Are you in the banking business and looking to develop an app like LuLu Money? The world of financial technology is changing quickly, which means that now is the perfect time to take advantage of this growth. Making money transfer apps is one of the most profitable things you can do.

The mobile app payment market is projected to grow to $2983.9 billion by 2032, so now is a great time to get into it. We’ll tell you everything you need to know to begin in this blog. This guide talks about important features, necessary steps to develop an app like LuLu Money, and important cost factors.

First, let’s talk about an app like LuLu Money for sending money.

What is LuLu Money App?

LuLu Money is a mobile app that makes it easy, quick, and safe to send money to more than 100 countries. It’s a popular choice for sending money between countries because it has benefits like:

1. Instant transfers: Send money right away to bank accounts in more than 100 countries with instant payments.

2. Cash pick-up: You can send cash to over 100 countries’ banks and cash pick-up providers.

3. Competitive exchange rates: Make sure you get the best rates when you send money abroad.

4. Easy-to-use interface: Users will find the app easy to navigate and use because it is made to be user-friendly. You can develop an app like TapTap Send or LuLu Money for an easy-to-use interface.

5. Safe transactions: Your personal and financial information is kept safe by LuLu Money’s advanced security methods.

Why Develop A Money Transfer App?

You can tell how important money transfer apps are by looking at what they are: a system or app that lets people pay instantly over the Internet without using credit cards or cash. For businesses, this means being able to do what they want without having to pay extra fees that hurt the budget. But there are other very important reasons you need to make a money transfer app. Let’s take a close look at them.

1. Efficiency

There are a lot of good things about making money transfer apps. If you develop an app like LuLu Money, you’ll get a P2P payment app system that works with all of your iPhone app development company‘s business processes and responds quickly. That helps your business run more smoothly and gets more done overall.

2. Scalability

Putting together money transfer apps is a great way to help your business grow faster. You can quickly meet your clients’ many financial wants by putting in place a new FinTech solution. All you have to do is get your mobile app development company together and do a lot of study on what your business might need.

3. Independence

To develop an app like LuLu Money is toward not having to use commercial tools to access financial services. You instead make a custom app like Mobily Pay that fits the needs of your business and specific wants. It doesn’t have the restrictions that come with other software’s pricing, help, updates, or terms of use.

Future Predictions & Projections Of Money Transfer Service

• Nigeria and Vietnam are at the top of the list when it comes to the percentage of people in certain countries who use money transfer services.
• The Digital Payments market is expected to have US$11.53tn worth of transactions by 2024.

• Total transaction value is expected to grow at a rate of 9.52% per year from 2024 to 2028, reaching a total of US$16.59tn by 2028.
• The biggest market is expected to be digital commerce, which will have a total value of US$7.62tn in transactions in 2024.

How Does LuLu Money App Work?

LuLu Money is a mobile app that makes sending money to other countries quick, easy, and cheap. Here’s how it works, step by step explained by a government services app development company:

1. Get it and sign up:

Get the LuLu Money app from the app shop on your device. Fill out your personal information and prove who you are to make an account.

2. Add a Beneficiary:

Once you’ve joined, add the information about the recipient, such as their name, country, and bank information. A person from your friends list can also be added as a beneficiary.

3. Select Transfer Amount and Currency:

Find the amount you want to send and the currency of the account that you want to send it to.

4. Pick a Payment Method:

LuLu Money gives you a number of ways to pay, including bank transfer, credit card, and debit card. Pick the way that works best for you.

5. Review and Confirm:

Make sure you understand everything about your move before you confirm it. Your transaction ID will be sent to you via email or text message.

6. Track Your Transfer:

To find out what’s going on with your transfer, use the LuLu Money app. Aside from that, you can be notified when the money is sent to the receiver.

How To Develop An App Like LuLu Money?

Our method to make an app like LuLu Money covers all the bases, from coming up with the idea to releasing it. It includes an e-wallet app like JumiaPay development, testing, security, and maintenance. This is how our mobile app development process should work in an ideal world:  

Step 1. Formulate Your Idea and do the Market Research

To develop an app like LuLu Money, you must first have a thought and know what your main goals are. Find out what your target group wants and needs by doing market research. Look at the apps that your rivals offer to see where your app can fill a need.

Step 2. Identify The Main Functions of the MVP

Once you know what you want your LuLu Money lite app to do, pick out its most important features. Check out the key features we talked about above. These include managing your account, making simple money transfers, and keeping track of them. Using this, you can build a roadmap for the process to develop ewallet app.

Step 3. Create a Design

Design changes how users interact with and enjoy a LuLu Money pay app. Work with a group of professional UI/UX designers to develop an app like LuLu Money that looks good and is easy to use. First, the designers will make a mind map and wireframes to make sure the design meets your needs. After that, they will turn these into live versions that you can click on.

Step 4. Develop Your App

We are now beginning to develop an app like LuLu Money. There are two key parts to it: the frontend and the backend. The backend takes care of data, handles banking, and makes sure that security steps are in place. These steps take place in the background and make sure that everything works well.

The iPhone app development company, on the other hand, works on the user interface and experience. They use the design ideas to make your money transfer app, which has screens and buttons that are easy to use.

Step 5. Integrate Third-Party APIs

External services can do more than internal ones to build an app like LuLu Money. Users can safely pay their bills and exchange money instead of just sending money. In a structured way, APIs let the LuLu Money money transfer app and these outside services talk to each other and share data and directions.

