Challenges

The client needed to facilitate currency exchange for travellers, provide competitive exchange rates, ensure secure transactions, enable digital payments and establish a reliable delivery system. The complexity of the project was in managing interactions between the traveler, forex service provider, delivery service provider, and driver, as well as implementing roles for exchange provider management.

Solution

Nuvento developed four mobile applications and four web portals to support the various roles involved in the currency exchange process. Each application was designed for iOS and Android platforms, tailored to the specific needs of travelers, forex service providers, delivery service providers, and drivers. The web portals facilitated the activities of exchange provider management. To ensure secure transactions, QR-code scans, and OTP verifications were implemented at each crucial currency handover point. The solution integrated seamlessly with the client’s existing e-wallet application, providing travelers with the ability to compare exchange rates, make digital payments, and have currency delivered to their location.

The major highlights of the FOREX solution are:

• Four mobile applications and four web portals enabling smooth interactions between the different roles involved in the currency exchange process.
• Customized reports developed to address the specific reporting needs of each user, including transaction history, order status, order details, and various time-based reports.
• Enhanced user experience features such as driver route display, zip-code-based driver selection, folding maps, and language selection.
• Security of transactions through QR-code scanning and OTP authentication.
• Additional security measures, such as enforcing a per-day currency carrying limit for drivers.
• Options to scan QR codes to withdraw money from ATMs at airports for enhanced convenience.

Outcomes

• The currency exchange feature was successfully designed, developed, and integrated into the client’s e-wallet application.
• The innovative currency exchange feature seamlessly integrated with the client’s existing e-wallet app, setting them apart from other digital payment providers.
• 6000+ travelers exchange foreign currency on the go every month using the app.
• Transaction volumes steadily increased by an average 23% year on year.
• Attracted new customers to the app by offering competitive exchange rates and a unified solution.