Table of contents
The world has become a global village. Fast and accurate currency conversion is now essential in today's fast-paced, globally connected world, where trade and travel are easier than ever. Here's where the currency convertor app becomes useful. In order to assist users in efficiently managing their finances, there has been a notable increase in the demand for currency conversion apps.
A currency converter app is a tool that enables users to convert one currency to another using the current exchange rate. The global market for money converter apps is expected to grow from $1.6 billion in 2022 to $3.2 billion by 2028 at a compound annual growth rate of 12.5%. As a result, many companies are considering investing in the creation of currency converter apps. If you are willing to know more about currency convertor apps, the basic features required, how to develop them, and the cost to develop a mobile app for the same, then this blog is all you need.
Source: millioninsights
What are Currency Convertor Apps (Exactly)?
A currency converter app is a valuable resource for anybody who requires to convert currencies quickly and accurately. Both individuals and companies can use these apps to monitor the continuously changing exchange rates.
Currency exchange applications are extremely convenient to use. As long as you are connected to the internet, you are able to access them from anywhere in the world. Money converter apps can handle conversion requests quickly, typically within seconds.
This is crucial for those who, like when traveling or making international payments, need to instantly convert currencies. In addition, a lot of currency converter apps let you convert multiple currencies at once, set up alerts for when exchange rates hit a specific level, and access additional features.
What are the Must-Have Features in Currency Convertor Apps?
Real-Time Exchange Rates: To give users the most accurate and recent conversion results, a currency converter app uses the most recent exchange rates, which are gathered from reputable financial institutions. Users can depend on the app to accurately reflect the state of the market at all times because it automatically updates rates every few minutes.
Broad Currency Support: The app should support a variety of global currencies, both major and minor. This thorough coverage guarantees that users can convert any currency, regardless of how rare or uncommonly traded it may be, into whatever amount they require.
Currencies past trends: Professionals who rely on currency conversion rates will make up a large portion of your user base. They would like to look at the conversion rate history in order to better analyze the situation. As a result, you should give your users the ability to view their conversion history.
Real-Time Calculator: You can use this feature to convert currencies and do simple calculations. The results of the currency conversion can be multiplied, divided, added, and subtracted all on the same screen. In order to assist with the required computations on the same screen as the currency converter, you must integrate this feature.
Financial Forecasting: Apps that convert currencies can be used to predict currency trends and foreign exchange market price fluctuations. These apps forecast financial reports by analyzing data and sorting it into patterns. Owners of businesses can use the currency converter apps' financial forecasting feature to make well-informed purchasing decisions.
Pictures & Charts: The fluctuation patterns can be graphically represented by apps with excellent graphs and visuals. By examining these trends, users can more easily make informed decisions. Users can save a significant amount of money and analyze the forecasting results in-depth with the help of this premium feature
Transformation into Digital Currency: This feature allows business owners and individuals to convert their money to cryptocurrency. Only a few currency converter apps with sophisticated Blockchain features support it. When you are unable to exchange one currency for another, real-time cryptocurrency conversion comes in handy.
News and Updates on Currencies: Adding a section to the app that provides news and updates on currencies can be very beneficial. This feature enables users to stay informed about the most recent financial developments while making well-informed decisions by providing them with information about global economic trends that may affect exchange rates.
The Currency Convertor App Development The Step-by-Step Guide You Need!
-
Conduct market research & competitor analysis
It's crucial to conduct thorough market research before developing or releasing any app. Examining existing currency converter mobile applications and identifying market needs will help you determine the focus and goal of your app. To make wise business decisions, it can assist you in analyzing the market and user behavior. It's also necessary to determine the features and shortcomings of the current apps.
-
Choosing the Right Platform
Another critical step in developing a currency converter app is determining the platform used by your target audience. There are two primary platforms: Android and iOS.
Assume that the majority of your target audience uses iOS devices. If so, you can use Objective C or Swift to create an iOS application. Similarly, you can use Java or Kotlin to create an Android app if the majority of your target market uses Android devices.
