As the world has transformed into a global village people from around the world are doing business with each other easily. Some people are doing jobs abroad or studying abroad they have to convert their local currency to the currency of the country where they are living. The process of converting one form of currency into another’s country currency is termed as currency conversion. The current exchange rate will determine that the person will receive less or more value when the currency is converted. Foreign reserves are one of the main indicators of a country’s economy. The higher the foreign reserves of a country more powerful will be its economy.
The need for a Currency convertor app:
The currency rates of currency keep on fluctuating every day. It was a very difficult task for businessmen to keep a look at foreign currency exchange rates. To overcome this problem currency convertor apps play a very important role. By using currency convertor apps one can easily monitor real-time, precise, and accurate currency exchange rates. Some of the main features of currency convertors apps are as follows.
- It provides real-time exchange rates as currency rates keep on fluctuating every moment.
- A good currency convertor app also has a price tracking feature. One can easily estimate the price of a product in a foreign country by using this app.
- Currency converter app has the option to convert a currency to a number of the currencies exchange rate.
- Currency converter app can also analyze the exchange rate of a currency and give us an indication of its past and future index.
- With an increase in demand for E-Commerce business, the demand for a good currency convertor is also increasing.
Steps to consider for developing currency developing an app:
1. Identify market demand:
The first step before developing a currency convertor app or any other mobile app is to do research work about the demand for that app in the market. We have to identify that whether demand is to convert exchange rates only then the app will be a lot simple. But if the demand is to not only convert the exchange rates but to transfer the money after knowing the conversion rate the app will be much complicated. This type of currency convertor apps is more useful to travelers who travel abroad.
2. Value-added features:
A currency converting app can increase its target users by adding exchange rates of more countries. Usually, a successful currency converting app provides information about the exchange rate of 150 to 180 countries. However, to avoid the hassle, we can pin some currencies that are most searched. The app must also show real-time data and information must be precise and accurate. Offline functionality features can also be added so that the last live data is stored when the user was online. The options like quick access and history-based search can reduce the time user will take to search for a currency rate. The graphic presentation of results can also attract a lot of users and made the app more user-friendly.
3. The designing process:
The key to the success of a mobile app is that it must be user-friendly. Users usually want a simple minimalistic design that is easy to operate rather than a fancy and complicated currency convertor. We have to decide on which platform we are making an app for whether it is for iOS users or Android because both operating systems are extremely different from each other. So it is more suitable to keep the currency converting app simpler by only adding features like the list of currencies, exchange rate, and calculator.
Check: Hire ios app developer India
4. Hiring App development service provider:
To develop a good currency converting app, we must hire high-quality app development service providers. For this purpose, we must consult companies that fulfill our requirements and expectations. We must analyze their portfolios, the reputation they have in the market, and the quality they offer.
Check: Hire app developer India
5. The monetary value of currency converting app:
A useful revenue or monetization model is very necessary for the success of any mobile app. After developing a currency converting calculator and launching it into the market developers will have to earn money from it. Moreover, the developers can earn money by making the app available in the iOS platform and charging a certain price for its subscription.
Check: App development cost India
They can also launch a simple version of the app free but to add some features users have to pay some premium. Ads can be also introduced in the app to earn some money. Some of the most famous currency converting applications in the market are XE currency, My currency convertor, Cal convert, and many more. As App market is growing rapidly the idea of developing a currency converting app is a fantastic idea. For the success of a currency converting app, one has to come up with a unique design and user-friendly features.
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