Steps And Best Practices For Developing Mobile Payment Apps

Steps And Best Practices For Developing Mobile Payment Apps

Mobile money transfers or mobile payment apps aim to make sending money to friends and family as easy and quick as possible. Many apps are available for Android and iPhone, with more constantly added. If you’re interested in creating your own mobile money transfer app or are curious about how these apps work, then keep reading.

The Different Ways To Implement A Mobile Money Transfer App

There are several different ways to implement a mobile money transfer app. You can use an API to access accounts and make transfers via web services. You can also use a QR code or a barcode to make a mobile payment at a retail store. To stay relevant to users, you should consider implementing a QR code and a barcode to allow for mobile payments and make transfers via a text message.

The Pros And Cons Of Each Method

Here’s a quick run-down of the advantages and disadvantages of each method. Using an API requires a bit of setup and involves paying a small fee for each transaction. On the other hand, implementing QR codes and barcodes is extremely easy and involves no additional costs.

QR codes have a high adoption rate globally and are becoming more and more accessible to users. On the other hand, barcodes are still quite popular in some parts of the world since they’re such a simple and quick way to pay. However, since barcodes are only encoded with alpha-numeric characters, the number of users who can use them is somewhat limited.

Where To Start

Where should you begin your research if you’re looking to implement a mobile money transfer app? There are several places that you can turn to for help. First, you can consult the internet for some best practices or ask other developers for help. Second, you can talk to your regional money transfer agent (MTA). 

Some MTAs provide technical support and can help you get set up with a merchant account so that you can begin accepting mobile payments. Check out the Federal Trade Commission’s (FTC) website for more information. You can also visit the Better Business Bureau (BBB) website to see whether or not there are any complaints against the company you’re considering using.

Lastly, you can contact the developer directly and ask them for support or clarification on anything related to app development.

The Economics Of Building A Mobile Money Transfer App

Now that you have a good idea of the different ways to implement a mobile money transfer app, it’s time to take a look at the economics of building one. Before calculating costs, you must first decide on a revenue model. 

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Since there’s a wide variety of mobile money transfer apps, you should consider implementing at least two different revenue models. This way, you can adapt to the different market segments and still have a healthy income.

For example, if you’re creating an entertainment app where users can play games and use various tools, you might want to implement a free version with basic features or a paid version with additional features. The choice is ultimately up to you. 

When it comes to building a mobile money transfer app, the options are endless! You can use whatever technology you want and work with whatever platform you prefer.

The Total Cost Of Developing A Mobile Money Transfer App

The total cost to develop a mobile money transfer app is pretty high, mainly composed of these four areas:

  • Business license fees (for Android and iPhone)
  • Marketing costs
  • Cost of goods (like computer equipment and app development tools)
  • Design and development of the app itself (including mobile testing and debugging)

Depending on how sophisticated your app is, these costs can vary. For example, if you’re developing a financial tool, you might have to pay more for the software and hardware you’ll need. Additional fees may include a one-time setup fee for an API key and monthly fees for using the key.

Steps And Best Practices For Developing Mobile Payment Apps

Mobile wallets. It sounds like a futuristic idea, right? A mobile wallet that can be used to make payments on the go. We’re not necessarily talking about cryptocurrency wallets here; we’re talking about standard retail payment apps like Venmo or PayPal.

Why Mobile Wallets Matter

First things first: not all cryptocurrency wallets are created equal. For example, Venmo is a reputable company whose mobile wallets work just as you expect. However, other companies that produce wallet apps might use sub-par technology and potentially jeopardize your cryptocurrency holdings. It’s best to be careful and do your research before investing too much in a mobile wallet.

  • They’re Mobile

We’re constantly bombarded with device news stories touting the rise of the mobile-first economy. With most consumers now conducting their daily commerce on the go, it’s no surprise that companies are catering to this growing demand and creating mobile payment apps. These apps make it easier for users to spend money on the go and help mobile wallet providers establish a stronger market presence.

