Wallet, account or payments app: which should you launch?
By SendPay Business · · 2 min read
"Money app" covers very different products. Some hold money like an account, some are mainly for paying and sending, and some help businesses get paid. Picking the right kind first saves you from building the wrong thing.
An account app
People keep money in it, get a card, and use it for everyday spending and bills. It suits you if your people are badly served by the banks they have today, or struggle to open an account at all. Monzo and Nubank are well-known examples.
A wallet
Quick to open, used for paying, topping up and sending small amounts, often from a phone number. It suits places and groups where people pay by phone more than by card. GCash and M-Pesa are well-known examples.
A money transfer app
Built around sending money from one place to another, often across borders. It suits you if your people send money home regularly and complain about the cost. Wise and WorldRemit are well-known examples.
A payments app for businesses
Helps sellers get paid by card, link or bank transfer. It suits you if you serve shops, freelancers, trades or clubs who chase money. Yoco and SumUp are well-known examples.
How to choose
Ask three questions.
- Who are my people, and what do they complain about most?
- Do they mostly keep money, send money or take payments?
- What do they use today, and what would make them switch?
Build it
Create your own financial platform.
Pick a template, name it, brand it, preview every page before you pay. Your brand, your users, your fees.
Build my platform →Questions people ask
Is there a quick way to decide?
The free quiz asks a few questions and suggests an app type for your people and country.
Which money app should I launch? →Can I start with one and add another later?
Yes. Many apps start with one job, like payments or transfers, and add more once their first users trust them.
Can I call it a bank?
In most countries "bank" is a protected word you can only use with a banking licence. Call it an account, a wallet, an app or a platform. The accounts and payments behind a SendPay Business platform are powered by licensed partners.
Is there a step-by-step plan I can follow?
Yes. The free launch checklist takes you from picking your people and naming your app to setting fees, going live and winning your first ten customers.
Digital bank app launch checklist →How do I start?
Pick a template, name it and preview every page before you pay. Your platform can be live on your own domain within 24 hours of confirmation.
Build my platform →Read next
This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. PayPal, Patreon and Substack are named as reference points only and are not affiliated with SendPay Business.