Money Transfer App- Things You Need To Know Before Development

Posted by Techugo Agency on November 20th, 2019

The world is tilting towards mobile apps. And that is a well-known fact. Who would have thought about the gargantuan success that it has achieved? Within a decade, the world is keen on merging every day to day task with the seamlessness of a mobile application, especially the money transfer apps. Applications have provided a way for both users and businesses to dwell into the unmatchable convenience and take a step further towards invaluable success.

And money transfer apps have provided a great way for different sorts of businesses to expand their revenue funnel.

There are 'n' number of situations where money transfer apps prove to be of great use. From urgent cash withdrawals to repaying a friend's debt, there is nothing that you cannot pay for. According to the research, these apps are getting more and more popular among the millennials, as they have made peer to peer funds transfer a cakewalk. Since some of these apps don't require banking information, it is easy for users to connect with them.

If you are looking forward to create an app for unprecedented growth, how about a mobile transfer app? Keep reading further to know the most important features for the same.

Features Of A Money Transfer App That You Cannot Miss

Apart from the normal registration and sign up, there are a glut of another feature that you need to know and work upon, before the development process begins. Take a look at the features given below, and get a better understanding of what you want your application to be like.

1. SMS & Pop-ups

It is very important for your app to update its users about the transactions they are making. And in case you want to woo your customers with some great offers or coupons, then good old messages and pop-ups are a great way to achieve the same. Users can also opt to receive SMS alerts whenever they transfer the funds. To maintain compatibility, both the users and receivers can be notified.

2. Different API Integration

It is important for an app to help their users to integrate with payment processors. For example, credit cards, prepaid debit cards, and whatnot.

3. Account Manager

A feature that enables the user to manage their account like a professional would work wonders for your application. For example, the ability to search and add payees, blacklisting, and much more. The audience must also be provided with various search-by options like name, address, phone number, email, etc.

4. High-Level Authentication

Authenticity is the biggest concern for most of the app users, in this era of digitalization. Because with digitalization comes a lot of security issues. Hence, it is necessary to enable high-level authentication in order to improve the overall security of the application.

5. Identity Verification

For the online money transfer app, it is very important to carry on the process of identifying whether the id is fake or not. This can be done through various processes, one of which is phone number verification.

6. Customer Service

Bad mobile app support leaves a bad impression on all the users who have shown trust in downloading the app provided by you. Therefore, it is necessary to take the required action. If they have any queries, they need to be able to connect with your customer support with ease. Integrating live chat system for the users is a great way to instantly tackle their problems.

Apps That Businesses Need To Take Inspiration From

1# Venmo

More is less, especially when we talk about the seamlessness of this money-transfer application. With Venmo, it is extremely easy to send and receive funds from family or friends. The payments made from this app balance cost nothing to execute. And for making credit card payments, Venmo charges a 3% fee. With a high-quality security system, users don't have to worry about anything.

2# Facebook Messenger

Now we all know that the main task of facebook messenger, but it is also used for transferring money. In the US, a user can send money through this application. Hence during the conversation on this app, you can also send the money by just clicking on the dollar sign located above the keyboard.

3# Apple Pay Cash

In countries that support Apple Pay, iPhone users don't need to install any third-party application for the people who also have iPhones. Requesting, sending and receiving money is a piece of cake with Apple Pay Cash.

These are a few things that you need to take care of before developing a money transfer application. But that is not all. There a lot of other things that are attached to the mobile app development process. Since not everyone is from a technical background, it is important to connect with the experts.

So if you want to create a money transfer app than reach out to us today. Till then stay tuned to this space for more information.

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