Money Transfer App Development: A Guide to Succeed

By RisingMax

July 13, 2023

Money Transfer App Development: A Guide to Succeed

Significant changes in the financial industry have taken place with the development of custom money transfer applications. Since then, an internet connection has been all you need to perform any time-consuming financial transaction via a mobile app. 

Due to simple solutions being the norm for most of us, today's online money transfer systems offer customers maximum speed and convenience. So, customers are free to access whatever information they like, receive, and perform basic operations. The next challenge is obvious. To achieve the main goals of any payment system, it is necessary to create a robust, efficient, and legally compliant platform.

RisingMax Inc. can help you out with the money transfer app development. We are delivering high-end mobile applications for startups and large-size enterprises.

We Will Cover These Topics In This Article 

  • Must have features of money transfer app
  • Benefits of developing a money transfer app
  • White label or custom money transfer app development.
  • Types of money transfer applications
  • Money transfer app development cost
  • Type 4 money transfer app in the US
  • How to develop a money transfer app
  • We have an offer for you at the end

Must-Have Features of Money Transfer App

Here is the list of features that you have in your bucket before getting in touch with the mobile app development company to move ahead with the development procedure.

Payment Statistic

The payment statistics system should be kept in mind while creating a money transfer app in order to provide better customer service and allow customers to monitor their funds with ease. It enables the visualization of all user transactions according to parameters like volume, status, country, and recipient. Users benefit from a smooth experience and have easy access to their financial information as a consequence.  

Notifications

Create a money transfer app with push notifications and standard notification capabilities to alert users to various financial activities, fresh cash, ongoing money transfers, and significant monthly payments. This implies that the user is promptly informed whenever any activity takes place in the program.   

Currency Exchange

Including capabilities for currency exchange will increase the value you can provide your potential consumers. Users will be able to get dollars, euros, or other currencies whenever they want without having to go to a real exchange office.

App Safety

These programs are closely scrutinized by hackers in an effort to find a flaw that would allow them to get access to user accounts. In order to safeguard your app from hackers, money transfer app developers choose the most secure way practicable.

One Time Password

In order for the user to decide whether or not to proceed with the transaction, the OTP must be generated prior to it, especially if the user plans to send money. 

Even if someone attempts to use a user's account for illegal activity, it remains secure until the correct OTP is entered. Only during the process of developing the money transfer app can the auto OTP creation code be done.

Wallets

It serves as the main function of an app for peer-to-peer (P2P) payment, similar to how we recharge our cell phones. The highest level of security is obtained by using cash or a wallet rather than a bank account to make a purchase. The bank account is safeguarded from a cyber assault.

AI Chatbot

Customers can get instant answers to their questions thanks to the AI chatbot. Generic or adaptive AI chatbots have the potential to transform your company completely. 

While the generative AI will be operating on a big database and require human intervention to input new data, the adaptive AI chatbots will respond and learn continually to improve their service. 

Verification

The procedure of online verification makes it possible to determine whether your software communicates with actual people. Online ID verification confirms that your users are who they say they are. Such a procedure guards against fraud for both your goods and your clients. You may make your own peer-to-peer payment system safer for your consumers by incorporating an online ID check as an account confirmation stage. They benefit from feeling safer.

Filter

With the feature filter in the money transfer app, your user can see their transaction according to their convenience; the filter feature with month-wise, year-wise, weekly, or days-like filters can work smoothly for the user.
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Benefits Of Money Transfer App For Users

If a user is, getting the benefit from the application, then there will be more user engagement on the platform. By reading the benefits of the user, it would be much clearer for you to understand why you should build a money transfer app.

No Queue

People use to be in the queue for depositing or to withdraw their money, but that procedure is now a 2-decade back thing. Now people use money transfer apps for every sort of transaction.

Easier

The banking application made it easier for users to get a deposit or make transactions easier, but the loophole that came up with the bank’s mobile banking app is the slow loading panels and not a bug-free platform. In response to that, the money transfer application came up with faster transaction rates, better user-friendly panels, and ease of handling.

Paperless Transactions

Money transfer apps have omitted the usage of paper from the transaction procedure. Users can keep the transaction information on their smartphones with the feature of managing the transaction history at their convenience.

White Label Or Custom Money Transfer App Development

Both types of solutions have their own perks and cons. Let's see the difference and understand which could be a better option for you.

