It’s no surprise that mobile money transfer apps have become so popular in this digital age. These apps allow for quick and easy banking and financial functions.
Banks and financial services can now use money transfer apps to make domestic and cross-border transfers of funds fast and easy. Apps are custom-designed to support specific currencies and transfer methods, offer full traceability of funds movements, and provide advanced security for customers’ financial and personal data. It allows seamless integration of the transfer transaction processing system.
Not all money transfer apps are created equal. It takes careful thought to create a solid money transfer application. Here are some features to consider:
Manage Your Account
Account management is one of the most important features of any mobile money transfer app. It allows users to update and change their information, perform KYC verification, set up multi-factor authentication, and more. A digital assistant, which can answer basic customer questions or connect users to human agents for more complex queries, would be smart.
Sending and Receiving Money
It’s obvious, but we are not denying that this service also supports newer methods of transfer such as card details and user account details. This category also includes in-app money transfers with email IDs, electronic wallet addresses, and transfers in various currencies, including cryptocurrency.
Fund Movement Tracing
This feature allows users to see a live view of funds transferred to or from their accounts using different criteria such as amount, country, receiver, and more. It would also be a good idea to offer automatically-generated reports on the movement of funds based on the same factors as mentioned above.
This feature is a must-have in any money transfer app as it allows users to get automatic updates about their balances every time they send and receive money. A unified dashboard is a great option that provides all relevant information, including the prevailing currency rate and scheduled transfers. You can also automate the conversion of account balances and transfers in the currency that the user has selected.
Let’s now discuss the costs associated with developing a mobile money transfer application. While it is great to plan about features and functionalities, if they don’t fit within your budget, then there would be no point in the strategy. The point is that app development costs can vary depending on many factors, such as the app’s purpose, type of app, maintenance costs, and API integration. You also need to consider the location, such as where you live. From where do you hire the developer?
Developers in the US charge between $25-$100 per hour, while European developers charge between $25-$45/per hour. For building an app, developers in Asia charge between $20 and $25 per hour. These factors are why building a mobile money transfer application can run you between $25,000 and $40,000
If you’re thinking about money transfer application development, this discussion will help you to understand not only what features you should include, but also how much it will cost. It is a smart idea to create a solid development strategy before you jump into app development. This will ensure that you get the desired results within the budget and timeframe you have set.
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