A Full Guide On Money Transfer App: Key Features & Top Examples
App Development
25May 2021
Table of Contents
Mobile wallet apps have changed the way we carry out financial operations in our daily life. A mobile app makes the banking process pretty straightforward, whether it's a personal or professional space. Gone are those days when we used to visit banks, stand in long queues to deposit or withdraw money.
The cash system is still in place and not totally replaced by online transactions. However, after the 2020 pandemic, over 60% of businesses extended the online payment gateways for their clients, following social distance rules.
The payment world has transformed the financial industry with a mobile app; imagine the potential. There is no need to waste paper or wait in lines. The time-consuming process has been turned more simple by just a few fingertips on the smartphone. Besides being quick and easy, it is also secure as well.
Topics To Cover
- Introduction to Money Transfer App
- Market Statistics of Money Transfer App
- Popular Money Transfer Methods via Online Money Transfer Apps
- Why Develop a Money Transfer App for your Business?
- Industries that have led to the Growth of eWallet Apps
- Mobile Wallet App Monetization Models
- Must-Have Features of Mobile Wallet App
- The Cost to Create a Mobile Wallet App
- Top 10 Popular Money Transfer Apps Ruling the World
- Takeaway
Introduction To Money Transfer App
Unlike our physical wallets, eWallets carry money online. The transactions take place digitally. The eWallet app is a solution where users can store their card details in an online wallet app and make payments by scanning the QR code or inputting the number of the payee. The funds get deducted straight from their account and are transferred to the payee's bank account. This has eased the transaction process and made people efficient in doing quick money transfers.
Imagine the ability to make payments while not carrying your wallets with you. All you need to do is take your smartphone. Only a smartphone with an eWallet app can fulfill all your shopping needs. Most companies, stores, and restaurants are now accepting money transfers via one of these apps.
You can use this app in varied ways, such as splitting the bills with your pals or transferring the money to your family living in other states, cities, or countries. Online money transfer app is your permanent savior. These apps have a powerful mechanism in place that ensures secure fund transfer.
Market Statistics Of Money Transfer App
The eWallet apps have a bright future considering that everyone today is making transactions only through these apps. The market has witnessed a drastic rise in the use of such apps and their behavior towards embracing this new change positively. After all, it's for their ease and convenience. Let's look at some stats of the current and future market growth of eWallet apps.
- The mobile wallet market will grow at a CAGR of 28.2% from $1043 to $7580.1 billion in 2027.
- As per research, the global mobile wallet market will see a growth of 15% to 2.1 trillion by the end of 2023.
- The Juniper study in 2017 projected a spike of 32% in the money spent through these eWallets.
Popular Money Transfer Methods Via Online Money Transfer Apps
eWallet is an alternative to various online payment methods such as credit or debit card, cryptocurrency, online cash options (rewards, coupons, points, etc.). Since the rise of eCommerce, the demand for people to purchase everything online has risen significantly, which has also given rise to eWallet apps. Several methods are available through which online payments can be made nowadays. They are as follows:
1. Mobile Wallet Apps
We have already said enough about this method in the introduction section and will further discuss the features and the top apps dominating the market, such as PayPal, Paytm, Google Pay, and many more.
2. NFC
NFC, aka, Near Field Communication, is a totally contactless chip-based payment mode. Here, one need not come in contact with any device but be in the vicinity so that the receiver's pay pad reads the device. The payment can be made within a distance of 2-4 inches. This tech is only available in new phones where this payment mode is integrated to avoid contact between the parties.
3. Net Banking
Internet banking has been in use for quite a few years now. Most banks have made this payment mode imperative these days. Here, the users have to first add a beneficiary to their account by adding all their information correctly. The next step is to receive an OTP on their mobile, allowing them to add the payee. After a few hours, the payee is added to the list, and you can do the transaction.
4. Sound Waves Payment Method
This unique method allows one to make a transaction with sound waves released by a smart device. This feature can be incorporated into any device, including card swipe machines, smartphones, etc.
Why Develop A Money Transfer App For Your Business?
Over 7 billion people are using smartphones today. Most smartphone users are millennials and Gen Z generations, who like to perform money transfers via NFC or mobile wallet apps.
2020 has shown us a clear picture of billions of users already using mobile wallet apps, and this is a perfect time for every business from small to big to develop an all-inclusive mobile wallet app for their users and earn revenue.
Most corporate giants such as Walmart, Amazon, Apple, etc., have already created a mobile wallet app and are making good revenue out of it.
Benefits For Your Business
- Render a fast fund transfer facility to your users.
- Offer money-saving deals to users in the form of discounts, offers, cashback, etc., whether it is traveling, shopping, or paying bills.
- Motivating users to set up automatic payments for sending and receiving timely payments.
- Provide quick money load options via credit or debit cards and internet banking options.
Industries That Have Led To The Growth Of eWallet Apps
eCommerce Industry
Mostly, everyone these days owns a smartphone and seeks to shop products on eCommerce apps. The gap between the buyer and seller is diminished with the rising age of eWallet apps that have seen an increasing trend in the user behavior to buy more products online. It also removes the need to make COD payments as users like to make prepaid transactions.
