A money transfer application is a mobile or desktop application that enables users to send and receive money. Money transfer apps typically include an interface for entering the amount of a transaction, selecting the origin account from which funds will be withdrawn, selecting the destination account to which funds will be deposited, and confirming the transaction details. These apps may also include features for transferring funds via direct deposit at specified times and dates.

Money transfer apps are similar to other payment apps like crowdfunding apps, gift card apps, and peer-to-peer payment apps. Paypal’s Venmo is one of the most popular money transfer applications today.

• An app that would allow users to send money to inmates who are locked up. Consumers would make a payment and the institutions in charge would allocate the funds.

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• $11,500

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A money transfer app can grow by attracting new users through a referral program. Many money transfer apps provide discounts for new users who sign up using a referral code, and some of these codes are available through marketing campaigns (such as TV commercials). Since the benefits of a money transfer app extend beyond the user base, it's also important to advertise how this app can benefit third parties (for example, by providing direct financial support to family members in other countries).

Money transfer apps face risks related to the money laundering and terrorist financing regulations related to the movement of funds across international borders. To mitigate this risk, it is recommended that you partner with a third-party payment processor that already complies with anti-money laundering and counter-terrorist funding procedures. You will likely need to create logic within your app to prevent users from sending money to scammers, and you should take care in how you present information about the company behind your app.

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