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Ultimate Guide to Develop a Secure Mobile Wallet Solution in 2021

Jan 06,2021
Ultimate Guide to Develop a Secure Mobile Wallet Solution in 2021

The e-commerce industry is thriving and has resulted in the amplified use of mobile wallet apps. The usage of mobile devices has increased a lot, so businesses are developing apps that can be operated through mobile. If we look at the stats, around 50% of the e-commerce visitors prefer apps over the website of any online store to make purchase of any product or service. To expand the consumer base and to provide them an efficient, safe and convenient option to shop and make payment, all businesses are focusing on developing a powerful and safe eWallet app.


Going by the statistics, revenue generated by the digital payment solutions by the year 2022 can be approximately $14 trillion. This is a huge amount and it indicates a great opportunity for the retailers, merchants and businesses in the upcoming times. The competition in every industry is getting intense and it has become the necessity for the businesses to keep up to the trends and gain some customer loyalty. Successful eWallet app development with all the advanced attributes can help in beating the competition.


The companies must hire professionals from eWallet App Development Company to ensure the formulation of a robust and secure mobile wallet application. There are many intricate details that must be taken care of while developing an app as a single mistake can become a threat to the security.


Overview of Mobile Wallet

Mobile wallet applications are also known as e-wallet. It is a financial instrument that makes online transactions possible through mobile devices. The users of this type of application can link different payment options like debit card and credit card to the account of this app. Users can also get the benefit of accessing the latest discounts and coupons that are running on their favorite stores or brands. According to different types of payment process, there are three categories of eWallets:

  • First, when eWallets are used for transferring the funds with the help of mobile service providers. Sending and receiving money becomes an easy process through this type of mobile wallet app.
  • Second, when eWallets send their users amazing discounts and offers through text or SMS. To make the transaction in this type of mobile wallet, an OTP is generated that enhances the security of the payment process.
  • Third, when the mobile application provides the option of making mobile web payments to the customers.


Reach of mobile wallets to different industries

Different industries are taking the advantage of the eWallet payment solution. Companies have started considering their own e-wallet app development to ensure growth in future. The trend of digital payment started with the big giants such as Google and Apple and now it is gaining momentum among medium and small companies.

  • Big companies in the e-commerce and retail industry are using these apps to promote their coupons and discounts. They have also witnessed a growth in their customer base and sales.
  • Banks and other financial institutions have also started using eWallet apps as a way to facilitate transactions and other activities on the mobile devices of the customers.
  • Telecommunication firms provide a convenience for the users to pay the bills by sitting at home.
  • Local grocery vendors are also accepting the payment through the mobile wallet apps.
  • The e-wallet apps are very useful in booking the tickets on just a few clicks. This has revolutionized the ticket booking system in the travel industry.
  • In the transportation industry, there are many taxi-providers that accept payment through digital mobile wallet.
  • Even in the food industry, people have started making payments through e-wallet apps.


After looking at the widespread reach of the usage of mobile wallet, it can be said that in the near future most of the people would be switching from the traditional way of transaction through paper money to digital and cashless form of payment.


Benefits of e-wallet apps

  1. The transactions done through these apps are safe.
  2. They are beneficial in increasing the customer base for the business.
  3. Users can know about the latest offers and coupons.
  4. The users can pay bills through the linked payment methods.
  5. They are convenient to use by the users.


Tips to build a secure mobile wallet solution

Different businesses use mobile wallets to increase the sales, enhance the customer shopping experience and to make payment procedure easy. But to get these advantages, it is important to ensure that the mobile wallet is completely secured. If there is any kind of breach from eWallet company can have adverse effects for the business. The consumers not only lose the money but also lose their trust in the eWallet company. Improving the security of data and account details is one the major concerns for the cashless industry. So, high-quality app development strategies must be followed to solve this issue. The eWallet app development company must follow certain tips to make sure that the mobile wallet solutions are safe and secure:


1.  Do extensive research

To make a powerful and successful eWallet app, it is essential to do research on certain aspects. Without research it is impossible to create an app that works well in the market. The purpose of creating the app should be clear so that the further research is done according to that. So, if you are involved in eWallet app development, start by asking yourself these question and then research on them:

  • What are the latest trends in the mobile wallet industry?
  • What is your target audience?
  • What people love about these apps and what features they expect to be developed in future?
  • What were the mistakes done by other e-Wallets in the past?
  • What are the strengths of the competitors? The focus should be to become better than the competitor.