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Why? Using Venmo as an example because it’s one of the most recognizable mobile payment apps, having been around for a few years. The app is currently available for iOS and Android phones and tablets. Users will likely have it on their phones regardless of whether they have a PayPal or Venmo account, making it a familiar and convenient choice for online shopping and bill paying. This familiarity could lead to increased consumer adoption and use, establishing a greater general need for mobile payment apps.

  • They Provide Added Security

Many people think about data breaches and the like when it comes to online security. Still, they conveniently forget that the most effective security measure is often right in front of them: strong passwords. 

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Unfortunately, too many people are lax about their passwords, putting their entire digital lives at risk. Since cryptocurrency transactions usually require advanced security, it makes sense that companies are creating specialized mobile wallets to provide additional security for consumers.

Look no further than the most recent iPhone security bug for evidence of the risks posed by weak passwords and easy access through weak security. The bug, revealed earlier this year and patched by Apple in May, allows attackers to listen to and take control of iPhones and iPads remotely. It’s unacceptable that we live in a world where smartphone bugs like this exist and are being used for criminal purposes, but it also points to increased security. If you use the same simple password for multiple accounts, this type of bug could enable a thief to steal your financial information. While most security experts agree that two-factor authentication is the best way to secure your online accounts, using a different password for each account still needs to be done.

  • They Make Spending Easy

If you already use Venmo, you likely experience it frequently as a payment app which makes it familiar territory for anyone who’s dabbled in cryptocurrency. However, beyond the appeal of quick and easy payments, mobile wallets make spending easy via several convenient features.

The best part is that you don’t need to have the cash to pay with most mobile wallets physically. Some of them, like Venmo, allow you to set up automated payments from your bank account. So, if you run out of cash but have a debit card, you can still make a payment without worrying about handing over the cash. 

This feature alone makes Venmo quite appealing, as you don’t need to have fast cash on hand to make purchases. You can use your card and, when you run out of credit, ask your bank to issue you an offline credit card that can be used for online purchases. This way, you always have access to funds when you need them.

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More Choices For Consumers

With more options for payments comes ambiguity. While traveling, you might want to use the local currency for food and hotel rooms, but would you want to use cryptocurrency to book a movie ticket or buy a cup of coffee? The beauty of having a variety of choices is that you can tailor your spending preferences to fit your needs. 

So, if you prefer to pay with Bitcoin, you can do so without worrying about currency fluctuation or any other uncertainty. At the same time, if you frequently travel abroad, then using a different currency might be the safer – and probably the more convenient – choice. This level of customizability is appealing to consumers, who might otherwise be forced to use the ‘traditional’ payment methods due to geofencing or a lack of support.

While we’re on the subject of payments, it’s important to note that not all cryptocurrencies are created equal. Just because you have a Bitcoin account doesn’t mean you can automatically transfer this to a merchant account when making a purchase. You should research before making any transfers and ensure that the company you’re considering using is reputable and has a good reputation in the industry. 

Reading reviews and talking to other users before transferring cryptocurrency is also a good idea. This way, you can be sure that you’re doing everything correctly and aren’t putting yourself at risk of getting scammed or losing your money. It isn’t easy being a consumer in today’s world of financial technology, but at least the options are there for us to consider.

At this point, it’s important to note that not all cryptocurrency wallets are made equal. Some are established brands with very good reputations, whereas others look for a quick buck and could be scams. Verify the identity of the company you’re considering using and do your research before making any investments or transfers. That way, you can be sure you’re not being scammed and doing everything correctly.

The Bottom Line

If you’re looking to create a new app or are in the middle of developing an existing one and want to know how much it will cost to make it available to the public, this article is for you. Hopefully, it helped shed some light on the various costs involved in developing a mobile money transfer app and how much they vary from case to case.

About the Author

Tom Koh

Tom is the CEO and Principal Consultant of MediaOne, a leading digital marketing agency. He has consulted for MNCs like Canon, Maybank, Capitaland, SingTel, ST Engineering, WWF, Cambridge University, as well as Government organisations like Enterprise Singapore, Ministry of Law, National Galleries, NTUC, e2i, SingHealth. His articles are published and referenced in CNA, Straits Times, MoneyFM, Financial Times, Yahoo! Finance, Hubspot, Zendesk, CIO Advisor.


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