Just a few phone touches could be all it takes to send and receive money across international borders. That’s how apps like Skrill can help you send money! But have you ever thought about how to develop an app like Skrill?

This market was worth $ 19.65 billion in 2022, and it’s projected to keep growing from $ 22.72 billion in 2023 to $ 72.44 billion by 2031. This shows the demand for money transfer apps will be doubled in the coming years. So, if you are someone looking to build an app like Skrill, read this blog till the end.

This blog will take you on an exciting journey as we figure out how to make an app like Skrill. We’ll talk about the features, and costs. This will give you the information you need to make your money transfer app dream come true.

So, let’s get started!

What Is A Skrill App?

Skrill is an online payment service and mobile app that allows you to send and receive money internationally, as well as make online payments. It functions like a digital wallet that you can top up with funds from your bank account, credit or debit card, or various other payment methods. Users can apply for a Skrill prepaid card which you can use to withdraw cash from ATMs or make payments in stores anywhere Visa is accepted. So, if you have a money transfer app and want to develop an app like Skrill, hire a mobile app development company.   

Why Must Businesses Invest In Money Transfer App Development?    

Here are four reasons why businesses should consider investing in money transfer app development. Let’s have a look at the reasons to develop an app like Skrill.

1. Enhanced Customer Convenience

Money transfer apps offer unparalleled ease for users.  They can send and receive funds 24/7, eliminating the need to visit a physical bank or ATM. This makes it easier for customers to pay bills, split expenses, or send money on the go, fostering a more positive user experience.

2. Increased Efficiency and Speed

Money transfer apps significantly speed up transactions. Transfers happen almost instantly,  compared to the waiting times associated with traditional methods. This improves business efficiency by streamlining financial processes and ensuring faster access to funds.

3. Competitive Advantage

In today’s digital age, customers expect convenient financial tools. By offering a money transfer app, businesses can differentiate themselves from competitors who lack such technology. This can be a major selling point, attracting new customers and retaining existing ones.

4. Potential for Additional Revenue Streams

Money transfer apps can be designed to generate revenue through transaction fees or by integrating financial services like bill payments or an ewallet app like Mobily Pay. This creates new income opportunities for businesses, boosting their profitability.

Steps To Develop An App Like Skrill

Developing a financial app like Skrill requires meticulous planning and execution. Here is the step-by-step process to create an app like Skrill:

1. Target Audience and Goals

First, decide what your app is for and who it’s for. Also, you must validate your app idea with an on demand app development company. Are you mainly interested in sending money abroad, accepting funds online, or both? Who are your dream customers? Are they gamers, freelancers, or someone else? Knowing these things helps you make features and the user experience better so that they are more likely to be adopted.

2. Market Research

Explore the world of FinTech in depth. Look at rivals like Skrill, PayPal, and Venmo. Find out what they do well, what they could do better, and where the market is lacking. This study helps you figure out what makes your app unique and keeps you from copying features that are already popular.

3. UX/UI Design

Focus on making the design easy to use. People should be able to easily find their way around, give and receive money, and see a clear record of their transactions. You might want to do user testing during the Fintech app development process to find and fix any problems with usability right away.

4. Core Features and Functionality

This is where your app that looks like Skrill comes to life. Secure user registration, account verification, fund loading options, money transfer, currency exchange, and an overview of transaction history are some of the most important features. To improve the user experience, you should also think about adding things like bill payments, virtual/prepaid cards, and reward programs.

5. Technology Stack

This is where your Skrill-inspired app comes alive. Secure user registration, account verification, fund loading choices (bank transfer, debit card, etc.), domestic and international money transfer capabilities, currency exchange, and a transaction history summary are all required elements. Consider services like bill payments, virtual/prepaid cards, and loyalty programs to improve the customer experience.

6. Development and Testing

Get together with eWallet app development companies in Dubai who have worked on FinTech apps before. The front-end (user interface) and back-end (server-side code) of the app are built during development. To make sure functionality, security, and performance are all good before start, testing must be done thoroughly throughout the development lifecycle.

