How to Develop an App like LuLu Money

LuLu Money is one of the most commonly used money transfer applications specializing in transferring money internationally while offering online money exchange services.

Yes, you read that correctly! You can send remittances online without having to worry about currency exchange.

This means there’s no hassle involved. There is no need to visit an office or a money exchange outlet physically.

Applications like LuLu Money are successful, which opens up a whole new realm of opportunities for people already working in the financial sector and planning to go for a digital transformation.

The market for online money transfer and money exchange applications is booming and if you plan to penetrate the same, develop an app like LuLu Money can be a great choice.

By creating an application that deals in payments and money transfers, the current mobile payment market is expected to grow at a CAGR of 12.2%, taking the market worth to a whopping US $2983.9 Billion.

Market Overview of LuLu Money: What Is the Buzz About?

LuLu Money, as mentioned earlier, is a money transfer and exchange app that allows online international transactions.

It is one of the most preferred methods for remittances as it offers an easy-to-use interface and several benefits.

If we look at LuLu Money’s best use case, which is digital remittance, the market for that alone is a fast-growing one and offers lucrative opportunities for making profits.

The growth rate of the market is expected to be around 15.6%. Not only that, the application is popular among its users as it offers several benefits.

These benefits include-:

• Ease of Instant Transfers

With LuLu Money, you can transfer money in real-time as it supports instant payments into banks. Unlike traditional online banks, this application does it quicker and makes it more convenient.

• 100+ Countries Connected

You can easily transfer money to 100+ countries as LuLu Money has connectivity with banks and cash pick-up providers. This network of banks makes the application one of the most successful money exchange apps.

• Better Exchange Rates

One of the major problems that the application solves is the uncertainty of exchange rates in the market. As per our records, LuLu Money offers highly competitive rates when it comes to international currency exchange providers both online and offline.

• Transaction Safety

The LuLu Money app is protected by high-end encryption and other security measures that help maintain the safety of every transaction. Both your personal and financial information are encrypted to keep them safe from prying eyes.

• Advanced Yet User-Friendly

The solution that they have developed offers several features like transfer, checking exchange rates, transaction tracking, etc. But what makes them stand out in the market is the ease of access that they provide.

Even an individual using the app for the first time can make the most of their services.

With all these benefits, LuLu Money has become one of the most trusted names when it comes to online international money transfers.

The fact that LuLu Money offers direct international transfers with integrated money exchange makes it highly attractive.

People living away from home can easily transfer money to their loved ones.

Looking at the current market overview of the LuLu Money app and the way people have accepted it speaks volumes about the opportunities that one can explore in the fintech market.

Step-by-Step Guide to Develop an App Like LuLu Money

Knowing how a money exchange app is making it big in the market, you may be thinking about how to build an app like LuLu Money.

Well, there are a series of steps that can help you get started.

Building an app like LuLu Money requires of technical knowledge along with qualified developers.

Hence, before you jump into the insights into the process, you need to ensure that you hire professionals to guide you through the process.

Here is a step-by-step guide that describes the process of experts:

Step 1: Research and Market Analysis

Before you start working on any app development process, it is important to go through the research and market analysis.

These steps will help you identify the effectiveness of the now available solutions in the market, what their USPs are, and where they lack.

Understanding people’s demands and creating a money exchange app that fills the gaps can give you an upper edge from the beginning.

With proper research, you get an idea of all the things the competition has done and the loopholes that they have left.

Fixing these gaps with an innovative solution can not only make your application use-worthy but make it future-proof.

This research is what will make the difference between your new application and the existing ones in the market, hence spending time on it can be beneficial in the long run.

Step 2: Define Your App’s Unique Value Proposition (UVP)

For every application, there is a unique value proposition that defines it.

Finding your UVP can help you develop a product that offers something more than the application that your idea has been inspired from.

Sure, you can develop an app like LuLu Money and start your journey. But, you need to realize that the same can be done by others as well.

Hence, when you create a unique value proposition for your product, you get a chance to stay ahead of the competition.

Creating a UVP helps you market your product better. It can be anything, from an advanced feature to an implementation of cutting-edge technology.

The idea behind defining your application’s UVP is to ensure that you have a direction to follow throughout the entire development process.

Step 3: Key Features to Include

After deciding on your LuLu Money-like app’s unique value proposition, you should start defining the structure of your application.

This can be done by identifying the features that you plan to offer. This is an important practice before starting with the development process as you first need to identify what are the features that your app will offer.

Usually, an app like LuLu Money has features that offer convenience in money transfer, exchange, managing account balance, and an e-wallet that supports multiple currencies. Along with these features, some functionalities must be included in your application.

If you are planning to create an application similar to LuLu Money, you already have a basic idea of what type of ewallet app features you should have.

However, you should still research and look for a feature that has not been implemented yet as it will keep your application ahead.

Step 4: Decide on User Interface (UI) and User Experience (UX)

Once you have your UVP and a list of features, you might think that you have everything to start the development process.

