Gamification Elements

• Include gamified features such as challenges, leaderboards, or achievements to enhance user engagement.
• Reward users for completing specific actions, such as frequent transactions or inviting new users.

15. Integration with Wearable Devices

• Extend the app’s functionality to wearable devices like smartwatches.
• Enable quick payments and real-time transaction updates directly on wearable tech.

How To Build a Crypto Payment Gateway Like BitPay?

When you are planning to build a custom crypto payment gateway app like BitPay, then cost will be estimated once you know the steps involved of development: 

Research & Planning

Conduct a thorough research and find the market demands, market trends, research on competitors, and understand the target audience. When you thoroughly research your project before the development begins, it helps reduce manual errors and prevent other possible mistakes during development to get a successful platform developed. 

Blockchain Integration

Check the blockchain networks to integrate, and consider important cryptos like Bitcoin, Ethereum, etc. Establish a secured API connection with blockchain networks to process with seamless transactions. 

Hire Blockchain Development Company

BitPay clone app development is a hideous and complex task, which must require an experienced expert blockchain development company. Must check the experience of developers, check customization skills of the designers, and learn the project manager’s expertise to ensure the quality & success of the project. 

Design UI/UX

Implement intuitive user interface and create customized appealing designs to create the platform easy to use for the merchants and customers. Design smooth user flow and workflow for the cryptocurrency payment gateway solution. 

Security Implementation

Must prioritize the robust security measures to prevent any tech glitch happening to merchants and customers at any place or time. Implement fraud detection security measures and authentications to create a safe place to trade. 

Integrate Payment Processing

Integration of Payment processing APIs to facilitate the cryptocurrency payment. Provide merchants a secured platform for integrations.

Merchant Integration Tools

Create the APIs, Plugins, and SDKs to integrate payment gateway for the merchants. Must offer solutions that are competitive to other eCommerce platforms.

Testing and Deployment

A comprehensive testing and quality assurance is necessary to cross-verify the functioning of features, user-interface, usability, and security. Testifying your platform is necessary to ensure seamless usage and working of your solution.

Ongoing Maintenance

Once the crypto payment gateway app development is completed, later continue monitoring the performance, check with functioning, and address feedback to maintain user’s engagement on your platform.

Why is Comfygen the Right to Approach for Crypto Payment Gateway Development?

Comfygen is the one best Blockchain development company, which has an impeccable record of building multiple tokens, crypto coins, NFT platforms, and many more.

We have a scalable and skilled team of blockchain developers who have extensive experience in developing and maintaining blockchain networks and technologies. Our Fintech app development company previously worked with many Fintech companies, and built the best blockchain solutions & platforms for them. We ensure your crypto ecosystem will be an efficient and secure platform for the merchants and customers all.

Before hiring, fix a call with our skilled talented blockchain developers. Know our expertise and experience in the blockchain niche specific domain to build a successful crypto payment gateway platform.

Final Verdict

Crypto payment gateway development is a trending but very complex process to complete. The market size is exponentially increasing, so the expectations for new features, more seamless intuitive user interface, and robust security, and extensive range of features is demanded.

With the demand for development is surging, question has been asked very frequent “How much does it cost to develop a cryptocurrency payment gateway platform. This blog gave you answers for all.

The above demonstrated details explained about necessary development stages, features to integrate, many advanced techs to integrate, and importantly cost of development. Also, many factors; such as the complexity of the application, custom designs, robust security measures, advanced functionalities are profitable to integrate.

In case you need the support with your ideation, book a call with the expert blockchain developers of Comfygen. We are the top-tier blockchain development company with extensive knowledge and skills about cryptocurrencies, blockchain, tokens, and NFT Marketplace development.

Let us help you build a successful crypto payment gateway app like BitPay and create a competitive edge for the industry.