Mobile Money Transfer App Development: Key Features and Cost Estimates

Given the digital age that we live in and the growing demand for absolute convenience, it comes as no surprise that mobile money transfer apps are all the rage in the world. After all, such apps facilitate banking and finance functions with ease and speed.

The development of money transfer applications helps banks and financial services with an easy, fast, and secure way to perform domestic and cross-border funds transfers. The custom-developed apps support required currencies and transfer methodologies, provide full traceability of funds movement & offer advanced security of customers’ personal and financial data. It enables seamless integration of transfer transaction processing systems.

But not all money transfer apps are made equal; i.e. it takes careful thought to build a solid money transfer app and to ensure you too build such an app, here are some features you should consider including:

Account Management

Among the most basic provisions of any mobile money transfer app is account management to allow users to add and update their information, do KYC verification, implement multi-factor authentication for safety, etc. It would also be a wise idea to include a digital assistant that can help address basic customer queries or channel users to human agents in case of complex queries.

Sending and Receiving Money

This is a no-brainer, of course, but hear us out: in addition to offering support for different new-age methods of transfer, such as user account details, card details, etc. Other win-win sub-features within this category include in-app money transfers using email IDs, e-wallet addresses, transfers in different currencies including cryptocurrency, etc.

Fund Movement Tracing

The idea of this feature is to allow users to get a real-time view of the funds transferred to and from their accounts based on different criteria, including amount, country, period, receiver, etc. It would also be a good idea to offer automatically-generated reports on the movement of funds based on the same factors as mentioned above.

Balance Management

This is another must-have for any money transfer app since it allows users to receive automated updates about the balance in their accounts every time they send or receive money. We also recommend that you consider integrating a unified dashboard that offers all pertinent information including prevailing currency exchange rates, scheduled transfers, etc. Besides that, you can also enable automated conversion of the account balance and transfer in the currency selected by the user.

Now, before we wrap this up, let us also discuss the cost associated with the development of a mobile money transfer app. After all, features and functionalities are great to strategize about but if these factors do not fit into your budget, there wouldn’t be much point to the strategy then, would it? Anyway, the point is that the cost of developing such an app tends to vary based on a variety of factors such as the purpose the app serves, the kind of app you are looking to build, maintenance costs, API integration, etc. Then there’s also the geography, i.e. from where you hire the developer.

In the US, developers charge anywhere between $25-$100/hour, whereas, in Europe, developers tend to charge $25-$45/hour. Finally, Asian developers charge $20-$25/hour for building an app. Considering these factors, building a mobile money transfer app can cost you anywhere between $25,000-$40,000.

So, if you are considering undertaking money transfer app development, the above discussion will give you a fairly good idea about not only the features you ought to include but also how much such a development project will cost you. But before you dive straight into app development, it would be a wise idea to first formulate a well-thought-out development strategy to ensure you achieve the desired results within the expected timelines and budget.