The development of a money transfer app can be very beneficial and profitable. In this article, you will learn how to build a successful money transfer app.
A money transfer app is a system enabling its users to perform banking transactions using cashless modes of payment, with multi-bank and multi-currency options. Moreover, such an application, unlike traditional banks, is available at any time.
A money transfer app like Revolut is considered “neobanks”. Neobanks operate exclusively online and do not have any physical branches, allowing them to provide their customers with the fastest digital and mobile financial solutions, and allowing customers to pay, transfer, or lend money online.
The Revolut app is among the top money transfer apps worldwide and was founded in 2015. In the 5 years since then, it is clear that the idea of neo-banking and money transferring software is a popular, profitable, and growing industry.
Every day, the demand for money-transferring services continues to grow. Transaction value in the Digital Remittances segment is projected to reach $55.68bn in 2022 with an annual growth rate (CAGR 2022-2026) of 7.24%.
Now, let’s talk about the steps required to remittance software development .
We recommend starting the P2P money transfer app development process with the discovery phase.
The discovery stage includes competitor and market research and client interviews. Discovery helps to determine the core and unique features need for the app, as well as the optimal tech solutions needed for these features.
After conducting the discovery phase, start to build a user-friendly UX concept and product prototypes. Remember that your money transfer app is going to be used not only on desktops but also on tablets and especially smartphones. Thus, your product has to be adapted to various devices.
Before the development of an app like Revolut, let’s start with the basics. Money transfer systems provide their users with such functionality as:
During the development stage, your team will work on the integration of all the core features. Remember, it’s also necessary to integrate user management modules into the app. This allows administrators to be able to manage user information to better assist the clients. Also, using the user management module, it is possible to assign various rights and roles to users.
We recommend using Agile principles and working in sprints when building the app. Such an approach will allow you to meet regularly, see the results of your work, fix any issues, and discuss further development plans.
Another major decision to take when building the app is whether it should be built from scratch or use app builders with ready-made features.
As with any banking app, your money transfer application requires the highest security to establish the safety of your customers. Consider taking advantage of identity verification.
Services such as Anti-Money Laundering (AML) and Know Your Customer (KYC) help companies to verify users and prevent fraud. It is also highly recommended to include counter-terrorism financing compliance.
If you are just starting the development of a fintech app like Revolut, consider compliance with basic but necessary security options, such as data encryption, backups and recovery, limited access to certain parts of your system, and session time limits.
Before companies know how to create a money transfer app like Revolut, it’s crucial to define the core features.
This feature is needed to provide your future customers with the ability to pay bills at any time and from any place online. Paying bills is always seen as a burden. This feature will help give your product an additional competitive advantage and attract new customers.
Splitting and paying bills with Revolut
E-wallets can be online mobile service or app that allows users to make electronic transactions.
When integrating such a wallet, users can interact with the service and pay contactless in every country they visit without having to create multiple bank accounts each time.
Revolut cryptocurrency wallet
Online ID verification is a process that helps to check whether your app interacts with a real person. An online ID check also ensures that your users are who they claim to be. Such a process prevents your product and your customers from any kind of fraud.
Adding an online ID check as an account confirmation stage helps you make your own peer-to-peer payment system safer for your customers. It is helping them to feel more protected. We recommend integrating automated verification requests and setting money limits.
Revolut ID Verification
A payment statistics system is a set of features that helps to visualize all the user’s transactions by such criteria as volume, status, receiver, or even country.
These features are especially good for those users who like managing their finances. Therefore, your mobile platform will be more convenient and user-friendly, attracting new customers, and making their experience smooth.
Revolut payment statistics
Any notification is important. It allows you to inform your customers about all the actions within their banking accounts. For instance, you inform people about the status of their transactions, payments, or monthly subscriptions.
Traditional money transfers can be long, delayed, or require exorbitant fees.
Moreover, though international transfers aren’t new for modern banking, traditional banks often demand that clients visit a physical branch to conduct a transfer. Integrating online transfers and exchanges to a banking mobile app account would enable users to send and receive their money within a few seconds and swipes.
Revolut currency exchange
If you just start to create a peer-to-peer money transfer app, you can use a single language. It’s enough for MVP goals – for example, to represent your product to customers and investors.
But at later stages, it is worth considering adding multiple languages to a user account. This would help you grow and expand worldwide, attracting more new customers in each country.
Revolut multilingual interface
The support isn’t actually a feature. It is a system of features that guarantee your customers can get help when they have questions or problems.
Your support system should include at least live chat, email, or call features. However, online chats remain the most convenient choice. Your customers can get the fastest support by asking a question in the mobile in-app chat.
When it comes to fintech products, and especially for mobile online banking, it is essential that users feel protected when using a product. The support features gradually increase users’ sense of security and encourage them to use the software more.
Revolut customer support
Integrations are required to connect with other world banks and money transferring systems via API and other protocols.
Money transferring mobile app can be connected with different banks your customers use. So they can control their funds using your app.
This way, your customers can access their assets in different places worldwide by using your money transfer app. For example, ICICI Bank offers an API for open banking between banks and customers.
To ensure that the app brings in profits, apply for a minimum viable product (MVP). It will contain all the core features of the app. Also, it shows users what they will get when the final version comes out. The MVP can also be used to attract investors.
Creating money transferring software is a fascinating process that can be simplified by experts.
Ready to build a product similar to the Revolut app? Follow these three steps!