Well, there’s just one more thing that is crucial to decide, i.e., the ewallet application’s design.

If you are planning a new application in a competitive market like money exchange and transfer, you need to have a user interface that is easy to use and gets the job done as quickly as possible.

If you have a few inspirations for the user interface, you should discuss them with the development team that you hire, as it gives the experts clarity on what type of vision you have.

You can also ask the designers to offer you a few options for fresh UI/UX ideas for an app like LuLu Money.

This step defines how your application looks and functions, hence proper due diligence should be done.

Step 5: Start Development & Integrations

Once the design is clear in your mind, the developers start with the backend infrastructure and API integration. There are two core components of the development process of a fintech app.

One is the backend development and the other is the frontend. Both of them are developed in sync to ensure that the application works smoothly and the features that you have decided on are integrated seamlessly.

The backend of your application is where all the processing happens. All your functionalities are coded here to ensure that when a user interacts with them, all the processes are done automatically.

On the other hand, the front end is the part that your user interacts with. Keep in mind that this step is one of the most time-consuming; hence, you should have ample time on your hands as rushing this process is not advised.

Step 6: Implement Security Measures

If you want to develop an application like LuLu Money, or any app that involves fintech, you have to be extremely careful about its security.

Since the application involves sensitive user data and financial transactions, the security measures should meet the compliance and regulatory requirements.

You can go for military-grade encryption standards and deploy highly secure algorithms to keep sensitive data safe.

Compliance requirements may vary from region to region, however when you have cards involved, standard regulations like PCI DSS and GDPR must be followed.

The e-wallet security measures help in creating a reliable experience for the users. Not to mention, advanced technologies like Blockchain can help you take security to the next level.

Step 7: Testing & Deployment

Once you have implemented all the features, developed all the functionalities, and added security features, it’s time for the application to be tested.

This app testing can be done in two ways, manual testing and automated testing. Through testing, various use cases are identified for which the application’s functionality is checked.

If a bug is found, it is flagged for review, and proper action is taken to resolve the issue.

Quality assurance is a key step and should not be skipped at any cost. It helps understand the user experience in regular life, allowing you to check the performance of your app.

Once the testing is done properly, you can deploy the application and make it available for download on various platforms and stores.

After all the steps comes an important step which is app maintenance and support services.

You need to keep in mind that while the solution that you developed has been tested by professionals, the environment and circumstances of the testing are often different.

The app may show you bugs when more than expected users log in at the same time.

Hence, keeping a team for regular maintenance and support can help you avoid any sort of downtime.

While it is the job of the developers you hire to assist you in the process, you also have to be an active participant in the core development.

As at the end of the day you are the one who is going to handle the daily operations of the application.

Technology Stack for a Money Transfer App like LuLu Money

Choosing which technologies will power your application is a crucial step. Several available technologies can help you develop a money transfer application like LuLu Money.

However, knowing which is the best option for you considering different factors like upgradability, adaptability, cost, etc.

There are different components of an ewallet application that you have to consider while choosing a technology stack for an ewallet app.

These components are-:

♦ Framework

It defines the approach of app development frameworks that you have chosen for your application. You can either go for a Native Development Framework or choose a Hybrid Framework.

Native frameworks allow you to create an app dedicated to an OS and only work on the desired operating system be it Android, iOS, or any other.

On the other hand, Hybrid Frameworks allow you to create an application that caters to multiple operating systems.

♦ Programming Languages

These are fundamental languages used to define the functionalities of your application. These help in coding the modules for your applications.

Several programming languages will be required in the development process.

♦ Database

The database is used to store all the information that your application generated over time. Choosing a database system that is compatible with the other technologies that you have chosen for development can help you speed up the data processing on your application, making it better in performance.

♦ APIs

Application Programming Interfaces help in implementing already developed and widely used solutions to your application, reducing the hassle of building those features from scratch.

Ewallet APIs are usually third-party features and insights that are integrated into your application for enhanced usability.

♦ Payment Gateway

For any application that allows users to make payments and money transfers, a payment gateway is a must-integrate.

This allows adding funds to your e-wallet application while ensuring a secure connection with your bank.

Let’s take a look at all the recommended technologies that most developers use to make an app like LuLu Money.

Check out the table below-:

All these technologies help you develop an application’s backend and frontend components.

This means that the processing of data and the user interface all depend on the technology that you choose. Hence, you must have your required features as well as the requirements ready and consult with the experts.

Cost of Developing an App Like LuLu Money

Multiple factors impact the cost of developing an app like LuLu Money. Usually, it can cost somewhere between $20,000 to $200,000 to develop your money exchange and transfer app like Lulu. You may be wondering why the range of the estimated budget has of difference.

Well, that happens due to different factors such as-:

1. Choice of Technology
2. Choice of Development Team
3. Complexity of the Application
4. Third-Party Integration Costs

When trying to develop an e-wallet application, the cost can fluctuate due to the types of features that one may require.