Utility Bills
You don't have to visit an electricity board address to make electricity bill payments anymore. Thanks to eWallet apps such as Paytm, now you can sit at home and pay your bills at ease. This includes gas, electricity bills, phone bills, etc.
Ticketing
This is another industry where users can make their bookings, whether plane, bus, or train tickets. They can also book movies or concerts with this app. So much under one roof, Amazing isn't it!
On-demand Cab Booking
Making cash payments while in a cab has become an ancient thing now. With changing user demands, their payment methods are also changing. They find it more convenient to pay online rather than carrying cash all around asking for a change. Especially these days, when it is most important to make less skin contact, eWallet apps act as a boon.
On-demand Food Apps
Food and grocery apps are slaying it, with people preferring to stay in their homes as they look up to their safety first. The pandemic has compelled everyone to order delicious restaurant food at home and get their grocery stuff at home as well. The on-demand food and grocery apps have seen massive growth, and as a result, eWallet apps are used widely in this sector.
Mobile Wallet App Monetization Models
1. Ads
Mobile apps make money from ads most times. You can offer some space for 3rd-party brands on your app to pop up each time the user uses the app and earns revenue from that. The fees of showing an app depend on the time it is displayed and clicked by the users.
2. eCommerce
eWallets allow users to start their business and sell their products online via these apps. You can allow other companies to enter into a contract with you and sell their stuff on your platform. You can earn a share of their profits. You can attract more customers while building a good user base to bring your platform to be noticed by brands. They might contact you then to integrate your payment gateway with their app.
3. Commission
On every transaction made by a user, the app owner gets a commission. This is one of the most common ways in eWallet apps to earn revenue.
Must-Have Features of Mobile Wallet App
Client-Side
Sign Up/Registration: Users can sign up for money transfer apps using their email address or social media accounts.
Add Money: Users can add funds into their mobile wallets from bank accounts or cards.
Bill Payments: App users can make bill payments such as credit cards, electricity, phone, gas, etc., with mobile wallets.
Cashbacks: eWallets offer many deals for the user while making payments for either travel, shopping, or whatever, such as discounts, cashback, or offers.
Add A Bank Account: App users can add their banking details on the mobile wallet.
Referrals: Users can refer this app to their friends and get rewarded per referral.
Money Transfer: The most important feature where users can transfer funds to their contacts using their account details or number.
Split Bills: Users can split their bills amongst friends with this feature.
Vendor Side
Modify Profile Details: Merchants can modify their profile information such as shop address, update name, account details, etc.
Create QR: They can create a QR code using this app to get payments from customers.
Customer Management: Merchants can manage their customers while keeping track of their transaction history.
Add/Remove Items: Merchants can add or remove products on the eWallet app for users.
Offer Great Deals: Vendors can offer whopping coupons or discounts on their products with this app.
Reward Points: Vendors can also render reward points for particular users on specific transactions.
Transfer Money To Bank: Vendors can transfer money from mobile wallets to their bank using this feature.
Admin Panel
Dashboard: Admin can get a complete view of all vital information related to the app through the dashboard.
Vendor Management: Admin, has the right to add, remove, edit vendors' profiles using this feature.
Money Management: Admin can look at the total revenue made through the app.
Real-time Analytics: Admin can get tailored reports with profound insights into the eWallet app's performance.
Security: Admin can keep a check on the security of the mobile wallet app and update if needed.
Advanced Features
Push Notifications: This feature lets the users know the new updates (offers, discounts, money received, etc.) and gives them a sense of belonging.
QR Code: The QR code allows users to make contactless payments by scanning the seller's QR code by their smartphone and the money being transferred to the seller's accounts. Easy, isn't it!
Loyalty Points: This is one of the best experiences you can provide the users to stick to your app. You can offer them points for the spending they make; this helps them spend more money to earn more points and exchange those points to gain rewards in the future.
CRM: CRM helps the users get some customer support if they get stuck at any place, at any point in time.
Virtual Card: App users receive their unique personal number that acts as a virtual card to do transactions. This encourages a cashless economy and makes the users smart enough to carry their smartphones everywhere.
Chatbot: This improves the user experience as they can get support from the staff 24*7.
The Cost To Create A Mobile Wallet App
If you plan to develop a mobile wallet app, you should know that it can cost you about $25,000 to create a simple one, while an advanced version can cost you around USD 80,000 to $125,000.
However, you must remember that there are several factors to consider to determine the cost of an eWallet app development, such as:
- Location
- Number of platforms (iOS, Windows, or Android)
- App Features (Basic or Advanced)
- UI/UX Design
- Complexity
Okay, enough knowledge about the importance and features of eWallet apps. Now, let's get into learning the top 10 mobile apps and their key features. This will help you identify what unique feature you can provide while creating your eWallet app.
Top 10 Popular Money Transfer Apps Ruling The World
App development companies have offered some of the best mobile apps for the convenience of the users. Below are some of the most popular and secure apps to make transactions. If you are an entrepreneur seeking to develop an app, looking at these trending apps will definitely light a bulb in your head for what you can offer to your users.
