CurrencyKart

Entrepreneur India has announced Currencykart
as the winner of Startup KickOff 2018

Objective

Currencykart is a hybrid online marketplace where users can view currency rates, buy/sell foreign currency,
recharge/surrender travel cards, buy travel insurance, and transfer money with ease. The motive
of developing the app is to eliminate the gap between money changers and travelers.

icon Challenges

Currencykart needed a competitive advantage in the cluttered market of foreign currency exchange. The client wanted an app which helps them to manage all the currency conversion transactions, maintain financial data across all its branches for easy and quick access. They wanted a highly secured app to maintain data about transactions, pickup and delivery dates, order status, insurance plans, and travel cards. Also, they wanted to add efficiency to their client-serving process and hence required to integrate a tool which can automatically do currency conversions as per the latest currency rates.

icon Solutions

The Clavax team has put its best efforts to develop a reliable app for iOS and Android which enable users to exchange currencies without any hassle. The App is divided into various accounts:

  • Admin is authorized to track and report every activity done throughout the app. From user management to invoices generated, he can view all the details when required.
  • Managers (sub-admin) track total transactions completed in a day. Through the app, they can keep an eye on order status, invoices, money transfer, and much more
  • Sellers can see live foreign exchange rates and view rankings of their currency rates in the market. Also, they can check status for accepted/denied orders
  • Enterprise (travel agents) can view forex requests on daily basis. They can alter their commission rates anytime. Through the app, agents can send a link to various users where they can send forex request directly, without making any accounts.
  • Users can select the currency, get live rates, lock rates for 24 hours, make secure payments, and get doorstep delivery.

With an effective integration of the currency converter tool in the mobile app, users not only keep forex currency rates at their fingertips but also helps them to grab the best deal on them. The application has an easy-to-use interface that offers amazing customer experiences. To ensure reliability and security at every step, Currencykart is integrated with secure third-party gateways like Paytm which enables users to make unlimited transactions with ease. It is an API-driven platform thus avoid any disruptions in financial transactions.

  • Unlike other currency exchange apps, Currencykart has RBI approved FFMC licensed sellers that enable users to feel secure while buying/selling foreign currencies
  • As security of data was the key concern, high-level application data integrity was ensured through user-specific data access control feature
  • With the successful integration of ‘Set a Rate Alert’ feature in the app, users can set alarms or reminders for specific currency rates. So, whenever the rates fluctuate, the users get instant notifications through the app
  • It was designed to provide unified access to multiple users thus user experience was given more importance and implemented with customizable viewing options.

Technology Stack

The tools and technologies that were used by
app development team were

Results

In a brief time, Currencykart was successfully laid out in the app market as one of the
highly efficient, intuitive, and smart foreign exchange trading solutions.

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Achieved 4.6 client ratings in the first quarter

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Increased application usage for quick, accurate and best currency exchange rates

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24*7 Customer support to resolve customer queries thus keeps them satisfied

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