Online Payment Transfer App Development
Digital remittance’s popularity has grown significantly since last year. Based on different research, we can state that the global money transfer app market value was $17.88 billion in 2021 and is projected to grow with a CAGR of 15% by 2030. These statistics are thought-provoking for each entrepreneur or startuper who is looking for opportunities to launch a successful project. It looks like money transfer app development will be a winning solution at least in the next few years, so this article will come in handy for you to understand the general concept of the app development process.
Online Payment Transfer App Development Process
The digital remittance app development process consists of several stages. They can vary in different companies and tech teams. For example, our fintech app development company Perfsol has the following workflow:
- Analysis of your business needs, problems, and key goals; investigation of the market, target audience, competitors, trends, etc.
- Creation of project strategy and tactic planning that are needed to outline the precise time and budget estimation
- Prototyping – the creation of a draft version of your app that can be edited and changed to get the best possible final result
- Creation of user-friendly UI/UX design which ensures a convenient user experience and attractiveness of your app
- Code creation and quality assurance activities thanks to which you can be sure that your app runs smoothly
- Presentation of the finished software to the client
- Launching to the app stores
- After-launch tech support and maintenance of your online payment transfer app
Online Payment Transfer App Trends
PayPal, WorldRemit, Cash App… What makes these money transfer apps so popular among users? One of the key reasons is their innovativeness. They do not just follow trends, they are trendsetters and always impress their users with innovative approaches. So if you want to outpace your competitors and stand out of the crowd, think of adding at least one of the following features that will be trendy in 2023:
- Smart Speakers
Digital payments tend to be simpler each year. Most users appreciate all the features that help to save their time and nerves. What can be easier than giving a voice command to transfer funds? You don’t even need to log in to the banking app and waste time when your app loads large amounts of data.
- AI-based features
Artificial intelligence is the technology that can be used to enhance your money transfer app in different ways. For example, you can strengthen your app security or improve analytics. Also, you can upgrade and personalize your customers’ experience by adding chatbots or robo-advisors that can provide smart recommendations based on the user’s behavior.
- Transfer via messengers
Who says that messengers are only for chatting? You can integrate a money transfer feature and provide your users with the opportunity to send money to their friends via messengers in several clicks.
How to Build Online Payment Transfer App and Save Costs
It’s hard to say for sure how much your digital remittance app will cost as each software solution is special and its precise depends on various factors: amount and complexity of the features, technologies, design, and so on. Based on our experience, an average money transfer app can cost you from $120k to $400k.
Still, you can save your budget by hiring an outsourcing development team. Friendly recommendation: pay attention to Eastern European fintech software development companies. They can be a good option for you as they can deliver high-quality software for relatively low rates.
Perfsol from Ukraine has a large team of top-notch experts that have vast experience in money transfer app development. Contact us – we’re all set to discuss your project idea and help you create a successful app!