When you simply want to develop a LuLu Money replica, it may cost you on the lesser side. While when you plan to go the extra mile and innovate with the features while maintaining the standards, it may cost you more.

The difference occurs when the complexity of the app development process changes.

The basic development cost of an ewallet app, less whereas a customized application will have more complex functionalities to be implemented and hence will cost you on the higher side.

Also, it is important to identify what type of integrations you need as they directly affect the cost of development.

Another factor that must be considered while calculating the cost is the availability of experts and their location.

Compliance and Regulatory Requirements for an App Like LuLu Money

To create a LuLu Money-like app, you have to meet several financial compliance and regulatory requirements.

These requirements are mandatory as digital wallet applications are always under scrutiny as they involve money and transactions along with the personal information of the users.

You need to ensure that you are taking proper precautions to keep sensitive information from the users.

Major compliance and regulatory requirements for money transfer and money exchange apps like LuLu include -:

► AML

Anti-money laundering compliance helps in assuring that your money transfer application is functioning within the legal boundaries and is not involved in any money laundering practices.

► GDPR

General Data Protection Regulation ensures that the user data that is generated by the application is It basic information or sensitive personal data, should be protected and not disclosed.

► PCI DSS

Payment Card Industry Data Security Standard helps maintain the security of sensitive banking details and card information that users save on your platform.

It helps create a sense of trust in your users so they can save their card details.

► KYC

Know Your Customer is a mandatory need, with e-wallet apps like LuLu Money. This implies that every user on your platform must verify their identity by providing a valid government-issued identification.

Other than these, the government implied compliance should be followed properly. These can be regional, such as age restrictions, or necessary data sharing/protection norms.

All these compliance requirements require attention and proper execution.

You can only get the proper implementation of these regulations. When you hire an expert fintech solutions company that has experience in maintaining compliance in an app like LuLu Money.

Monetization Strategies for Apps Like LuLu Money

Knowing the nature of the application and what type of services it offers, you might have an idea that the way it makes money is going to be different than how your traditional apps do.

While subscriptions and in-app purchases make up for most of the revenue generated by an app.

An app like LuLu Money relies on commissions, exchange markups, and transaction fees.

Sure, you too can offer subscriptions for added benefits and offer in-app purchases but you are a currency exchange application that is dedicated to money transfer and exchange.

It can become difficult to create those features right from the beginning

Adding premium features over time can help you create a subscription model for your application.

These features can be-:

1] Detailed Transaction Tracking

Ability to see transaction details and stages of the transfer along with delivery receipts for confirmation of the transaction completion.

2] Faster International Transactions

What you can do is make international transactions real-time for premium users, offering them speed and reliability.

3] Priority Support Assistance

When it comes to handling money transactions, assuring that the money is safe is crucial and any user would happily take a subscription to be assured of priority support.

4] Credit Score Checker

People who plan on taking out loans and using credit cards can use the credit score checker. Not to mention, it never hurts a user to stay informed.

You can either make a subscription model that offers all these features to premium users, or you can allow these features to be in the app available as in-app purchases. It is completely up to you.

Keep in mind that ads and subscriptions only work when you offer value and hence adding these features can help you monetize your money transfer exchange app.

Why Choose Nimble AppGenie for Developing an App Like LuLu Money

With everything explained, you might have an idea of how it can be beneficial for you to develop an app like LuLu Money.

The application has a great market to explore and offers different ways to make money through it.

But to create an application that helps you generate revenue, you need a team that has experience in fintech solutions. And who better than Nimble AppGenie for your next project?

With a team of qualified developers along with years of experience in fintech.

Nimble AppGenie offers you the best services and helps you develop a money transfer and exchange app from scratch.

If you have any questions or doubts about how we approach your project or you simply want to know more about opportunities and development possibilities.

You can schedule a call for a consultation at any time you feel convenient.

So what’s stopping you now? Call Today!

Conclusion

With advancements in technology, online banking, money transfers, currency exchange, and other fintech services are catching up rapidly.

It seems the perfect time to make the move and penetrate the growing international money exchange and remittance market.

Develop an app like LuLu Money could be a good start to your next big fintech venture.

Considering the steps involved in developing the application, you need to make up your mind as soon as possible as it might take months to bring your ideas to life.

By choosing the right eWallet app development company, you can increase your chances of success as they can help you choose the right tech stack for your application.

As far as the cost of development is concerned, you should not worry about it as there are ways that can help you earn back your money through app monetization.

With that being said, we have reached the end of this post. We hope this helps you understand what goes into developing an app like LuLu Money. Thanks for reading, good luck!

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Niketan Sharma

Niketan Sharma is the CTO of Nimble AppGenie, a prominent website and mobile app development company in the USA that is delivering excellence with a commitment to boosting business growth & maximizing customer satisfaction. He is a highly motivated individual who helps SMEs and startups grow in this dynamic market with the latest technology and innovation.