10 Apr 2025
Fintech

tikkie for Turkey, an app that let's you send a money transfer request ...

...so that the the recipient can pay without having to type your bankaccount number correctly

Confidence
Engagement
Net use signal
Net buy signal

Idea type: Swamp

The market has seen several mediocre solutions that nobody loves. Unless you can offer something fundamentally different, you’ll likely struggle to stand out or make money.

Should You Build It?

Don't build it.


Your are here

The idea of "Tikkie for Turkey," an app simplifying money transfers by removing the need to manually enter bank account numbers, falls into a crowded space. We found 13 similar products. This high number of matches indicates significant competition. The overall engagement for these similar products is low, with an average of only 2 comments. There is no strong signal for 'use' for similar products. However, there is an amazing strong positive buy signal in this idea category, placing it in the top 5% of our database. While the problem you're addressing is real, many others are already trying to solve it. Your challenge will be offering a solution that is truly different and overcomes the inertia of existing habits, especially in a market where numerous attempts have already been made.

Recommendations

  1. Given the crowded market, start by thoroughly researching existing money transfer apps in Turkey. Identify their pain points, user reviews, and areas where they fall short. SukuPay was criticized for unclear instructions and Web3 complexity; ThreadPay faced questions about regulatory compliance. Learn from these critiques to avoid similar pitfalls.
  2. Instead of directly competing, consider focusing on a niche within the Turkish money transfer market. Are there specific demographics (e.g., students, elderly) or use cases (e.g., remittances, small business transactions) that are underserved? Tailor your app to meet their unique needs.
  3. Explore partnerships with existing financial institutions or payment platforms in Turkey. Integrating your technology into their infrastructure could provide a faster route to market and leverage their established user base. This approach might be more fruitful than building a standalone app from scratch.
  4. Given the compliance concerns around money transfer apps, consult with legal and financial experts familiar with Turkish regulations early on. Ensure your app adheres to all applicable laws, including AML and CTF requirements. Transparency and security will be crucial for gaining user trust.
  5. Focus on a user-friendly experience. Address the criticism similar products received regarding lacking clear instructions. Conduct user testing with your target demographic to identify potential usability issues and iterate based on their feedback. A simple, intuitive interface is key to adoption.
  6. Consider starting with a Minimum Viable Product (MVP) that focuses on the core functionality of sending and receiving money. Gather user feedback on the MVP and iterate based on their needs. This will help you validate your assumptions and avoid building features that users don't want.
  7. Develop a clear and compelling marketing strategy that highlights your app's unique value proposition. Emphasize the benefits of your app, such as ease of use, speed, security, and low fees. Use social media, online advertising, and public relations to reach your target audience.

Questions

  1. What specific features will differentiate your app from existing money transfer solutions in Turkey? How will you create a compelling reason for users to switch?
  2. How will you ensure the security and compliance of your app, and what measures will you take to protect user data?
  3. Given the existing competition, what is your plan for acquiring and retaining users in the Turkish market?

Your are here

The idea of "Tikkie for Turkey," an app simplifying money transfers by removing the need to manually enter bank account numbers, falls into a crowded space. We found 13 similar products. This high number of matches indicates significant competition. The overall engagement for these similar products is low, with an average of only 2 comments. There is no strong signal for 'use' for similar products. However, there is an amazing strong positive buy signal in this idea category, placing it in the top 5% of our database. While the problem you're addressing is real, many others are already trying to solve it. Your challenge will be offering a solution that is truly different and overcomes the inertia of existing habits, especially in a market where numerous attempts have already been made.

Recommendations

  1. Given the crowded market, start by thoroughly researching existing money transfer apps in Turkey. Identify their pain points, user reviews, and areas where they fall short. SukuPay was criticized for unclear instructions and Web3 complexity; ThreadPay faced questions about regulatory compliance. Learn from these critiques to avoid similar pitfalls.
  2. Instead of directly competing, consider focusing on a niche within the Turkish money transfer market. Are there specific demographics (e.g., students, elderly) or use cases (e.g., remittances, small business transactions) that are underserved? Tailor your app to meet their unique needs.
  3. Explore partnerships with existing financial institutions or payment platforms in Turkey. Integrating your technology into their infrastructure could provide a faster route to market and leverage their established user base. This approach might be more fruitful than building a standalone app from scratch.
  4. Given the compliance concerns around money transfer apps, consult with legal and financial experts familiar with Turkish regulations early on. Ensure your app adheres to all applicable laws, including AML and CTF requirements. Transparency and security will be crucial for gaining user trust.
  5. Focus on a user-friendly experience. Address the criticism similar products received regarding lacking clear instructions. Conduct user testing with your target demographic to identify potential usability issues and iterate based on their feedback. A simple, intuitive interface is key to adoption.
  6. Consider starting with a Minimum Viable Product (MVP) that focuses on the core functionality of sending and receiving money. Gather user feedback on the MVP and iterate based on their needs. This will help you validate your assumptions and avoid building features that users don't want.
  7. Develop a clear and compelling marketing strategy that highlights your app's unique value proposition. Emphasize the benefits of your app, such as ease of use, speed, security, and low fees. Use social media, online advertising, and public relations to reach your target audience.

Questions

  1. What specific features will differentiate your app from existing money transfer solutions in Turkey? How will you create a compelling reason for users to switch?
  2. How will you ensure the security and compliance of your app, and what measures will you take to protect user data?
  3. Given the existing competition, what is your plan for acquiring and retaining users in the Turkish market?

  • Confidence: High
    • Number of similar products: 13
  • Engagement: Low
    • Average number of comments: 2
  • Net use signal: 17.7%
    • Positive use signal: 17.7%
    • Negative use signal: 0.0%
  • Net buy signal: 2.3%
    • Positive buy signal: 2.3%
    • Negative buy signal: 0.0%

This chart summarizes all the similar products we found for your idea in a single plot.

The x-axis represents the overall feedback each product received. This is calculated from the net use and buy signals that were expressed in the comments. The maximum is +1, which means all comments (across all similar products) were positive, expressed a willingness to use & buy said product. The minimum is -1 and it means the exact opposite.

The y-axis captures the strength of the signal, i.e. how many people commented and how does this rank against other products in this category. The maximum is +1, which means these products were the most liked, upvoted and talked about launches recently. The minimum is 0, meaning zero engagement or feedback was received.

The sizes of the product dots are determined by the relevance to your idea, where 10 is the maximum.

Your idea is the big blueish dot, which should lie somewhere in the polygon defined by these products. It can be off-center because we use custom weighting to summarize these metrics.

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