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App Development

How to Create Money Transfer App: BR Softech Development Guide

written by Harshita Khangarot | Nov 24, 2020
payment gateway development

The boom in the e-commerce industry has led to an increase in online transactions and the evolution of digital payment modes like e-wallets. Nowadays, the government’s demonetization of currency notes leads to a rapid surge in the usage of e-wallets and PoS devices. Let’s start a glimpse to Create Money Transfer App

Introduction of Money Transfer App

The payment gateway is a business solution that makes it easier for online retailers, consumers and brick and mortar shops to pay and accept payments.

The Money Transfer App allows the user to process payments more securely. This enables customers to enter their necessary information; these payment transfer apps take care of the payment process and ensure that all sensitive data is encrypted and processed exclusively through money transfer app to secure card details.

According to online payment market share data by eMarketer, the number of mobile payment users will reach 150 million by 2020, and the total in-store mobile payment volume will reach $503 billion in the same year. 

Payment Gateway Report        Details
  • The market size of Payment Gateway in 2020
USD 18.20 billion
  •   The revenue forecast in 2027
 USD 71.22 billion
  • Growth Rate
CAGR of 21.5% from 2020 to 2027
  • Base year for estimation
2020
  • Historical data
2016 – 2018
  • Quantitative units
 Revenue in USD million/billion and CAGR from 2020 to 2027
  • Report coverage
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
  •   Segments covered
Type, enterprise size, end-use, and region-wise
  • Regional scope
North America; Europe, Asia Pacific, and Latin America.

Source 

If you also want to start and migrate from traditional to modern form and want to dive deep into this lucrative business, develop your own payment gateway software. There is a wide range of modern or custom gateways provided by leading money transfer app development companies; clients can choose according to the market’s needs.

A custom payment gateway provides a great advent of modern apps using custom payment gateway scripts that help you accelerate your business.

 Therefore, it is necessary to accept several kinds of electronic payments to customise your own payment gateways. 

Factors you Need to Consider While Developing Money Transfer App

factors to consider payment gateway

Finding the perfect money transfer software gateway which suits the business needs is a time-consuming process; here are essential factors that can be considered while developing payment gateways.

Read More : Payment Gateway Development: Cost, Features, and Challenges

  1. Security Process

In today’s time, cybersecurity risk has been rising rapidly. Payment merchants need to monitor the security parameters of the gateway. It’s essential to determine whether the customer’s information is secured, and the customer’s privacy is protected.

It would be beneficial to look for PCI-DSS certification apart from components like anti-fraud protection and 3D security authentication tools for cards.

These compliances include:  

  • Data retention periods
  • Data anonymization
  • Secure Coding Process
  • 2-way authentication process

  1. Ease of Website Integration

With a sudden surge in advancement, multiple payment processing apps are offering a wide range of innovative features. Integrating payment transfer with your own website should be hassle-free with minimum documentation that will be highly recommendable by customers.

Another ideal solution is to choose a third party site to enter credit information that sends it back to your online store once payment is processed. 

  • Multiple options to choose
  • Multiple processors to operate 
  • Choose Transaction Volume

  1. Mobile Optimization

The payment gateways allow the customer to shop online through a mobile app. These payment gateway features provide you with a seamless shopping experience for your customers, and they still hold security standards.

  • Easy Availability
  • Hassle-Free Transactions
  • Rewards and Cashbacks
Read More : Payment Gateways: How to Keep Your E-commerce Transactions Safe

  1. Customer Support

It is essential to opt-out and provide excellent customer service, as dealing with customer trust and money requires some responsibility. By offering technical support that can resolve any technical problem, it is imperative for you. 

  • Technical Assistance
  • Incorporate Customer Support
  • 24*7 Technical Assistance

 

  1. Recurring Billing

It allows you to set up an automatic billing cycle while operating the transactions. Recurring business is currently an essential business feature for businesses that comes with monthly/ yearly payment plans.

Customers can set a reminder time-frame for your user account, and the platform will automatically trigger a reminder when configured conditions are met. 

  • Timely Billing Updates
  • Push Notification
  • Detailed Transaction report with Date and Time

  

  1. Currencies

The necessity of global marketplace payment gateways is essential for companies that deal with international consumers. To improve the customer experience, considerations for payments in multiple currencies, and alternative payment methods are required. 

  • Availability of multiple currency options
  • Anywhere anytime option
  • Easy cash in option 

Tips to Make More Secure the Payment Transfer App

Many payment digital network tasks, such as transmitting payments, offering stable, secure platforms through encrypting the data of users, are performed by payment gateway solutions.

