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Sending money to friends and loved ones abroad used to be a difficult task. Thanks to FinTech, cross-border payments have become much easier and cheaper. With cross-border payment or international money transfer apps, today’s users can now pay a lower commission compared to using a physical bank. 
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Bank charges are usually cut-throat because the charges are transfer fees used for covering payment processing, currency exchange, bank charges, and other fees. A recipient often pays a margin to receive money from abroad. There is no fixed amount. It depends on the country, currency, or transaction speed, and reaches 6-9%. In mobile applications, an average commission is 1% of the amount sent. This is a significant saving. According to Finextra, people are more likely to manage money through smartphones (39%). 32% of consumers access online banking from a laptop or a PC. Only 10% of clients prefer to conduct transactions in a bank branch. An identical situation is in the field of cross-border payments. People realize that sending money through mobile platforms is faster, more convenient, and cheaper.  There are several cross-border applications in Nigeria. They include Barter by Flutterwave, Paystack, Chipper Cash, and so on. With these apps, a digital product provider in Nigeria can sell his products to someone in Australia and receive payments in just hours. Hitherto, it would have taken days, if not weeks. The truth is that there is a need for more cross-border payment apps in Nigeria. In this article, whether you want to float your own cross-border payment company or develop one for a client, I highlight ten features an average cross-border app must-have.
  • Registration

An average cross-border payment app must have the details of users, hence must enable users to create an account conveniently, via email or phone number. Avoid adding too many unnecessary steps so as not to complicate the task. 
  • Detailed UX/UI Design

Another feature of a good cross-border payment app is a meticulous UX/UI design that enables the user to easily navigate and carry out transactions. A good UX/UI is logical, and help user to perform tasks with minimal cost and discomfort. Users must be sure that cross-border transactions have taken place. A short design with clear navigation, cards, animation elements, and notifications enables users to interact with the software. 
  • Data Privacy

In this age of cybersecurity problems, one of the things you would want to guarantee your users is data privacy. Developing a cross-border payment app will require you to have the necessary licenses issued by the government authorities of the countries where the software works. Your company must know the local regulations for personal user information protection and industry laws so that your operations will be regarded as legal. 
  • Online Wallet

Having an online wallet facilitates seamless International transactions. It makes it a universal payment, which enables users to send money or pay for goods without using bank card details. 
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  • Payment Of Bills

Users like it when the same platform enables them to transfer funds and pay bills. Users feel discomfort switching between different platforms, and repeating the process of disclosing personal and banking information. 
  • Transaction Statistics

Having an archive of transaction history helps users analyze and track their expenses as well as, compare them and decide how to manage finances most efficiently. 
  • Chatbot

There are times when users would be at crossroads and would need directions, having a 24/7 virtual assistant that gives advice and supports customers is very important, especially when operators aren’t available. Hence, the importance of AI-enabled chatbots.
  • Transaction Notifications

Notifying users to know the status of operations is very important to keep them informed about transactions. 
  • Multilingual Interface

A cross-border app is utilized by a multilingual audience. Not all users speak English, the language of international communication. Hence, it is worth assessing the target audience of the platform, organizing a list of countries where the software functions to help you determine the most common languages in the regions and include them in the platform. 
  • Currency Exchange

When a sender transfers money in one currency and a recipient wants to receive it in another, an automatic exchange takes place in the system. The platform fixes the rate, and users receive transfers in the desired currency at any time of the day.   Featured Image Source: Center For Strategic And International Studies
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This article was first published on 4th May 2022


Nnaemeka is an academic scholar with a degree in History and International Studies from the University of Nigeria, Nsukka. He is also a creative writer, content creator, storyteller, and social analyst.

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