App From Scratch 

White Lable Solution 

Takes 2-3 months to build from scratch

Takes 1-2 weeks to deliver

Can be customized completely

Can be rebranded with less customization

Needs a good amount to develop

Cost-effective solution 

Types Of Money Transfer Applications

Mobile OS systems

One of an OS system's characteristics is the integration of money transfer services. The most popular examples are the globally utilized Apple Pay and Android Pay features.

Independent services

Owners of Visa or Mastercard payment cards are able to use these services to conduct transactions using funds from their bank accounts. PayPal is one of the top independent services available today.

Online banking services

Many banks use specialized equipment and provide their consumers with these payment options. Applications like Zelle and Dwolla are two examples.

Money Transfer App Development Cost

The development cost depends on various factors, including features, technologies used for the development, the number of manpower working on the project, etc.

Development Cost of A Custom Money Transfer App Development 

Designing Cost 

08K To 20K

Outsource Software Cost

$35K To 50K

Deployment Cost

$15K

Designing Cost

8K to 20K

Maintenance Cost 

$1500 To $4000

Project Manager Hourly Cost 

$25 to $50/ Hour

Quality Assurance Team And Testers

$5000-$10,000

Development Cost of A White Label Money Transfer App Development

Development Process

Cost Estimation

Research and  Analysis

$3500-$4000

App design

$4000-$5000

Quality assurance

$5000-$6500

Deployment 

$5500-$6000

Launch and Maintenance

$4500-$5000

Marketing

>$5000

Top 4 Money Transfer Apps in US

Instead of getting the money transfer app development from scratch, you can get the white label solution of these 4 popular applications with all the features like these platforms and with complete reliability and security. 

Paypal

Paypal is one of the most popular, reliable applications for inter-state or inter-country money transfers. Get an app like Paypal to start your money transfer app business on the global stage. 

Venmo

It is an app just accessible only within the US only and one of the best and most secure money transfer applications. Venmo launched its service in 2009, and in 2021, it had 70 million active users; by the last update, it had 83 million users. 

Google Pay

Google Pay(GPay) is one of the most renowned and reliable applications in US as well as in other regions. It is well known for its faster and error-free transactions. GPay has about 150 million users across 42 global markets. Get white-label applications like GPay and cost-effective rates.

Apple Pay

Apple Pay is a money transfer app a suitable and user-friendly application for Apple users, they have a user base of 535.8 million in 2022, and it is continuing at a great pace. Build a money transfer app like Apple Pay.

How To Develop A Money Transfer App?

For developing a high-end money transfer app, here are a few of the things that you should consider.

Target Users

The first thing for money transfer app development is to set the target audience so that you can keep their preferences primarily while developing the application. 

Planning 

The next step for the money transfer app development is the application blueprint in which you have to decide what features you want to keep, the USP of the application, technologies for keeping the platform safe from any fraud, etc.

User Friendly Interface

For the development and design process, the money transfer app developer can only help you out with the developing stages.

Beta Testing

Beta testing of the application is a necessary step for any business as this helps the business to get feedback on the application.

Deployment 

This is the second last step in which you have to deploy your application on various platforms for the users.

Support & Maintenance

Setting up the support and maintenance team for the application is necessary for any of the businesses so that your users can get instant solutions for their queries.

Are you looking for a reliable Money Transfer software development service provider?

Well, you are in the perfect place. RisingMax Inc. is well known for its futuristic and customized money transfer software designed to help financial businesses explore the potential of blockchain in fintech.

Get In Touch With Us

Why Choose RisingMax Inc. For Money Transfer App Development

RisingMax Inc. is the leading mobile app development company in the US and also holds a reputable position on the global platform. 

Free Consultation

To know how to develop a money transfer app and the cost to develop money transfer app, you can get in touch with our experts. Apart from centralized application development, we also provide the service of decentralized mobile applications and IoT-based mobile applications.

150+ Developers

We are with a team of 150+ experienced developers who can be a perfect solution provider for your money transfer app development.

50+ QA Experts

Our team of QA experts works parallelly with the money transfer app developers to deliver the best possible money transfer app with complete perfection.

Transparency

RisingMax Inc. keeps complete transparency with our clients before the deal, during the project development procedure, and after the platform's final deployment.

Flexible Payment Model

We have multiple payment model schemes to make a flexible and trustable network with our clients.

On-Time Delivery

We make sure to deliver the project on time without any delays unless there are any unfortunate situations.

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