Looking for a seamless and hassle-free way to split bills? You are on the right page.
Gone are the days when we used to keep track of expenses we made with our friends and split them. It appears challenging to break your bills when you go with your friends, roommates, or colleagues as a big gathering.
From now, we don’t need to face such hassles as various bill-splitting apps in the mobile app industry will ease your bill-splitting job.
Well, a bill split app is not a new concept, but it’s not common too. Some are even already using these apps.
This post will help you understand the concept of a bill split app, market analytics, working, features, and much more.
What Is a Split Bill App?
A bill splitting/split bill app permits you to track, manage, and split bills between roommates, friends, colleagues, and more. Some of such apps even facilitate you to connect your bank accounts that may settle up or pay straight away outside the app.
This concept is helpful for students, friends, and groups who share a room or house, couples, and groups who go out for trips, meals, or parties.
Whatever bill you can think of, electricity bills, restaurant bills, trip bills, shopping bills, a split bill app can help you split all.
What Market Stats Forecast about Bill Splitting App?
The split bills app market is divided into two categories: geography (North America, APAC, MEA, South America, and Europe) and platform (iOS and Android).
- The split bill apps will catch up to a market share of about $349.68 million by 2026, with a CAGR of 10.84%.
- In 2022, such apps are expected to grow annually by about 8.51%.
The growing market of bill-splitting apps globally is gradually expanding because of the increasing usage of smartphones. Because of this, many app developers are coming forth with various apps and reaping the associated benefits.
Bill Splitting Apps Market Scope
|Growth momentum & CAGR||Accelerate at a CAGR of 10.84%|
|Market growth 2022-2026||$ 349.68 million|
|YoY growth (%)||8.51|
|Regional analysis||APAC, North America, Europe, South America, the Middle East, and Africa|
|Performing market contribution||APAC at 46%|
|Key consumer countries||US, China, India, Japan, and Germany|
|Competitive landscape||Leading companies, Competitive Strategies, Consumer engagement scope|
|Key companies profiled||ApTap Ltd., Bill.com Holdings Inc., Block Inc., bring10 LLC, Cluttr Inc., DigiGround Pty Ltd., Groupee Pty Ltd., Kittysplit UG, Locatable Ltd., Microsoft Corp., MWYN TECH Pvt. Ltd., National Bank of Kuwait S.A.K.P, NatWest Group plc, Paerpay Inc., PayPal Holdings Inc., Splid, Splittr, Splitwise Inc., Standy Software, Step Up Labs Inc., Thumbworks Technologies Pvt. Ltd., Tricount S.A., and Billr.me|
|Market dynamics||Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period|
|Customization purview||If our report has not included the data you are looking for, you can reach out to our analysts and get customized segments.|
Why Building a Bill Splitting App is a Good Fintech App Idea?
1. Ease Money Reimbursement
Most may find it embarrassing to ask their friends to pay their share after attending a party, but it will not be an issue anymore. A bill split app will arrive as a perfect solution here, and it will split the bill, display the bill amount, and settle it through online banking.
2. No Need to Track or Calculate the Split Amount
It’s time-consuming and stressful to know who ordered, paid, or what amount to pay, including taxes, time, and more, especially when you are in the crowd when you can become noticeable, splitting a few hundred or thousands.
In that case, you can just grab your phone, install a bill splitting app, and use it to perform every essential task you have been doing so far to settle the bills.
3. Saving Credit Card Details
To settle the bill directly through online mode, you don’t need to enter your account or credit/debit card details repeatedly. A bill split app permits you just to enter the essential and required banking and card details at once and enjoy it at every use.
4. Transaction History
A bill split app saves every transaction you make with the app; no need to keep every detail in your mind.
How Does A Split Payment App Works?
1. Invite Your Friends to The App
Such apps allow easy and free sign-up. You can get it done and invite your friends to share a link.
2. Create Groups
After they join, you can create a group by including the friends you want to and enjoy easy and hassle-free bill splitting.
3. Save Credit/Debit Card Details
Users can add their card details, so they don’t need to do that repeatedly. Also, it will let users feel convenience as the payment will be directly sent through the cards, a cash-free benefit.
4. Calculate & Pay Easily
It lets users easily and quickly calculate and pay informal debts, like shared meals, travel, recurring bills, etc.
Popular Split Bill Apps Thriving Globally
The simplest way to share expenses with your friends and family stress-free is Splitwise. It holds millions of users who organize group bills for dining, trips, households, etc.
- Easy repayment plan
- Expense categorization
- Multi-platform support
- Calculate group totals
- Direct comment on expenses
- Export to CSV
- Custom user avatars
- 7+ supported languages
- Integrated payment systems
- Add various payers, even for a single fee.
- Split costs by shares, percentages, or exact amounts.
With a simple layout and design, Tricount is used as a bill-splitting app. Whether you share an apartment or trip with your friends, it assists you in handling expenses among the group you created through a link.
It lets its users create groups and share its link with their friends, asking them to join. This split bill app offers various options that may suit the varied splitting needs of the users.
Tricount performs offline also and supports push notifications to let the group members remind about their pending payments.
