Introduction:
- Gold and silver are considered safe-haven investments that have been used as a store of value for thousands of years. They can act as a hedge against inflation and currency fluctuations.
- Investing in gold and silver can be done through physical bullion, ETFs, or mining stocks until now.
- Our client brought us a challenge of developing an app to buy, sell, and transact bullion (Gold and silver) for personal, business, and minor users.
- This app was made to ease investment in bullion as well as global transactions of the same.
Technologies used:
- Figma was used for UI/UX design.
- Canva was used to design the logo.
- React native was used for frontend development.
- NodeJS was used for backend development.
Challenges:
- The primary challenge was to understand the US market since the app was set to launch over there primarily.
- We had to understand US banking and its laws towards bullion transactions.
- We also had to provide an investment option for the user in the app with the bullion purchased.
- Smooth user onboard considering the extensive forms for KYC as well.
- Minor user engagement while absolute supervision by the parent or guardian.
- Providing engaging features for business accounts as well.
- All there user types i.e. Personal, Business, and minor required different (to an extent) features and designs
Features in the App:
- Buy, sell, and transfer of bullion or fiat currency to anyone in the database through Muse wallet.
- QR code and QR scanner was added to individual users to scan and pay.
- Users can chat, request payment with each other.
- All there user types i.e. Personal, Business, and minor were provided with different designs to optimize UX at all ends.
- Minor control panel was provided to parents/guardians where they could control, add, and withdraw money.
- Swap: Users can swap their bullion into a physical one anyday.
- Credit: Users can get credit for the value of their bullion.
- Credit card: Users can get a secure credit card for their bullion value.
- P2P Credit: User can request/get credit from another user in three forms, i.e. secure, semi-secure and unsecure with varying interest rates.
- Loyalty points: Loyalty points are awarded for every transaction.
- SIP: SIP is a recurring investment option provided in the app where users invest on any of the bullion.
- Gold and silver can be converted to each other at any point in the app.
- A debit card is provided in the app for fiat currency.
- External bank accounts or wallets could be added into the app.
- P2P invoice generation and collection: This is a feature provided for the business accounts where the user can generate an invoice on any other user and also collect the payment form the same app.
- Support: User support was provided using a third party application with curated content
Conclusion:
- We developed the app into a fintech product capable for seamless buy, sell, and transaction of gold, silver and fiat currency globally.
- We brought one of the oldest forms of transactions into a technology driven smart investment commodity with our client’s vision.
