Splitwise Clone App Development: Features, Functionalities, Cost, and Tech Stack

Do you want to build a bill-splitting app like Splitwise? It’s the most profitable app idea as the bill-splitting app development market is gaining much attention nowadays. You must have explored how apps like Splitwise work. It’s the most straightforward way to organize group bills for restaurants, households, trips, vacations, etc. Given the surging market trend of e-commerce and mobile payment, bill-splitting apps can make the most of it. However, building a bill-splitting app is a multi-step process requiring much preparation, planning, and guidance. This includes conceptualization, design, development, testing, and deployment. 

Did you know that bill-splitting is common among adults in the U.S.? According to Forbes Advisor and OnePoll surveys, around 47% of adults split bills for everyday expenses, such as restaurant meals and groceries, using peer-to-peer (P2P) payment or bill-splitting apps like Venmo, Zelle, Splitwise, and Cash Apps.

Custom expenses splitting app development has improved overall bill-splitting experiences. One person no longer has to bear the entire bill if the other party forgets their wallet. As digital payment transactions soared to 20 trillion in 2024, bill-splitting apps emerged as a new trend, offering the most promising way to split bills among friends. Your idea to develop a bill-splitting app like Splitwise is a step towards tapping into this potential. This article is your comprehensive guide to create an App Like Splitwise. By following the insights and advice shared here, you can navigate the complexities of app development with confidence and clarity.

How Does App Like Splitwise Work?

Splitwise is an easy-to-use application. How the Splitwise app works can be understood with the help of the following steps:

Friends Or Colleagues

When friends or colleagues share expenses, whether for a trip, a night out, or a joint gift, keeping track of who paid for what can be tricky. A survey indicated that 60% of millennials and Gen Z users utilize bill-splitting apps regularly. An app like Splitwise streamlines this by:

1. Creating Event-based Expenses: Users can create groups for specific events like trips, dinners, or parties. 
   
2. Recording Expenses: Every expense incurred can be added to the group, detailing who paid and how it should be split. 
   
3. Balancing Payments: The app calculates the balances, displays who needs to pay to whom, and facilitates the settlement process. 
   
4. Maintaining History: It keeps a history of all expenses and settlements, which can be helpful for future reference.

For Corporates

Managing expenses in a corporate setting can be cumbersome, especially during team outings, international trips, or project-related expenditures. An app like Splitwise simplifies this by:

1. Creating Expense Groups: Teams can create specific groups for each project or trip.
2. Adding Expenses: Team members can add expenses as they occur, attaching necessary receipts.
3. Splitting Bills: Expenses can be divided equally or unequally based on contribution or responsibility.
4. Tracking Payments: The app tracks who owes whom and facilitates reimbursements, making the financial management process transparent and more efficient.

For Roommates

Roommates often face challenges when splitting the rent, utility bills, groceries, and other shared expenses. An app like Splitwise helps by the following:

1. Organizing Expenses: Roommates can create a household group and add monthly recurring expenses.
2. Splitting Costs: Rent, utilities, and other shared costs can be divided among roommates based on pre-agreed ratios.
3. Payment Reminders: The app can send reminders for due payments, ensuring everyone contributes their share.
4. Settling Debts: It keeps a running total of who owes what, making it easy to pay debts at the end of the month.

Key Features and Functionalities of Splitwise Clone App Development

You must consider the following key features in Splitwise clone to ensure it meets admin and user expectations:

User's App Features

User Registration and Authentication

Users can register and log in using email, social media accounts, or phone numbers. Robust authentication mechanisms ensure data security.

Group Creation and Management

Users can create and manage groups for different expense-sharing scenarios, including unique names, descriptions, and member lists.

Adding and Managing Expenses

Users can add expenses with details such as amount, description, date, and payer. Expenses can be categorized for easy tracking.

Splitting Bills

Options for splitting bills equally or unequally, with custom splits based on individual contributions or criteria.

Expense Tracking and History

Users can maintain a detailed history of all expenses and settlements, viewing past transactions and filtering them by date.

Notifications and Reminders

Timely notifications and reminders for pending payments, upcoming due dates, and group activities.

Setting Debts

Users can manage and track pending payments and debts within groups.

Reports and Analytics

Users receive reports and analytics on spending patterns, including visual representations like charts and graphs.

OCR System

An OCR system allows the app to read bills automatically. It will help the users' time as they don't have to add each item manually.

Multi-Currency Support

The app supports multiple currencies, handling conversions and displaying amounts in the preferred currency.

Admin Panel Features

User Management

Admins can view, add, edit, or delete user accounts, ensuring a secure and well-managed user base.

Group Management

Admins can oversee all created groups, including editing group details or removing inactive groups.

Expense Management

Admins can view all user expenses, monitor trends, and ensure compliance with platform guidelines.

Analytics and Reporting

Comprehensive analytics tools for admins to review overall platform usage, including user engagement, transaction volumes, and financial insights.

Notifications Management

Admins can configure notification settings and customize reminders sent to users, enhancing. Communication.

Content Moderation

Tools for monitoring user-generated content and interactions to ensure community guidelines are followed.

Settings and Configuration

Admins can adjust app settings, including currency preferences, user roles, and other configurations, to optimize the user experience.

Feedback and Support Management

A system for handling user feedback and support requests, allowing admins to improve the app based on user input.