Key Features To Develop An App Like Skrill

To compete with established players like Skrill, your payment app needs a strong foundation. As per the fintech app development company, here are key features to prioritize when you develop an app like Skrill:

1. User Registration

Signing up should be quick and easy. Users should only need to give basic information and be able to safely link their bank accounts or other payment methods.

2. Secure And Reliable Money Transfer

Make sure that security measures that are standard in the business are in place to keep user data and financial information safe. Users should know the state of their transfers and be able to trust transactions.

3. Multiple Currency Support

Users should be able to keep funds and send and receive money in different currencies. Add competitive exchange rates so it’s easy to move money between countries.

4. International Money Transfer

When you develop an app like Skrill, offer the ability to send money across borders at reasonable rates. Work with foreign networks to make sure that transactions go smoothly.

5. Payment Processing

Add a safe payment method so that customers can pay for things online at different stores. People who have the app should be able to use their amount to pay for things.

6. Mobile Wallet

As a mobile wallet, users can store money, add to their balances, and easily see a log of their transactions. By availing e-wallet app development services UAE, add this feature in Skrill-like app.

7. Prepaid Card Option

You might want to give a physical or virtual prepaid card that is linked to the app. This lets people use their cards to get cash from ATMs or pay for things in stores around the world.

8. Bill Pay Functionalities

When you develop an ewallet app like PayIt or Skrill, users can pay their bills straight through the app. This will make it easier for them to pay their phone bills, utility bills, and other bills that they pay on a regular basis.

9. Transaction History And Budgeting Tools

Give people clear records of transactions and ways to sort them. Include planning tools to help people handle their money better.

10. Referral Program

Set up a reward program to give current users an incentive to tell their friends about the app. This could be a great way to get more people to use your site.

Top 5 Money Transfer Apps Like Skrill

Here’s a highlighting some notable competitors of Skrill in the online payment and ewallet app like JumiaPay or Skrill:

What Is the Cost To Develop An App Like Skrill?

The cost to develop a mobile app like Skrill changes based on how hard it is. It is estimated that the whole process of making a money transfer app costs around $10,000 to $25,000. UI/UX design, making versions for iOS and Android, and QA testing are all part of this.

Adding must-haves and extra features to money apps like the Skrill app will raise the cost to develop an app like Skrill. That’s why we think you should make an MVP. This is a good way to test the market before making a full-fledged app.

This is something that the right ewallet app development company in Dubai can help you with and give you a rough idea of the cost to make your MVP. Once you know that people will pay for your idea, you can start making a full-fledged mobile app with all the features you want.

Final Thoughts!

Building a secure app like Skrill requires careful consideration of the target audience, their needs, and the means by which their information will be protected. Follow the steps in this final guide to make sure you have a good time to develop an app like Skrill.

Working with a trustworthy hire mobile app development company can help you get through the tricky parts of making a fintech app and make a safe, user-friendly tool for your audience.

FAQs!!

1. How Long Does It Take To Build An App Like Skrill?

Depending on the complexity, team size, and resources, the time to develop an app like Skrill varies. It typically takes 2-5 months for a basic version, with additional time for refinements.

2. How Much Does It Cost To Build An Ewallet App Like Skrill?

The cost to develop an app like Skrill can be anywhere from $10,000 to $25,000. This is just an estimate and the final cost depends on features, complexity, and dedicated developers rates.

3. What Are the Benefits Of Skrill App Development?

Developing an app like Skrill has many benefits for businesses. Let’s have a look:

• Reach new customers
• Boost sales
• Faster transactions
• Reduced fraud
• Global appeal

4. How To Make Money From An App Like Skrill?

You can make money from a money transfer app like Skrill with the below methods:

• Subscription Services
• Collaboration Model
• In-app Purchase
• Affiliate Marketing
• In-app Advertisement