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Developing an international money transfer app can be a bit complex and also a huge project. However, having the right information and the requirements can make your journey easier. Whether you are out to build a cross-border payment app or an international money transfer application, it follows the same pattern as financial software development. But you should take the following steps:
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  • Conduct Market Research

Conducting market research is the first approach toward developing a good international payment software due to several reasons. First, the global market is huge and each region has its digital peculiarities. Second, various solutions have already taken the leading positions. Therefore, in order not to get lost among competitors and captivate the audience, conducting market research is pivotal. This will enable you to evaluate the state of various destinations and to comprehend what is suitable for the niche, or what solutions your competitors offer. A comprehensive survey will help to deduce the requirements for a new product. 

  • Study The Target Audience

To develop a user-friendly international payment solution, understanding what convenience means for your future clients will guarantee your company’s success. It is crucial to specify who will use your solution. Therefore, you must be aware of the needs and expectations of prospective clients sending money from one country to another. It will enable the developer to design the needed features that will simplify international transfers and make clients happy.

  • Obtain Permission To Provide Online Payment Services

This factor is probably the most important of all. Before launching operations, it is very important to obtain permission from both your country and the host countries where your solution will be used. You should assess local laws and regulations and check if the application meets the requirements. Get legal experts who will work on legal issues and organize the required documents (terms of use, privacy policy). Awareness of legislation will protect the project from failure. 
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  • Design And Develop An International Money Transfer Application

There is a different approach to building a localized app and an international app. In a case where you are building a financial technology app for only Nigerians, you might want the app’s UX/UX design to have the nation’s colours and symbols. However, building an app for cross-border payment, is advisable that the app’s UX/UI designs and interface are neutral, whereas taking into account language features. 

  • Test The Product

Finally, the app must come under thorough scrutiny before it is taken public. There must be necessary standard functionality checks. In this case, a cross-border payment app must be subjected to internationalization testing, which is required for program security. Also and more importantly, the developers must ensure that there are no UI bugs in the system and the text is displayed correctly. Review the formats of the date and time and other distinguishing features. Check how currency symbols are displayed. This is critical for the product to work correctly regardless of the user’s location. Featured Image Source: The Street
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This article was first published on 4th May 2022

nnaemeka-emmanuel

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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