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When you’re out with your friends, splitting the bill can get messy.
How do you divide the cost of drinks and entrées? Do you itemize everyone’s costs? When you have to split larger bills like rent, and utility bills, things become more intricate.
The days of correctly splitting the bills required math prowess are long gone. With bill-splitting digital solutions like the Splitwise app, bills can be split easily and accurately without any hassle.
Leading fintech companies like PayPal are even introducing bill-splitting features.
This blog will help you delve deeper into an understanding of the bill splitting app like Splitwise.
So, let’s get started.
Splitwise is a free application available for both iOS and Android users that entitle the users to share expenses conveniently with friends and family.
Starting from dinner bills to splitting apartment rent or utility bills, the application got you covered with all your needs.
The application is based on the cloud, therefore anyone can log in from any device and view their balances and split bills effortlessly.
Furthermore, the application is integrated with online payment systems like PayPal. Consequently, users can settle the due amount completely online.
In the nutshell, Splitwise is a one-stop solution to keep the track of shared expenses balance like who owes who.
Splitwise is an easy-to-use application. How does Splitwise app works can be understood with the help of the following steps:
Whether you dine outside or live with your friend with whom you need to share expenses, it is always a stumbling block to figure out who owns what. The best bill splitting app like Splitwise simplifies this challenge.
This is just one of the most evident benefits of the Splitwise app. It can deliver a huge number of benefits as shown below:
Calculating the expenses, and asking your friends to pay their share is something people often struggle to do so.
With Splitwise, you can easily determine the share of each person. All you have to do is add each participant with whom you want to share the bill and the app will send them a notification and ask them to pay the amount.
Bill-splitting apps allow users to make payments in both online and offline modes. When payment is paid online. Automatically marks the bill paid, however, in the case of the offline mode of payment, the users can manually mark the bill paid.
Having a big picture of all your expenses and the amount you own from your friends will help you in building proper financial robustness.
Splitwise app stores all your expense data on the cloud which means you have the ability to access the data from any device you want as long as you have an active internet connection.
Splitwise mobile applications can be easily linked with leading online payment service providers like Venmo and PayPal ( For US citizens only). Indian users can use Paytm to make online payments seamlessly.
The expansion in cognizance towards an app for splitting bills results in an overwhelming number of apps. Here we have summarized the best apps for splitting bills to help you pick the best one for splitting bills with ease:
| S.No | Top Apps for Splitting Bills | Founded | Country Origin | Downloads | Rating | Platform |
|---|---|---|---|---|---|---|
| 1 | Tricount | 2011 | Belgium | 5M+ | 4.9 | iOS | Android |
| 2 | Splid | 2016 | France | 1M+ | 4.8 | iOS | Android |
| 3 | Tab | 2017 | USA | 50T+ | 3.9 | iOS | Android |
| 4 | Settle Up | 2012 | Europe | 1M+ | 4.6 | iOS | Android |
| 5 | Group Xpense | 2017 | Canada | 1L+ | 4.8 | iOS | Android |
Tricount is one of the best Splitwise alternative, when it comes to split group bills.
The application is built on a clean and simple interface and even allows the users to get access to the split bills calculator even when they are offline.
The application is available for both smartphones and the web. Tricount favors translucent nature. The people who participate in an expense can log into their accounts and review what has been added by others. Whenever new expenses occur or a group member makes any changes, the application automatically generates a notification to inform all the group members.
Features:
Splid is an intuitive bill-splitting application that helps users to stay on top of their expenses and let them settle the pending amount in an easy and relaxed way.
The application offers support for more than 150+ currencies. The app lets the users add expenses in one currency that can be converted into another currency depending on the preferences of the payer.
Splid is an easy-to-use application where all you have to do is add expenses and it will split it among all the group members. The application is capable of working offline, therefore the internet connection is no longer a necessity to split the bills.
Features:
Tab makes the process of bill splitting a lot simple. It eradicates the need of entering all the expanses manually. All you have to do is take a pic of the bill and the app will detect all the items and their price. You can select the items you have ordered for yourself to know the amount you have to pay.
Multiple people can select a similar item if they have shared it. The application even split the taxes and tips amount.
Features:
Settle Up is another Splitwise alternative that has proved to be the best choice for travelers, flatmates, couples, and others.
The application lets you reduce the burden on your wallet by allowing users to split all their expenses. Settle UP lets you split the bill depending on several factors like split by weight, income, expenses from the bill, and so on.
Features:
Group Xpense as the name predicts is the best app for splitting bills similar to Splitwise. The application enables the users to track all the expenses and divides them equally or unequally depending on the user’s preferences.
The application is available for both Android and iOS platforms which means you can easily split the bills on your choice of device.
The Group Xpense split app requires no username or password to enable the participants to track their expenses.
Features:
Founded in 2011, Splitwise has managed to secure a strong market presence since its inception.
According to Similarweb, the Splitwise app generates an annual revenue estimated at $2.0M – $5.0M. The majority of Splitwise revenue comes from its direct traffic equivalent to 76.23%.