1. PayPal
This is one of the oldest and famous players in the eWallet app market. This app has been serving for years with secure and quick transactions worldwide. PayPal enables transfers through PayPal Cash, bank accounts, and cards.
Key Features:
- Payments in varied currencies.
- Live notifications for payments.
- Top-notch security measures.
- Oldest & trustworthy method to make international payments.
2. Google Pay
This is everyone's first choice and is listed on the top. As the name suggests, this app is launched by Google, and hence the trust factor remains.
Key Features:
- Google Pay facilitates bill payments, eCommerce transactions, and recharges.
- This app has the best reward system with direct credits that go to your linked bank account.
- Robust in-built security.
- Money transfer can be made by giving the UPI ID or phone number to friends, family, and people who are not in your contacts.
- No transaction fee. (the best thing ever)
3. Paytm
If you live in India, you must be aware that this was the first Indian money transfer app that became the cause of people starting to use eWallets in the first place. This changed the face of the financial industry in India. Paytm supports online purchases, payments, stock investments, banking, transactions, and much more.
Key Features:
- No transaction fee.
- The UPI pin verifies transactions.
- High-level security with fantastic cashback & discounts.
- Besides an online payment platform, this is an online marketplace owning a vast catalog of products you can buy.
4. PhonePe
This is another leading online payment app in India. This app has several features incorporated and has partnered with over 100 million stores, apps, and sites to enable online payments and shopping.
Key Features:
- An all-inclusive and powerful platform for companies to trade & receive payment from their buyers.
- This app has the top reward and cashback system.
- PhonePe is a user-friendly app with a simple user interface and rich features.
- This app renders secure transactions.
- Facilitates travel bookings, medicine, food and grocery.
5. BHIM
This app was launched in 2016, aiming to enable cashless transactions with the UPI integration. The app's UI is straightforward and is a user-friendly app.
Key Features:
- The app can be used in 20 languages.
- Robust security mechanism.
- You can view your transaction history.
- Allows money transfers via QR code or bank details.
- UPI pin authorized transactions.
6. Apple Pay
This is one of the most trusted apps, as Apple runs it. This is an iOS-focused app and compatible with all Apple devices. It has a diligent user interface and is easy to use.
Key Features:
- You can make purchases via touch ID.
- Make transactions through Apple Siri.
- Highly encrypted and secured eWallet app.
- Apple Card simplifies the user to transfer funds via Apple Cash.
7. Venmo
The younger Gen-focused app, Venmo, is super quick and fun. This is a PayPal venture. While PayPal is more about professional transactions, Venmo facilitates more personal transactions.
Key Features:
- Follows the mobile app development's latest protocols.
- Personal payment experience using stickers, notes, and emojis.
- Make payments using Venmo cash.
- No hidden fees.
8. AmazonPay
Amazon is truly A to Z. From shopping experience, virtual assistants to making transactions, serve the world with advanced technology. Besides, it lets you claim fast refunds and support with EMI.
Key Features:
- Easy payments with fast refunds.
- On-time reward access and other whopping offers.
- Simple UI with the simple creation of vendor profile and process QR payments.
- Secured profiles and transactions.
- Integrated with Amazon's eCommerce site.
9. Zelle
This app has partnered with several banks and offers direct fund transfers from the banks. The app's association with banks enables users with same-day payments and fund transfers.
Key Features:
- Free to use.
- Real-time payments.
- Direct money transfer from one bank to another.
10. Cash App
This one enables the best online fund transfer globally. It helps millions with their online transactions and has been a trustworthy mode of fund transfer.
Key Features:
- Easy fund transfer through QR, Cashtags (acts like a debit card that maintains an amount, allowing users to pay on the app or in stores), or mobile number.
- Enables stock investment to direct your funds for potential gains.
- Push notifications.
- Encrypted with robust security mechanisms.
Takeaway
Are you ready to create your own eWallet app?
If yes, that's an excellent idea. After reading this blog, you must know that there is still room for more such apps despite several apps already ruling the market. Well, hurry up, think about something unique to give you an edge over others before your competitors already come up with something to steal your thunder.
With the help of the right mobile app development firm, you will surely build a robust and user-friendly app to engage your audience. Get in touch with our team and discuss your ideas. We will help you develop an incredible app indeed.
Harnil Oza is the CEO & Founder of Hyperlink InfoSystem. With a passion for technology and an immaculate drive for entrepreneurship, Harnil has propelled Hyperlink InfoSystem to become a global pioneer in the world of innovative IT solutions. His exceptional leadership has inspired a multiverse of tech enthusiasts and also enabled thriving business expansion. His vision has helped the company achieve widespread respect for its remarkable track record of delivering beautifully constructed mobile apps, websites, and other products using every emerging technology. Outside his duties at Hyperlink InfoSystem, Harnil has earned a reputation for his conceptual leadership and initiatives in the tech industry. He is driven to impart expertise and insights to the forthcoming cohort of tech innovators. Harnil continues to champion growth, quality, and client satisfaction by fostering innovation and collaboration.
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