How to Create an International Money Transfer App?
And recently India proudly announces its UPI interface is available to more users with France being the latest country to join the band along with UAE, Saudi Arabia, Bahrain, Singapore, Maldives, Bhutan, and Oman.
Thus Indians in these countries will be able to send and receive money using the UPI-based payment system. Since the idea of a digital money transfer app was conceived, a common payment app could not be worked on. This is one problem that most people who travel internationally face. Money transfer apps for each country are different and thus, travellers can’t fully enjoy the benefits of these apps.
But with time and innovation, international money transfer apps are also gaining popularity. Here’s a guide from an international money transfer app development company on how they work on such projects and what steps are involved in creating an international money transfer app.
Steps Involved in Creating an International Money Transfer App
1. Do Your Homework Before You Start
It is important to search and understand the problem that you are trying to solve. Understand your target audience, competitors, and potential challenges. Before you hire a development team to build your digital wallet money transfer application build a list of unique features that you would include in your app.
**When doing so, don’t miss the core features**
Also, have a list of countries and their currencies that your application supports.
2. Don’t Mess with Legal Considerations and Complainces
When working on something that is around such a sensitive matter as finance, have a legal team that brings out all the good and bad aspects of the app. You need to have a good understanding of the legal aspects of your country and the countries you are planning to operate in. Before hiring a development team, make sure that they have a strong understanding of the legal requirements and compliances.
3. Select the Right Platform
Once you are done with the basic research and ready to move forward with the app development, the first and foremost thing is to choose the right mobile app development platform. You can choose to build a native app or a cross-platform app where the app is accessible to a wider audience group.
4. Choose the Payment Integrations
Since you are planning to go international, it is important that you partner with credible payment gateways and financial institutions. You need to partner with credit/debit cards, bank transfers, and digital wallets.
5. Currency Exchange Rate
You would need a third-party API integration that would fetch and show the currency exchange rates in real-time and let users make their decisions. Since you are opting for a cross-border payment application the exchange rates play a significant role in the solution.
6. Security and Encryption
It is important to implement reliable security measures that protect your data, transactions, and financial information. Encryption protocols can help you protect your data easily. Stick to compliance with Anti-Money Laundering solutions and KYC regulations.
Along with this, there is a simple process that your ewallet mobile app development follows.
7. Design and Ideate an Engaging User Interface
Affirm that your UI/UX design team understands your audience and their requirements. Your team should build easy to navigate application where sending/receiving money must not need effort, show exchange rates, and provide transaction history.
8. Breath Life to Your App
After you are happy with the wireframe, the next part is to breathe life into your app. The e-wallet app development team gets to work and builds an international money transfer app that aligns with your business objectives.
They use the latest technology to provide you with a flexible and scalable solution.
9. Testing and Quality Assurance
As the development team works on the solution, the testing team checks for the features and functions that are developed. The quality assurance and software testing team are the biggest critics and assistants the developers have when it comes to finding bugs and errors.
10. Fixing Bugs
If there are any bugs in the application, the development team works and rectifies them. Any app development company affirms they deploy a solution that is bug-free and flawless. The solution deployed is always A-rated and in line with the client’s needs.
11. Final Deployment
Once the application is approved by QA and Testing team and the developers are confident about the solution it is deployed to the client. The Ewallet app developers make sure the solutions deployed can easily help make international transactions without much hustle.
12. After Deployment Support
Even after deploying the application if there are some reviews by end-users and the clients want changes the development firm gets it done. You can always connect with your international money transfer app development company to upgrade your solution.
Pheww…
A lot of effort would be required here.
**Bonus Tip**
Do not miss to design and invest in a marketing campaign that tells users the solution that you are offering. You may have an amazing solution, but if your audience doesn’t know it, it would fail miserably.
Wrapping It Up!
So, if you are looking forward to entering the market with an international money transfer app, this basic guide could surely be of great help.