February 6, 2018
If you want to develop a credit card alternative app like Tanda, which is under the label of ‘Yahoo Finance’, then the below-given information is for you. Rounded up with some powerful features of Tanda app, which you surely need to consider to build a business model in the genre of personal finance.
In this epoch, tech companies have a profound impact on everything from ride-hailing to booksellers, whilst fundamentally changing already settled various other sectors. For the purpose of saving money, Yahoo Finance has rolled out Tanda, an app alternative to the credit card, according to the report by TechCrunch.
The credit card alternative app, Tanda allows small groups of either five or nine people to save money collectively for short-term goals. For instance, putting away money for holidays or doing savings for emergency funds.
The word “Tanda” is used in some Latin American Countries. As in the reference to the longtime practice of pooling money with a small group of people.
Talking about the basic concept behind the credit card alternative app, Tanda is “moneypool”. It means every app user can participate in Tanda’s collaborative savings circles. As it will pay a fixed amount to the group’s saving pot every month. Therefore, one of the members of Tanda savings app will have the chance to get money.
The Notion Behind Tanda
In other words, the concept is called a rotating saving and credit association i.e. ROSCA, which has been around centuries. The main question could arise here is – how it works?
Let’s take an example, suppose there are five people, who decide to save $100 each for 5 months, then each person will pay $20 per month. After that, one of the members (according to need) of the group will get $100 payout and next month, another member will get $100 payout and it will go on until the cycle is completed.
Total Growth of The Money Saving Apps
There is no room for doubt that it is hard to build an exact app what people want. Before building successful money-saving apps, it is essential to understand the dynamics of growth of such apps.
- According to the source, “Daily bill payments reached over $1M in daily volume in just one year”.
Image Source: CBInsights
- In the below image, you can see the craze of personal finance apps by Google Trends.
- Even better: When it comes to Yahoo Finance App, you can see its craze over time in the below-given graph.
As you have checked the total growth of mobile bill payments, now let’s have a look the steps of Tanda app. Through these steps, you will know how this app works:
Steps: How Does Tanda App Work?
Before diving into the common features of Tanda, it is important to look at how flawlessly Tanda works.
Step 1: User can join the circle or create on his own.
Step 2: User can select the payout position, which is based on when he wants his savings.
Step 3: User can continuously contributions into the shared pool.
Step 4: User can take his payout when it’s his turn.
Common Features of Penny Saver App – Tanda
1. Allows User to Join Saving Groups
One of the common features of Tanda app is it allows the user to join saving groups to save money according to their conveniences along with flexibility. All top of it, tanda is not a gambling app, and users are not contributing in the hope of winning the pot of money. As we’ve mentioned earlier the concept behind the Tanda app, which is ROSCA, which pushes users to save money by joining saving groups.
2. Lets User to Choose Payout Option
Generally, the success of any personal finance app depends on the powerful features, which help consumers to save money. We’re going to highlight another must-have feature is the app like Tanda allows the user to choose his payout option. You may be wondered what do we mean by ‘payment option’ feature? Let’s elaborate it briefly.
Suppose, when the user is in the need for more money like paying off hospital bills or replacing a dead laptop. By using this feature, the user also makes use of the app like Tanda to take money out. However, it is important to mention that such apps will not be a direct replacement of credit cards. Nevertheless, with some powerful features, such apps could be credit card alternatives.
Image Source: startupworld
3. Allows User to Link The Bank Accounts
The app Tanda is released under the brand Yahoo. The company hopes that Tanda could readily attract millions of users. As it allows users to link their all bank accounts with the social saving app, Tanda.
According to Simon Khalaf, the company’s head of media and business, “Tanda also has a Venmo-like activity feed and a chat feature”. However, Venmo is a free digital wallet, which lets users make and share payments. It has been acquired by PayPal and is responsible to connect directly users’ bank accounts.
Well, if you’ve already planned to create an app like Venmo or Tanda, all you need to take care of its functionality and easiness that will help users to access money-saving app easily. The entire process must not be lengthy. And, the user can actually make most of such feature while using the app as you can see the below-given feedback of the user:
How Much Does It Cost to Develop Money Saving App Like Tanda?
Moving ahead to know the answer of the pivotal question – how much does it cost to develop a money-saving app like Tanda. So, as a mobile app development company, we have mentioned an approximate cost of developing a basic money saving app like Tanda.
Thus, the approximate cost of developing a money saving app like Tanda is $36,000. Well, it is just the estimated development cost that varies with the following mentioned factors:
- iOS or Android App Developer that you will hire
- Functionalities that you choose to include
- Platforms (iOS and Android) that you want to develop on
A Concluding Note,
In short, Tanda save money app is certainly useful in many contexts. No matter what, such money-saving apps should be useful for users who find it hard to save money on monthly basis. In case, if you’re having the same idea or something like this, you can start right now by validating your idea from any trusted mobile app development company.
Furthermore, in this blog post, you’ve read from attributes to the development cost of Tanda, which is recognized as credit card alternative app. Whilst reading this article if you have any of the following mentioned questions:
- I have a mobile app idea, but how Can I validate it?
- Can I add some more features to my existing such money saving app?
Then, you just need to fill up the below-given form for further assistance. We’ll revert you within 48 hours with the answers to your questions.
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