The complete mobile wallet solution is what Amazon Pay is for the USA and PayTM is for India. Half of the world is leveraging the benefits of digital wallets in today’s mobile-driven world. A digital payment solution that seamlessly works on the user’s smartphones can give your business a new identity and an opportunity to thrive. However, it is essential to ensure that your mobile wallet solution offers a swift and secure payment experience.
A recent Finder.com survey has revealed that over 80 million Americans use digital wallets because they are a more convenient option than carrying dollars and credit cards. As per one estimate, the global mobile wallet market size is expected to reach $5250 billion in the year 2020. These stats show a huge possibility for the mobile wallet, but then, the future of mobile wallets depends on their security.
Which are the key industry sectors that leverage the benefits of mobile wallets?
Before digging deep into the important aspects to ensure the security of mobile wallet solutions, let’s go through the top beneficiary sectors. These sectors are- retail, BFSI, media & entertainment, automotive, healthcare, transportation, and consumer electronics. The IT and education sectors also leverage the benefits of mobile wallets as a powerful digital payment solution.
The retail and eCommerce sector is indeed the biggest beneficiary of mobile wallets. Another sector is the BFSI sector, which has gradually opened up the idea of providing a mobile wallet-based payment system to their customers. Many mobile wallets enable users to transfer money from their bank account to the beneficiary account and vice versa. Other industry sectors including transportation, healthcare, and consumer electronics are also taking advantage of customized mobile wallets.
Enterprises fall under the sectors of entertainment and education have also started to integrate the mobile wallet in their systems.
However, the mobile wallet app developer has to comply with prevalent standards and regulations to ensure secure online transactions. Here is the introduction of compliances that mobile wallet technology needs to adhere to while developing feature-rich wallet apps.
Which are the important regulations that mobile wallets need to follow?
Following compliances while bringing wallet apps is a hot potato in the corporate sector. It is fair to mention that when it comes to storing and accessing the user’s financial data, mobile wallet apps need to comply with prevalent regulations. KYC, AML, and GDPR are some of the most common rules that many countries would ask when you want to come up with a wallet app. What’s more, your mobile wallet app needs to be PCI compliant for enhanced safety.
How Can You Come up With a Secure Mobile Wallet Solution?
The digital payment solution is aimed at providing convenience to users while ensuring secure online transactions. Whether you want to bring a mobile wallet app for your retail business or an existing eCommerce store, your app can be used by hundreds of thousands of people. Therefore, security should be given the top priority. Also, vulnerable wallet apps are more susceptible to data breaches that cost you many consequences and financial losses.
Here is your handy checklist to ensure the security of the mobile wallet app solution-
- Research and more research
Like any other business mobile app project, the wallet app development also needs extensive research. It helps you make informed decisions in favor of a secure and user-friendly wallet app. Research enables you to analyze and identify market trends. Also, you can have an idea of the major expectations and needs of your target audience.
Your mobile wallet app can get success in drawing the attention of thousands of people if it is secure, and research facilitates you to bring such an app. You can also find out the mistakes and shortcomings of other mobile wallets to make your app as efficient as possible.
- Define payment options
These days, several types of payment options are available. However, it may not possible for you to integrate all available payment options in your mobile wallet app initially. In such a situation, you need to define the most useful options for your app users. You can consult a mobile app development company and meet entrepreneurs who have already brought a wallet app.
Some of the common options you can consider are online commerce payment and mobile p2p (person-to-person) transfer. Here, your focus should be on giving secure options rather than providing all available options with compromise on security.
- Integrate NFC
NFC or Near Field Communication is a safe technology that enables app users to pay at a PoS (Point of Sale) in a secure way using smartphones. With just a 10 cm range, this remote contactless technology is relatively safe. Your wallet app users can certainly rely on NFC functionality for making online transactions.
- Include QR code-based payment
The digital payment solution needs the functionality of QR code-based payment. QR codes can secure the online transaction process. When you integrate this functionality in the mobile wallet app, it will make your app highly secure and popular because it is one of the most popular ways of online payment in the world.
The QR code works similar to that of a barcode at the supermarket. Every QR code has a specific number of black squares and dots that represent certain information.
- Provide end-to-end encryption
Think of WhatsApp. This IM (Instant Messaging) app has won the trust of millions of users worldwide thanks to end-to-end encryption. It is the most secure way to protect the entire transaction process. In the digital payment solution, the end-to-end encryption technology encrypts the confidential data from the beginning of an online transaction.
Your mobile wallet with end-to-end encryption functionality ensures that the user’s financial data and payment-related information are completely safe until the last-step authorization of the payment. You can also consider integrating the blockchain-based security feature in your mobile wallet app if it deals with high-volume transactions frequently.
Apart from these steps, you can make your mobile wallet app more secure with the help of a reliable mobile app development company. You need to make sure that all proven techniques like password-enabled authentication system and tokenization. A secure and seamlessly-performing mobile wallet app can take your business to a new level.