But what if your target market is spread out across both of these platforms or if you have no idea which one they use? Then, you could create a cross-platform mobile application that would be accessible to both iOS and Android users.
However, the cost of development will go up because of cross-platform development. To decide what is best for your, you can hire dedicated developers who can understand your needs and help you throughout.
-
Focus on UI/UX design
A good user interface (UI) and user experience are essential. A mobile app's success depends on its user-friendliness, appeal, responsiveness, and ease of navigation, even for first-time users. You can design your app using prototype programs like Sketch or Adobe XD for better design results.
The mobile app's design is determined by the development platform you select. Instead of a fancy and complex currency converter, most users prefer a straightforward, minimalistic design that is simple to use.
-
Currency Exchange App Development
Following the design process, the next step is one of the most important: bringing the design to life. The money converter app development phase involves developing the app on the selected system and incorporating exchange rate data. To ensure the best results, follow the most recent development practices and trends. You can even collaborate with a seasoned mobile app development company to get help with the development.
-
Testing & Maintenance
After the development phase of a currency converter mobile app, testing and maintenance become essential to ensure its optimal performance and user satisfaction.
Testing involves checking the app's functionality, usability, performance, and security to identify any issues that could affect the user experience or the app's reliability. Maintenance, on the other hand, involves updating the app with the latest currency data, fixing any bugs discovered during testing or after release, and possibly adding new features based on user feedback.
How Do Currency Convertors Apps Make Money?
- In-App Advertising
One well-liked and efficient method of making money from your currency converter application is to incorporate advertising into it. You can show relevant ads to your users with the aid of ad networks like Facebook Audience Network and Google Adwords.
- Upgraded Version
Provide a paid, ad-free version of your app. If your free version proves to be helpful, users may be willing to pay a one-time fee or subscribe for additional features like real-time alerts or past exchange rates, in addition to ad-free access.
- Affiliate Advertising
Collaborate with financial institutions and forex brokers to highlight their offerings. Each individual that opens an account, finishes a transaction, or clicks on your affiliate link can earn you a commission.
- In-app purchasing
Add in-app purchases to unlock premium features. These features might be multiple currency conversions, offline usage, or sophisticated analysis tools. Freemium models can be used to persuade users to purchase premium features.
- Access API
Provide API access to app developers and companies that need currency conversion data for their applications. To draw in paying customers, you can impose a fee for API access and offer precise and up-to-date exchange rates.
Cost to Develop A Currency Converter App?
Creating an application for currency conversion isn't the hardest thing to do in the world. Because it's a fairly simple process, fewer resources are needed to complete it. A currency converter app typically costs between $2000 and $10000.
Having said that, it could very much depend on the features you would like to add, the location of your mobile app development company, the complexity of the app, and other things.
To get an accurate idea, you can reach out to the leading web development company that can understand your business needs and can offer a quote accordingly.
To Conclude
All in all, here's a wrap on your step-by-step guide to creating a feature-rich and user-friendly currency conversion app. We hope the above article helped break down what a currency exchange application is, its functionalities, complete development process, business models, and how much it costs to develop.
As stated earlier, the market for currency exchange apps is still left untapped and has a huge growth potential. You can develop a currency converter app to take advantage of it and boost the globalization of technology.
In order to leverage this untapped market, if you are looking for a leading mobile app development company in Saudi Arabia that can assist you, then reach out to Sufalam Technologies. When you hire dedicated developers, they will understand your custom needs and offer the best solutions accordingly.
Frequently Asked Questions
How Much Time Is Needed to Create an App for Currency Conversion?
The complexity of the app determines how long it takes to develop a currency converter. A basic version may take 1-2 months, whereas a more advanced version with additional features may take 3 months or longer.
Which are the popular technologies to develop currency converter apps?
The right technology will depend on your business requirements and whether you want to create an iOS app, an Android app, or a cross-platform app. Some popular technologies are Onjective-C, Swift, React Native, PHP, Java, Kotlin, etc.
