The rapid evolution of mobile apps in different categories has compelled businesses start-ups to come up with new ideas. Considering the basic concept of money savings, developers gambled upon the idea of an app that is alternative to credit cards. It means that the app will be similar to that of a “money pool” and in reference to the age-old practice of pooling money in small groups of people. Thus, every user of the app can take part in collaborative circles of savings by paying a certain amount of money on regular basis and the saved amount can be withdrawn by the users at times they need.
However, creating an app that is efficient enough as a credit card alternative is challenging. Here is the list of powerful features that one must consider to create a penny saver app which will allow people to save money with careful forethought for their short-run goals.
App must allow users to join the saving groups
One of the must-have features for a credit app is allowing users from any corner of the world to join in groups to save money as per their conveniences. On the top of it, it is not like an app where one among the users contributing money will win the jackpot at the end. Its sheer concept is pushing the users to save some part of the valuable earnings by creating groups. Thus, evidently, the foremost crucial feature of the app is to adding up of users.
Flexible payment option for users
No doubt, the success of any finance related app depends on its features that will aid the users in saving up the money. In this sort of app that is like credit card alternative, another pivotal feature is its flexible payment options. This means users must provide option to choose the payment method that they like. Simultaneously, the users must be able to use this feature for paying off any amount or bill from the money saved in the app when they are in need.
Take total control of the money saved and spent
After all, the money saved using the app are for meeting up the monetary demands of the users. However, with the contribution of multiple numbers of users, one cannot just take the money he or she wants and spend. The app must have a feature to fully control the amount of money each user can spend at a time. It must allow the users to set their saving goals, save meticulously from personal accounts, know the extra amount or interest they have earned and how to spend them for some extra fun. All in all, the app should be allowing each user to get a whole picture of their financial contributions and savings profile time to time and plan their expenses.
App must offer users to connect to their personal bank accounts
A credit saving app is mostly like a digital wallet which let users save and make payments on the go. Henceforth, it needs to be connected to the bank accounts of the users directly. When one plans to create a money-saving, this comes as one of the quintessential features to consider as users cannot put money into the saving account of the app until they get the access to their personal accounts.
If you have already a finance app in mind that will facilitate savings, then all you need to be careful about these features that will allow users to utilise the app easily. Before diving for the development of a penny saver app, make sure you know how it works. While users can create his circle or join a group for a savings pool and contribute to it regularly, they should also be able to take their payout when required.