Key Differences Between Traditional, Decentralized Blockchain, and Smart Contract Bill-Splitting Apps

Feature/Aspect	Traditional Bill-Splitting Apps	Decentralized Blockchain-Based Bill-Splitting Apps	Smart Contract-Based Bill-Splitting Apps
Development Example	Splitwise-like app development	Spliteth-like app development	Smart contract integration (e.g., Ethereum)
Platform Type	Centralized (server-based)	Decentralized (peer-to-peer network)	Semi-decentralized (requires smart contract platform)
Control	Single entity controls data and services	Users retain control over their data	Automated control through smart contracts
Transparency	Limited transparency; data stored centrally	High transparency; all transactions recorded on blockchain	Transparent; all contract conditions are visible
Security	Vulnerable to central server attacks	More secure; uses cryptographic methods	Secure; relies on blockchain for immutability
Settlement of Transactions	Manual settlement; can be delayed	Immediate, once confirmed on the blockchain	Automatic settlement through smart contracts
Scalability	Limited by server capacity	Highly scalable due to decentralized nature	Scalable with the right architecture
Use Cases	Group outings, shared expenses	Corporate bussiness outings, Collaborative projects, decentralized finance	Automated bill payments, trustless agreements
Similar Apps	Splitwise-like app development	Spliteth-like app development	Smart contract integration (e.g., Ethereum)

Tech Stack to Build an App Like Splitwise

Now, let's discuss what technologies and frameworks will be used to make a Splitwise-like app development. You don't need to worry if you have hired a mobile app development company. However, this must be discussed to get some ideas.

#1 For Android App Development

• You will require Android developers who are good at languages like Laravel, Java, Kotlin, and PHP.
• You will also need databases like MySQL, Firebase, and SQLite.
• Also, you will be required to use libraries like Google Maps SDK, Google Push Notification, etc.

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

#2 For iOS App Development

• You will require iOS developers who are good at languages like Swift UI and Objective-C. However, we have a pre-built Android script of the Splitswise clone. You can contact us to discuss your requirements.
• Also, you will need databases like MySQL, Firebase, and SQLite.
• You must use libraries like Google Maps SDK, Google Push Notifications, Swiping cards, etc.

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

Best Splitting Apps like Splitwise in the Market

Top Apps for Splitting Bills	Features	Downloads
Tricount Like App Development	Grouping expenses according to their categories.	5M+
Splid Like App Development	The app simplifies complex transactions with multiple payees or unequal bill splits.	1M+
Tab Like App Development	Integrated with payment applications like Venmo to quickly settle payments online.	50T+
Settle Up Like App Development	All the data is backed on the cloud to ensure seamless access.	1M+
Group Xpense Like App Development	Offline ability to work Backed by cloud users, split data can be accessed from any device anywhere Log history available to bring transparency.	1L+

Why is a Bill Splitting App Like Splitwise a Profitable Venture?

According to Similarweb, the Splitwise app generates an annual revenue estimated at $2.0M—$5.0M. Most of Splitwise's revenue comes from its direct traffic, equivalent to 76.23%. Here are some of the profitable business opportunities associated with apps like Splitwise.

Advertisements

As far as monetization goes, advertisements offer the best option for splitting app development companies since they can offer their services for free. Apps like Splitwise also induce the advertisement model to attract a decent amount of revenue. In this monetization model, applications place ads, and developers are rewarded if users click on the ads.

Paid Membership Plan

Paid membership plans are recurring revenue models through which customers pay for your products and services weekly, monthly, or annually. Apps like Splitwise also introduce the paid membership plan "Plus." This plan enables subscribers to connect directly with the product or engineering team. Your feedback will help redesign the application with new features that add value. This will allow you to share your valuable feedback directly with the app engineers. The Plus plan also lets users split bills ad-free. Another Splitwise membership plan is Splitwise Pro. This plan allows users to access the applications' premium features, such as receipt scanning, separated by percentage, currency conversion, and more.

Transactions Fees

Some apps, like Splitwise, are connected with online payment transfer services such as PayPal, Venom, or debit and credit cards. The revenue generated by online payments made through the application needs to be clarified.

Factors Affecting the Cost of Developing App Like Splitswise

When allocating funds for the development of a bill-splitting app, various factors should be considered to preemptively address potential challenges that may arise during the later stages of development.

Geographical Location of the Team of Developers You Hire

The cost of hiring developers varies significantly by region. For instance, developers in North America or Europe generally charge higher rates than those in Asia or Eastern Europe. Therefore, it's crucial to analyze the cost of the top regions and decide which one to choose, considering skills and expertise. This decision can significantly impact your overall development costs.

App’s Complexity

The app’s complexity also impacts the cost of app development. With the increasing complexity level of the app, the cost boosts, as if it were low for a simple app and high for an advanced one.

App’s Features and Functionalities

The features and functionalities you include in your bill-splitting app will affect the cost. You can start with the basic ones and later add the advanced ones as your app expands.

UI/UX Design

A simple app design will cost less than an advanced one that demands more resources, animations, and tech stack.

How Much Does It Cost to Build a Bill Splitting App like Splitwise?

The cost to build a splitwise like app varies depending on the client's requirements. However, Splitwise clone app development will cost anywhere from $10,000 to $25,000, depending on factors such as the additional complex features, the app development partner's location, and the skills/experience of the mobile app development team.

Contact us to quickly calculate the costs to build app similar to Splitwise based on your unique requirements.

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