Make sure it meets all your criteria and take advice from experts on the reliability of payment gateways before choosing the payment gateways. 

  1. Choose the Appropriate Payment Flows

Keep your industry developing instantly; the installment should be scaled easily by setting up a payment gateway to directly let the clients go directly to the merchant without any hindrances.

Read More : Why Do You Need A Payment Gateway for An Online Marketplace?

Choose the most suitable and advanced payment gateway features that make the payment process much easier with high-quality features that can help you stand out against your competitors. 

  1. Picking the Correct Payment Gateway Script

These days, we consider internet purchasing or services, and payment gateways are needed everywhere under the sun. Great payment gateways permit clients to purchase items and other services through regulated payment gateways, like Debit, Credit, and other electronic exchanges.

This will help you pick the correct payment gateway while keeping security and great features in mind. 

  1. Make Your Customer Feel Safe and Secure

Today, more clients are moving toward online platforms. With the advent of modern up-grading, it is now essential to provide secure payment gateway services to make them feel secure.

Numerous purchasers don’t realize that they are routed directly to third party payment websites while making payments. Ensure that your system offers out-and-out security features while developing a payment gateway against anti-fraud protection. 

  1. Hire Experienced Payment Gateway Development Company

Before developing a payment gateway, make sure to examine all the required details, needs, and then deeply analyse the target audience and their preferences. Hire a skilled payment gateway development company that strives to deliver a wide range of features to provide outstanding secure and reliable outcomes, because they know How to Create Money Transfer App.

  1. Simple Checkout for all Devices

While examining your payment gateway choices, guarantee that you provide a functioning checkout interface receptive to your electronic devices and changes relying upon the Platform size and purpose.

  1. Secure Data Encryption

While choosing any platform, one must guarantee its consistent quality and check the payment card security administration compliances. It ensures the client information and other individual data; this may likewise turn out great for organizations as it creates a healthy client relationship.

Top Leading Payment Processing Apps

Here are some best payment gateway scripts that can be considered while choosing a payment gateway.

  1. Paytm 

Paytm

Paytm is the leading brand in payment gateway integration software. It has significant popularity with great goodwill.

  • No maintenance charges
  • Secure and Reliable
  • Cover almost every bank in India and the outside world
  • Available on both Android and iOS platforms

Read more:- Paytm Payment Gateway Integration

  1. Mobikwik

Mobikwik has become one of India’s most famous payment gateways with multiple advanced payment methods that make it popular in no time.

  • No withdrawal fees
  • Secure and best conversion rates
  • Available on Android and iOS
  1. PayPal

PayPal Transfer

Paypal is the leading payment integration all around the world. Paypal is used in more than 200 countries with more than 100+ currencies. 

  • No Annual Maintenance Charge
  • PayPal is available on Android and iOS.
  • Offers fraud protection services worldwide

  1. Amazon Pay

Amazon is one of the most loved and integrated Payment Processing Apps used worldwide to process online payments. Most retail outlets and major chunks get the best possible deals with great rewards and cashback offers.

  • Reputable Brands
  • Convenient to use
  • Line of products 

  1. PhonePe

PhonePe is one of the most widely used and efficient payment gateways with a secure emphasis on India’s digital payment. 

  • Attractive Cashback and Rewards offers
  • Attractive Referral Programs
  • 99% Transaction Success
  • Promote Atma Nirbhar Bharat Motto

Considering This,

If you understand your business needs, you can select and execute the right custom payment gateway for you, which is not that difficult and costly. Before selecting the product for you what you need to do is proper research and consider the above factors.

payment gateway script

At BR Softech We will give you a sensitive and stable website creation for money transfer app. Our money transfer script developers give Android and iOS users ready-made as well as custom Money Transfer Script to transfer money faster and safer in every corner of the world.

Harshita Khangarot

A skilled content writer and a lifelong learner with an ongoing curiosity to learn more, I specialize in technical, banking, hospitality, and poetry content writing; while taking every opportunity as a responsibility and believe in creativity that is beneficial for society.

About Us

BR Softech Pvt. Ltd. excels in providing cost-effective IT Solutions. Established in August 2010 with over 10+ years of rich experience. An Apex rated IT serving company around the world. Our team of innovative and creative designers deals in web designing, mobile/ software development and other digital marketing services intending to deliver outstanding digital outcomes.

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