- Targets intuitive and straightforward layout.
- Any group member can add group expenses and check the balance.
- Phone or web can work perfectly on both.
- Offers a simple link to add group members and share expenses.
- Push notifications on add or edits of expenses.
- Works offline.
3. Settle up
This split bill app assists in tracking expenses. It’s best for flatmates, travelers, event organizers, couples, and other groups of friends; you just need to add the costs and let it perform.
- Works offline.
- Lowers number of transactions.
- Provides all currencies and real-time exchange rates.
- Available in various languages.
- Sends notifications about history and edits.
- Target simple design and user experience.
- Offers easy group sharing through links.
Best for housemates, friends, and groups, Splid assists you in staying well-organized with your expenses and settling them up quickly. There is no need to fret about lost receipts, changes, or disagreements about the amount; you only need to enter your expenses and unveil everything about the bill.
- Works offline also.
- Create groups within seconds.
- A sync option is available to enter expenses together.
- No sign-up is required.
- Deal with complicated bills easily and quickly.
This expense-splitting app is best for the one who wants an accessible mode to split expenses. It helps invite friends and allows everyone to enter the costs using their devices.
- No registration needed
- Categorize expenses
- Works offline
- PDF and CSV export
- All currencies supported
- Easy and fast user interface
- Automatic backups
- Statistics about groups
6. Snap & Split Bill
Using this app, you can split your grocery bill, restaurant bill, and other expenses easily and quickly by following just a few taps:
- Snap a bill photo.
- Split check items.
- Share the bill.
Moreover, “Snap & Split Bill” supports optical character recognition in about 75 languages and can OCR receipt offline.
- Three split modes: in promotion, by items, or equally.
- Tip calculator to calculate the amount of tip you want to offer and split it between members.
- Detect taxes and discounts automatically.
- Share bills between group members.
- Receipt organizer
- Bill management
One of the simplest apps to split bills among friends, Tab helps snap a pic of bills and tap items to claim them. Tip and tax are calculated for the user, and you don’t need to type prices manually.
- Every person can pay for their ordered items.
- Settle payments through cash also.
- Integrated Venmo for quick payment.
- Automatic calculation of tips and taxes.
- Scan receipts to split among group members.
Convert Your App Idea Into Reality
Let’s Build A New App Together
Key Features of A Split Payments App
1. User Panel
The app should include a user panel from which the users may log in or register to use it for the first time. The user panel should be easy to use and navigate, allowing users to access the app’s services.
2. Admin Panel
Like the user panel, the admin must also log in or register to use the app. A user-friendly admin panel can help them manage the users, services, products, payments, discounts, and more.
3. Appealing Design
The app design needs to be unique and innovative, which may attract users and help them navigate the app easily. The app design is the first impression deciding whether the users will stay or leave. So, it should be crafted appealingly, offering easy navigation.
4. Push Notifications
It’s not always a comfortable job to remind your group members about paying the split amount. So, the notification feature would help send messages directly to the members who are the participants of the bills.
5. Set Reminders
The bill split apps should allow users to set up recurring payments and send them reminders a few days before the due date. This feature will enable the group members to pay rent and other utility bills together.
6. OCR System
The apps with the OCR system help in reading bills automatically, saving users manual effort and time for inputting every billed item. This is a must-have feature of a splitting bill app.
7. Link Credit Cards
An app allowing users to link their credit cards to accounts would be a great help. Also, cashing the payments out directly to one’s bank account is a valuable feature. Such must-have features would help make a split bill app a success.
The security protection from an app can prevent fraudulent transactions. As bill-splitting apps deal with money, they must be developed targeting security. An app with a built-in authentication system is a must.
9. Create Group
In such apps, users should get an option to craft groups or edit their already-built groups, maybe crafted by other members of a specific group. So, no more issue of keeping track of members accountable for expenses in particular groups.
10. Add Expenses with Details
The users should be able to view all the expenses records and their income as per the date they select using a bill splitting app. This way, they will get a complete view of the income/expenses.
11. Split Expenses
This is one of the main features of such an app that eases the splitting of expenses among members of the groups according to the selected method from the drop-down menu to catch up with accurate outcomes.
12. Expense Estimate
This feature of a split bill app helps the users know the amount they need to pay or spend in the next month, including bill-split amounts, recurring expenses, and more.
13. Expenses Settlement
The apps including this feature will arrive with linked payment gateways, such as Paytm, to ease users’ payments for their bill settlement. The E-Wallet facility will let users add money to their app wallet and make transactions.
A split bill app will assist users in tracking their expenses, group expenses, monthly income management, recurring expenses, expense settlement, and more with every minute detail of the group/sharing expenditures using their devices efficiently and hassle-free.
Such apps reduce human efforts and interference in a bill-splitting process that leads to accurate results. So, from now, no more requirements of maintaining spreadsheets, sticky notes, and ledgers that cause data inconsistency issues and confusion while recording, splitting, and settling expenses.
You can think of converting your split bill app idea into reality, including all the must-have features that may be useful for users. Remember to make the app user-friendly with streamlined usage and an improved experience for the app users to get paid off with increased ROI and success.