New methods of transferring money via mobile apps are becoming the norm as our culture shifts. Traditional forms of payment have become antiquated and unsatisfactory. It has been predicted that the mobile banking user base will split into three groups: those who never make a digital payment, those who use traditional payment methods like cash or card, and those who always use their phone’s app to make a payment.
As society increasingly moves away from using cash, the outlook for money transfer apps is promising.
Are money transfer apps needed?
There is a great demand for money transfer applications. The global peer-to-peer (P2P) payments business is expected to be worth $1.89 trillion by 2021, according to a report by Precedent Research. By 2030, the global value of all money transfers is predicted to hit $9.87 trillion, making this a potentially lucrative market for money transfer apps.
When and how do you use a money transfer app?
Customers can download a money transfer or P2P payment software to skip using a bank or credit card. Bank transactions and currency exchange can now be conducted without physical cash. Mobile money transfer apps may be complex “under the hood,” but their use is straightforward. The digital wallets offered by P2P payment apps allow users to store funds before making a payment or transfer.
Money transfer applications in a nutshell
Money can be sent between two people who use the same payment app simply by inputting an email address or mobile phone number. The money is taken from the sender’s wallet and put into the recipient’s. The payment processor, credit card issuer, or bank will send encrypted information to verify the sender’s account balance and then add the amount to the recipient’s account if the transaction involves a bank account or credit card.
Let’s examine how money transfer apps are made now that we know why they’re needed.
Ideas and development start by discovering what and how the money transfer app should be
Developing a sophisticated solution for a financial technology problem takes a lot of work. If you want a money transfer application tailored to your specific needs, you should collaborate with a skilled team of developers who can make your concepts a reality.
Research is the way to go in knowing and answering “What is it?”
When conducting market research, it is essential to consider supply and demand and the items your competitors are currently offering. The findings of this research will serve as a guide as you compile a list of the most significant characteristics of your product and the elements that set it apart from competitors.
Producing a User Experience (UX) that’s friendly to its target audience
The next step in discovering the investing app’s features should encompass the idea into somewhat of a prototype in the design phase. UX designers now construct a fully functional and enjoyable interface. Everything from the product’s branding, to its visual aesthetics, to its usability and functionality is on the mind of a user experience designer.
A useful software will be compatible with several different types of devices, portable, simple to use, and available in multiple languages (both desktop and mobile).
Knowing and implementing the must-have features in the app
Businesses and consumers can benefit from the many services offered by money transfer apps. Sending money to loved ones or acquaintances is a breeze using these apps.
Also, users can avoid carrying around cash and waiting in long checkout lines by taking advantage of the apps’ bill pay, airtime top-up, and in-app purchase features. Below, we’ve outlined the most crucial ones.
E-Wallets and bill payments are must-have features
It is an electronic wallet that allows users to save their money and banking information within the payment app and make purchases. A customer-focused money transfer app also allows users to quickly and easily pay for things like utility bills, phone charges, and more, conveniently from their computer or mobile device. They may also want to be able to buy shares or transfer to a UK broker. The addition of invoice scanning will make your app more valuable to clients and give you a leg up on the competition.
Expense tracking and foreign currency exchange with international remittance
Benefiting from this added functionality will allow consumers to handle and track their finances better. This tracking entails creating a graphical representation of all financial dealings and classifying them according to size, type, location, etc. Your clients can save money and have a better user experience.
Remove the barriers preventing your customers from sending and receiving international money transfers in minutes without incurring astronomical fees. Your prospective customers will appreciate the convenience of being able to send and receive funds in a variety of currencies and convert funds between accounts by using the currency exchange feature.
Creating a platform for online fund transfers and user administration by integrating reports
At this point in development, all planned functionality has been implemented. Specialists design electronic wallets that can be funded from a checking account or charged with money from a credit or debit card and then used to make purchases locally and internationally in various currencies. In addition, features like currency exchange, daily transaction limits, contactless payment, and withdrawal limits are implemented to facilitate fiscal management and regulation.
Software for managing users, audits, and reports
Modules for user management typically have unique user interfaces and sets of features (for the cashier or administrator). In addition, clients need tools to conduct marketing campaigns, communicate with customers, and create discount codes. A reporting and accounting function is essential for accurate record-keeping and reporting on financial assets. This convenient tool will set limits, generate reports, and calculate potential gains or losses.
Main moint: Money transfer apps focus on convenience in transferring money while focusing on security
The security of any application in the FinTech business is of the utmost importance, as money transfer apps not only move dollars but also deliver personal information transaction reports. Maximize user safety and prevent financial terrorism by enforcing data protection measures.
That’s why transferring money digitally should be simple, safe, reliable, and quick for it to be an effective and competitive option.