Did you know that an average user spends 2 hours and 12 minutes on their mobile phone. This is equivalent to almost 33 days in a year.And guess what! This number is expected to rise to 39 days (2 hours and 35 minutes a day) in 2021. 90% of this time spent on mobile phones is spent using mobile applications.
Such a trend clearly shows users preferring specific apps for specific purposes. They’re using apps for almost every purpose, starting from an app that counts their calorie intake to a mobile banking app. The main reason behind this is the unrivalled ease of use apps offer. Just one tap and there you have it. This has opened up many new opportunities for app makers and they’re taking it with both their hands by developing creative apps that server special purposes. One such app that could be really useful is a currency exchange and money converter app. In the times when businesses are crossing boundaries, conversion of currency is something that many professionals need to do every day. What’s better than an app that gives them the rates with a few taps?
In this article, we’ll be showing you how you can make a currency converter app. Let’s get started!
Features of an Awesome Currency Converter App
There's more to a great currency exchange and money converter app than just converting. It's made of many elements that make the lives of users much easier and faster. Here are the essential features that you need to consider to build a great awesome currency converter app in Android or iOS.
App that Supports Virtual Currency
We're living in the time when we've witnessed almost everything going virtual, including currency. Virtual currency might have caused a lot of controversies but you cannot deny of its existence and proliferation. In 2019, the Europe Cryptocurrency Exchanges market size was USD 5165 million and it is expected to reach USD 15263 million by the end of 2026, with a CAGR of 16.94% during 2020-2026.
Therefore, there's good probability that your users could be in for virtual currencies. You don't want to disappoint those users, do you?
Exchange Rate Auto Updates
The more obvious this point sounds, the more important it is. If you’re a user who downloads a money exchange and currency converter app and see the app lagging behind the current rates, how satisfied would you be? Therefore, your app should be showing the conversion rates as quickly as possible. And this could only be possible if you’ve enabled auto updates.
A Must Have Calculator
What’s a car without its steering wheel? Similarly, what’s the point of developing a currency converter application if it doesn’t have an inbuilt calculator in it? You must include a calculator to allow easy multi-currency conversions in your app.
Display Conversion History
Many of your users will be professionals who’d be depending upon the currency conversion rates. They’d want to look at the history of the conversion rates so that they can analyse the situation better. Therefore, you should also allow your users to view conversion history.
Rate Alert Features
Many of your users would be wishing for the conversion rates to go up or down. You should include an alert feature that will send them a notification when the rate of a particular currency goes above or below a certain point.
How can You Fetch Live Currency Rates?
Fetching live currency rates is the most important thing for a currency converter application. There are many 3rd-party APIs available in the market, which you can use to give live currency rate updates to your users. Here are some of the platforms that allow you to user their API:
How to Generate Revenue from a Currency Converter App?
Ultimately, you want to generate revenue from your currency converter app. Don’t you? Well, you don’t need to worry as there are ways to monetize your currency converter app. Here are the ways to do so:
1. Ads in the Mobile App:
This is perhaps the most obvious and the least creative of all options to earn money. Nonetheless, it still works. If you think running ads is the best option for you to earn money, then go for it.
2. Rate Alert - Paid Feature
Nobody wants to look at the currency rates at every five minutes, do they? Therefore, if you introduce an alert feature that notifies the user when the rate hits a certain amount, users would be ready to shell out bucks for it.
3. Restriction on Currency Selection
You could consider two versions of the application. One version that could allow you to select a certain currencies, while the premium/paid version that allows unlimited currencies. You could also consider allowing the first month free for premium version and then ask the user to choose the version.
Technologies to Develop a Currency Converter App
Currency converter application is not a complex application to develop – whether it’s for Android or iOS. Therefore, there are numerous technologies that you could use. Here are they
How Much Does it Cost?
Developing a currency converter application isn’t the most difficult job in the world. It’s quite a straightforward process and that’s why it can be done with less resources. Typically, a currency converter app costs $3000 to $10000. Having said that, it could very much depend on the features.
With the world becoming a global village and businesses crossing the boundaries; a currency exchange and money converter application can be a successful app idea when developed by skilled mobile app developers. If you are looking for an experienced name who can handle to build a currency converter app for android and ios flawlessly, Get in touch with us today.
