What makes a digital payment solution ubiquitous is its ability to offer swift and secure online transactions. Be it an online business or a brick-and-mortar store, the digital payment solution can assist your business to make the most of the eCommerce landscape. As we live in the age of smartphones, the mobile wallet application development can boost your business by providing more convenience of online payment to your customers.
The global revenue of the digital payment solution is expected to reach $14 trillion by the year 2022. Software giants like Apple and search engine giant Google have started realizing the potential of wallet apps by launching Apple Pay and Google Pay respectively. WhatsApp has also understood the importance of bringing a digital payment solution and works on its mobile wallet app enthusiastically.
Wallet apps are not only useful for eCommerce and retail sectors. These days, the BFSI sector, grocery business, transportation and logistics, and telecommunication sectors have also emerged as big beneficiaries of wallet apps.
Many companies are either in the process to bring a dedicated wallet app or have already launched the app. The prime objective of developing a wallet app is to provide numerous services related to the online payment to customers in a secure way. Be it booking tickets paying bills, or transferring money, the wallet app makes every task easy. But then, it is fair to mention that the wallet app cannot gain customers with poor security and flowed functionality.
Here are six top tips to consider for developing a robust and secure mobile wallet application.
Top Tips to Consider for Developing Powerful and Secure Mobile Wallet App
1. Research and find the type- The first and foremost step is to research your audience. It is necessary to know their expectations and market trends from the wallet app. You can define the type of payment from the following common methods-
- P2P Transfer through Mobile- Customers can transfer money in their peers’ accounts using mobile phones
- PoS (Point of Sale)- It facilitates customers to use a mobile to pay at a brick-and-mortar store
- Online Payment- It enables customers to pay online in a secure way through their credit/debit cards and UPI
2. Support for wearable devices- A future-ready and feature-rich mobile wallet app should support wearables like Apple Watch and Android wearable devices. We can anticipate that the future belongs to the wearables, and therefore, if you want to come up with a powerful app ready for the future, then it should be supporting to wearables.
3.Near Field Communication (NFC) technology- The mobile wallet app should be compatible with the NFC technology. NFC is a futuristic, contactless payment technology with a range of 10 cm. The digital payment solution includes the NFC-based payment facility to enable the customers to pay safely at a POS device using a smartphone.
After going through the key features to be included in the wallet app, we will go through some of the key features that ensure its security. The most important ones are the QR code and end-to-end encryption.
4. QR Code- A QR code (Quick Response code) is a two-dimensional barcode that contains the necessary information about the item to which it is joined. QR codes can encrypt data by developing code and add a picture of the code on the receipt. It ensures that the customer can get a QR code on the screen of their smartphones to pay. It also safeguards the payment process because it is completely operated and readable by machines.
The QR code used four standard encoding modes- numeric, alphanumeric, binary, and kanji for storing the data efficiently.
5. End-to-end encryption- It is one of the highly effective and secure techniques for making online transactions using a mobile wallet app. This feature enables the customized wallet app to encrypt data as soon as the user starts using their phone for payment up to the authorization page. Simply put, the end-to-end encryption is meant to encrypt the data from payment initiation to authorization. Messaging apps like WhatsApp and Viber use this technique to safeguard messages or communication.
Historically, this method has been considered as the preferred method to protect sensitive data related to cards and payment. Vast databases of card numbers are secured with encryption keys.
6. Tokenization and Password- Tokenization is an advanced technology to ensure secure payment. What makes it a reliable and effective technique is the fact that the vendor or any third-party person can never know the card details of the buyers. The buyer’s card details remain encrypted while making the payment, and instead, the random number is generated through the encryption. It is known as a token.
The password is the most common and the first level of the security technique. A password that is too weak or easily predictable is automatically rejected by the wallet app at the time of signing up. It not only ensures that the authorized person is using this app but also safeguards sensitive details of the users from fraud shopkeepers.
Along with these methods to boost the wallet app’s security, it is imperative to utilize the methods like proper handling of sessions, transport layer security, and like. Finally, you need to come up with a simple app that the common men can understand and use for online transactions with ease. It is better to consult a mobile app development company to develop a successful digital payment solution in the form of a powerful mobile wallet app.