2.  Determine the payment options you want to provide to users

The developers along with e-retailers must decide the payment types they want the app to support. After doing the research, it becomes a little easy to decide the payment option. To ensure that no customer goes back without shopping, multiple payment options must be offered to the users for their convenience. There are some common options that can be considered according to user perspective:

  • Online commerce payment: When the customer pays money online for the purchase.
  • Mobile P2P transfer: It refers to online transfer of funds using mobiles. This has proved to be a major relief for the banking sector and financial organisations.
  • Point of Sale: When the customer makes the payment at the storefront.


3.  Consider NFC

The user can make payment safely at point of sale using a smartphone with help of a contactless technology known as NFC (Near Field Technology). Instead of carrying cash, the payment can be done by bringing the devices of receiver and payer within the range of 10 cm. In this method, there is no need to share the card details. It is a safe way of making payment and can be considered by the eWallet app development company while creating the app.


4.  QR Codes are safe

It is one of the most reliable and safe payment options. QR means Quick Response. It is a two dimensional code. Imaging devices such as cameras of smartphones are able to read these codes. In this method the user is not able to analyse the exact data as all the information is transformed in encrypted form and develops a code. This method is offered by some retailers where the user has to scan code on the bill or product. In such a situation, without sharing the actual details, payment takes place. This safe method has become very common these days. People are making transactions through QR codes at fuel retailers, e-ticket booking, toll payments, parking payments, street vendors, micro-businesses and SMEs. Many big companies such as Apple Pay, PayPal and Amazon Pay use QR codes as a method of making the payment.


5.  End-to-end encryption is necessary

This is a great technique when it comes to keeping the security intact. Right from the step of clicking on the application to the step of making payment, all the data on the card and information related to the account gets encrypted.  Encryption is a safe technology as it is impossible to break it without the special key. This method keeps the confidential information safe and must be considered while developing a secure eWallet app. Mostly; 128-bit data encryption technology is used by the companies.


6.  Tokenization technique

This technology enables secured payment transactions with the help of a reliable connection. Mobile digital payment apps that have this technology integrated in them don’t have to provide all the card details while making the payment. The encryption of data takes place in the form of some random number that is called a token.


7.  Sign up should be done through strong password

While signing up for the eWallet app, an option of rejecting a weak password should be given to the user. Using a weak password may increase the chance of fraud. The mobile wallet app should accept only strong passwords. The suggestion of a strong password can also be given to the user. Nowadays, to enhance the level of security thumb impression and fingerprints are also used in order to sign up or log in to any app.


Above mentioned tips are for e-wallet developers. But sometimes even after ensuring proper security, the users can make some mistakes that can have an adverse impact on them. Some points that users can ensure on their end to ensure safe transactions through mobile wallet apps:

  • The users must install an anti-virus scanner in their mobile before downloading any eWallet app. Downloads should never be done through untrustworthy sources.
  • The users must always read the end-user agreement to know the limits and restrictions related to transactions.
  • The OTP should not be shared with anyone. Details of credit or debit card or any other data related to the eWallet account should remain confidential otherwise; it may lead to a problem.
  • Keep a limit for the e-wallet top-ups. It is essential to avoid any kind of misuse or loss.
  • The users must avoid using public Wi-Fi to make payment through mobile wallet apps.
  • Auto-saving options for card details can be avoided.


Conclusion

The use of mobile wallet apps is going to increase in the future. Above mentioned tips and strategies can be helpful in eWallet app development. The advancement in the digital payment industry is happening rapidly, so it becomes essential to integrate best security features to the app. Apart from dealing with the security concerns, the users must also be provided with a simple to understand and use interface. There should be a seamless user experience when it comes to mobile wallet application.


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