Semrush says that the majority of the Splitwise website traffic (36.29%) comes from the United States. Followed by 8.2% website traffic, India is the second largest market for Splitwise.
The above statistics represent the growth of the Splitwise mobile application. Let’s examine the complete market landscape for bill-splitting apps in more detail:
The market size for bill-split apps was valued at US$ 500.6 million in 2021. Registering a CAGR of 7.0% during 2022-2028, the market is expected to reach a market valuation of US$ 810.6 million. (Global News Wire)
Another report from Forbes Advisor, the leading payment applications like PayPal, Venmo, Zelle, Clash app, and many others are implementing the bill-splitting feature into their core operations.
In yet another Forbes study, nearly 60% of adults between the ages of 18-to-25 use payment apps for bill splitting at least once a week.
Considering the propitious enlargement of bill-split apps, it is the right time to invest in Splitwise app development to establish your successful business venture.
The majority of bill-splitting apps like Splitwise allow applications to split the bills freely. Thus, the question of how Splitwise makes money becomes a curiosity since developing such an application is a major undertaking and requires a lot of investment.
Here we have mentioned a few of the most revenue models that Splitwise utilizes to make money:
As far as monetization goes, advertisements offer the best option for splitting app development companies since they can offer their services for free.
Splitwise also induces the use of the advertisement model to attract a decent amount of revenue.
As part of this monetization model, applications place ads, and developers receive a reward if users click on the ads.
According to Statista, nearly 208 billion U.S. dollars of mobile app revenue comes from advertisements. In the days and years to come, we will see the revenue grow to 281 billion U.S. dollars.
Paid membership plans are recurring revenue models through which customers pay for your products and services on a weekly, monthly, or annual basis.
Splitwise app also introduces the paid membership plan “Plus”. This plan enables the subscribers to directly connect with the product or engineering team. Your feedback will help redesign the application with new features that will add value to it. This will enable you to share your valuable feedback directly with the app engineers.
Also, the Plus plan lets users experience a totally ad-free experience of splitting bills.
Another membership plan of Splitwise is named Splitwise Pro. This membership plan allows the users to access the premium features of the applications such as receipt scanning, split by percentage, currency conversion, and so on.
Splitwise is connected with online payment transfer services such as PayPal, Venom, or debit and credit cards. The amount of revenue generated by online payments made through the application is not clear.
Splitwise hasn’t made any official statement regarding the percentage of a transaction fee charged by the application to allow users to pay their bills.
The success of the split bills calculator depends on the features you offer with your application. Here we have given you an overview of the different features that you should include in your application to make the process of bill splitting a lot simpler:
Instead of sending every person a payment link individually, you can create a group and add all the people involved in a bill. By doing, you will have to send the payment link once in the group and all the participants will be notified immediately.
The application should give a meticulous picture to all the users regarding all the expenses like who owes who.
Categorizing the expanses will enable the users to assert the most precious budgeting. They have a clear idea about where most of their money goes.
Users don’t need to split the bills equally. There are some cases when users want to split the bill unequally. Consequently, the percentage split will enable the users to set a percentage for each person.
This is an advanced feature that you can integrate with your application. This feature will enable the users to send or receive the payment directly using the wallet instead of making the payment using a credit/debit card or bank account.
When a user owes someone money, the app will send a notification to remind him or her to pay. Users should also be able to adjust how frequently reminders are sent.
Users should be able to generate expense reports in multiple formats such as Excel, CSV, PDF, and so on. A watermark with your mobile application name should be placed in a report to increase awareness of your application.
This feature will be proven helpful for roommates to create bills that recur on a daily, monthly, or yearly basis. All the parties involved in the recurring will be notified to make payment on a chosen date automatically by the application.
All the group members should have the ability to comment on the expenses added to the application.
The users can scan the bill images to split the bill conveniently. This will help the users to eradicate the process of manually entering information.
After scanning a receipt, the users should be able to pick the individual items they have ordered or shared with their friends.
The feature will serve as a major attraction for travelers. With this feature, they will be able to split the bill amount from one currency to another conveniently.
Bill split apps like Splitwise are growing in their user base. The popularity of these applications is due to the convenience they provide for splitting bills and getting paid seamlessly.
You can think of developing a bill splitting application including advanced features to join the bandwagon of this expanding market. Splitting app development companies like Konstant Infosolutions can help you do so.
We are employed by a highly skilled team of Android and iOS app developers who conform to the latest technologies to deliver a competitive mobile application for your business. Contact us today to find out how we can help you achieve your business solutions.
1. How much does a bill splitting application like Splitwise development costs you?
The estimation of development cost depends on multiple factors like development team, complexity, features, development company region, and so on. Consequently, estimating the cost is not possible since these factors cannot be the same for more than two projects. The best way to get an estimation is to connect with a top mobile app development company in India, share your requirements with them, and get an accurate cost estimation.
2. What are the Splitwise alternatives?
Manish Jain is the co-founder and Managing Director at Konstant Infosolutions. He is responsible for the overall operations of the company and has played a major role in bringing Konstant up from its humble beginnings and, with his immense energy and drive, transforming it into a globally trusted name in IT solutions.
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