With contactless payments becoming the order of the day, more and more digital wallet apps are coming to the forefront. Now, there is no denying that building a money transfer app can be highly profitable. However, to stand out from the competition, you need to know a lot more than the technical aspects of making a payment app. So, here’s presenting you the brief of the features and cost of making such an app. But if you want to know more details, you need to read articles from our friends to get a comprehensive idea of how to build a money transfer app.
How to make a payment app: The cost aspect
The amount you pay to create a money transfer app depends on the complexity of the solution, supported functions, and the designs. Custom elements, animations, and other such necessary solutions add to the cost by at least 20 percent.
While deciding how to build a payment app, you will also think of a platform that will host the app. Generally, it takes longer to create an Android app because of the wider variety of devices using Android. Regardless of the platform, you need to test the wallet. The QA services add to the price even more.
Developing an app for iOS takes a minimum of 780 working hours, and Android needs 890 working hours. The backend will need an additional 1,100 hours at a minimum. So, you will have to know the hourly rate charged by the developer, which will obviously be more for Android. Hourly rates also change from one region to another.
Features of money transfer application
Here are the main features of a money transfer app:
Unique user ID for the app: A unique user ID helps in risk prevention during peer-to-peer app development, along with ensuring easy customer identification.
A linked bank account: The user has to link a bank account or card from all the transactions will be made thereafter.
Multichannel money transfer: For a digital wallet app to be successful, it has to facilitate payment through QR codes, iBeacon, and more. There also needs to be a limit set on the daily amount transacted by a single user through the app.
Integrating POS and gateways: Your app will receive greater appreciation through POS and gateway integration because it will make the app more useful to everyone. The idea is to enable contactless payment at even the offline stores.
Paying for utility bills and reservations: While figuring out how to build a p2p payment app, make sure you include the feature of paying for different utility bills, such as electricity, gas, telephone, and the likes.
Tracking transactions: The user needs to be able to track transactions with ease at a section of the app so that they can monitor their monthly expenses.
Miscellaneous settings: The miscellaneous settings depend on your choice, though some of the common ones are multiple language support, notifications, account balance checks, and the likes.
Additional features: As extra features, you can include loyalty programs, rewards, cashbacks, and so on. These are the perks that attract more people towards your app, and make you stand out from your competition.
Customer care support: 24*7 customer care is an important feature found in almost all successful digital wallet apps. The user needs to have a way to contact you if anything goes wrong or he has any doubts about any feature of the app.
If you can make a money transfer app with all the features mentioned above and at a reasonable price, half the job is done. So, go ahead and get on with the job of how to make a payment app.