Using money transfer apps is the latest trend in the world of FinTech technology. And they are becoming more and more popular among people all over the world.
The ThinkWithGoogle statistics show that 69% of mobile phone users prefer using an app over a mobile site to send money to friends and family.
The demand for a secure and fast way to transfer money is replacing traditional methods of providing financial services, paving the way for new innovative financial products.
This article will walk you through the process of developing a money transfer app from scratch. It will cover the design and development, as well as the marketing and monetization aspects of the app.
Building Money Transfer App: Step-by-Step Guide
A money transfer app is a mobile app that allows people to transfer money from one account to another. People prefer them as these apps offer a convenient way to send and receive money almost instantly. For businesses, developing a money transfer app becomes a viable idea.
In 2021, the global P2P payment market was estimated at $1.89 trillion and is expected to reach over $9 trillion by 2030.
So how to create a money transfer app? Here are the end-to-end process steps to follow.
Step 1: Decide on the Best Tech Stack for your App Development
The tech stack is a set of programming languages and tools used to build an application. Choosing the right tech stack for your app is very important as it can be a make-or-break decision.
When deciding on the best tech stack for money transfer app development, it is important to consider your end goals. If you are looking to create a mobile app with a lot of graphics, then you may want to go with React Native.
If you want to create an app that is primarily text-based and has fewer graphics, then you may want to go with Ionic Framework or PhoneGap.
If you are looking for an all-in-one solution that can be used for iOS and Android, then Flutter or the above-mentioned React Native would be the best choice.
Step 2: Choose the Type of Money Transfer You Want to Offer
Traditionally, money transfer apps allow users to send and receive money from friends, family, or businesses. Examples of these apps are PayPal, Venmo, Square Cash, etc.
When building an app, deciding what type of money transfer you want to offer is essential. The types are as follows:
- Person-to-Person (P2P) payment app: transferring funds from one individual to another through a payment platform.
- Business-to-Business (B2B) money transfer systems: transactions between businesses.
- Digital remittance services: transferring money to others for a small fee.
- Electronic bill payment services: transferring money from users’ credit or debit cards to vendors.
Step 3: Plan out Your Features – UI/UX, Security, Supported Languages, etc.
UI/UX is one of the most important aspects of a successful app. Regarding UI/UX, we are not just talking about the design but also the user experience. The design must be both intuitive and aesthetically pleasing. It needs to be easy for users to navigate your app and find what they want quickly and effectively.
Also, the UI should be as simple as possible, with a clear and easy-to-follow structure. It should also be responsive to different screen sizes.
Security is a critical aspect of any software product or service. It ensures that any sensitive data users store on the app will be secure and not accessible by hackers. One of the best ways to ensure your app is secure is to use encryption technologies like SSL for data transfer between your devices and the server hosting your app’s data.
Supported languages are necessary for apps that want global reach to expand their potential customer base as much as possible. The app should support different languages so people worldwide can use it without downloading a different version of the app from an international store.
Step 4: Hire a Team of Developers and Designers for Your Project
Hiring a team of developers and designers is the best way to get your project done. The first step in creating your custom app is hiring experienced developers who know how to build the type of app you want. This will cost between $15-$100 per hour depending on the developer’s experience and skillset needed for the project.
You can hire freelance developers and designers on sites like Upwork.com and Freelancer.com or an in-house team of specialists.
Another option is to partner with an outsourcing vendor who will set up a dedicated development team for the project.
Promote Your Money Transfer App with Successful Strategies and Methods
A successful marketing strategy is essential for the success of any business. The same applies to a money transfer app. Promoting this app with effective marketing strategies and methods is important to gain a competitive edge in the market.
Here are some successful strategies and methods to promote a money transfer app:
- Use social media channels like Facebook, Twitter, LinkedIn, etc.
- Create a blog and post engaging content there.
- Offer promotions and discounts to attract more customers.
- Use email newsletters.
Monetize Your Remittance App So You Can Run it as a Business
The most common way of monetizing a remittance app is by charging fees on deposits and withdrawals. This method is beneficial because it makes more sense for customers who will often use the service.
Another way to make the app profitable is to charge users for transactions or offer them an ad-free experience in exchange for a small fee.
Innovative FinTech apps and solutions are the future.
Sure, creating an app for money transfers can be challenging. Yet, having a deep understanding of the market and determining what money transfer functionality to include, hiring a dedicated team, and developing promotion and marketing strategies are the right steps to create a money transfer app faster.