Step 6. Run Tests

Set aside some time to test the app thoroughly to make sure it works well and doesn’t have any bugs. Make sure it works with a variety of devices and running systems. This is very important for a money transfer eWallet application in Morocco because its users will be worried about safety, and even small bugs or glitches can hurt the app’s image.

Step 7. Release Your MVP

When the app has been tested and is ready to go, it’s time to put it on the market. You can do this by putting it on app stores like the App Store and Google Play and advertising it on social media or through other marketing methods.

Step 8. Take Care of the Post-Release Support

The start is not the last step to develop an app like LuLu Money. You’ll still have to fix bugs, deal with problems that come up after the app is out, and add new features if they are needed. Make sure you read what people have to say and keep updating and making the LuLu Money app for merchants better.

Key Features To Build An App Like LuLu Money

These are the most important things that a safe and useful money transfer app should have. While banking apps are being made, pay extra attention to your apps if you own them.  

1. Creating A User Account or a Wallet

This is the first thing people do after you develop an ewallet app like Payit. To keep their money safe, they need to either link a bank or credit card to the app or create an account with an e-wallet.

2. Viewing and Editing User Details

People should be able to see and change their personal and financial information, like their name, address, phone number, related cards or bank accounts, and so on.

3. Making Basic Financial Transactions

Make it possible to send and receive money and set up regular payments and transfers that happen over and over again. People will be more likely to use your app like Al Ansari Exchange every day if they can pay their bills and buy things right from it.

4. Tracking Transfers

When you develop an app like LuLu Money, transaction history is important because it lets users keep track of the state, date, time, recipient, and type of transfers.

5. Notifications

Notifications can let users know about important changes and improvements that affect their accounts and security. These can be updates on transactions, security alerts, reminders, deals, and sales. You can send emails, push alerts, or SMS.

6. Making Transactions in Different Currencies

The most famous LuLu Money payment app offers real-time exchange rates and supports a number of different currencies and cryptocurrencies. This lets people send and receive money between countries.

7. Changing the Interface Language

For the ease of people who speak more than one language, fintech app like STC Pay have interfaces that can be used in more than one language. Even though this isn’t a fintech-only feature, it’s important to keep in mind for the user experience.

8. Two-Factor Authentication

To create an app like LuLu Money safer, you can send people a code to their phone or email before they can make a purchase. Use advanced security measures and data encryption to keep your information safe.

How Much Does LuLu Money App Development Cost?

The cost to develop an app like LuLu Money is very specific. In other fields, resources are spent on coming up with new ideas and innovations. But for money transfer apps, we mostly focus on making sure they are safe and following the rules.

Our developers spend a lot of time and money putting together a safe environment that includes payment processors, blockchain, AI, and anti-fraud solutions for mobile app development cost. Any professional will tell you that the cost to develop an app like LuLu Money is anywhere from $10,000 to $25,000 or more.

How To Monetize Your Money Transfer App Like LuLu Money?

Making money with a money transfer app like LuLu Money requires smart ways to make money that fit with the app’s main purpose of making foreign money transfers easier. As per the Android app development company, here are some ways that work:

1. Transaction Fees

• Flat Fees: Charge the same fee for each transaction, no matter how much money is being sent.
• Percentage Fees: As a fee, take a certain amount of the total amount being sent.
• Tiered Fees: When you develop an app like LuLu Money, offer different fee systems based on the number or amount of transactions.

2. Exchange Rate Markup

• Buy-Sell Spread: The buy-sell spread is when you buy currency from customers at a lower rate and then sell it at a higher rate, making a profit on the difference.
• Dynamic Pricing: With dynamic eWallet app development cost, you can change the exchange rate based on changes in the market and customer demand.

3. Value-Added Services

• Bill Payments: The LuLu Money app development lets people pay their phone, utility, and other service bills.
• Currency swap: When you develop an app like LuLu Money, offer a way to swap currencies and charge a fee for it.
• Remittance Cards: Give out prepaid cards that can be used to buy things or withdraw money.
• Travel Services: Work with travel companies to get better deals on reservations or rates.

4. Premium Subscriptions

• Faster Transfers: For an extra fee, offer faster transfer services.
• Priority Customer help: Give premium subscribers their own help channels.
• Special Features: When you develop an app like LuLu Money, give subscribers special features or perks that no one else has.

Let’s Create An App Like LuLu Money!

Every day, billions of people use apps to send money to other people, and they will continue to do so. As tools get easier for more people to use, the number of users is expected to slowly rise. That means to develop an app like LuLu Money is probably a good idea that will pay off.

If you are a business with an app idea that you want to make real and need technical help, Dev Technosys can help you develop an app like LuLu Money that your users will love and that will make you money. We can start figuring out the time and cost to develop a mobile app just for you.

FAQs!

1. How Much Does LuLu Money Mobile App Development Cost?

The cost to build an app like LuLu Money can vary a lot based on its features, how hard it is to make, what platform it runs on, and where the mobile app developers are located. A rough guess, though, would be between $10,000 and $25,000. You can consult with a LuLu Money app development company about the lulu money app development cost.

2. What Are the Benefits of Money Transfer App Development?

• Convenience
• Speed
• Security
• Cost-effective
• Global reach

3. How Long Does It Take To Build An App Like LuLu Money?

Putting together an app with as many functions and connections as LuLu Money does can take between 4 and 8 months. The exact time frame to create an app like LuLu Money relies on things like the size and complexity of the app’s design and how quickly the Android app development company works.

4. How To Make Money From Your App Like LuLu Money?

• Transaction fees
• Currency exchange fees
• Premium features
• Partnerships
• Advertising