What makes the digital payment solution global is its ability to offer fast and secure online transactions. Whether online or a traditional solution, a digital payment solution can help your business get the most out of e-commerce. As we live in the era of smartphones, developing a mobile wallet app can help grow your business by giving your customers more convenience when they pay online.
Global sales of digital payment solutions are expected to reach $14 trillion by 2022. Software giants such as Apple and the search giant Google have begun realizing the potential of wallet apps by launching Apple Pay and Google Pay, respectively. WhatsApp has also recognized the importance of a digital payment solution and is enthusiastically working on its mobile wallet.

Why developing apps for mobile wallets?

Wallet / e-wallet apps are not just useful for e-commerce and retail. Currently, the BFSI, transport, logistics and telecommunications sectors have also become the main beneficiaries of wallet apps.

Many companies are either in the process of launching a dedicated wallet application or have already launched one. The main goal of developing a wallet application is to provide customers with a wide range of services related to online payments in a secure way. Whether it’s booking tickets to pay bills or transferring money, the wallet app makes every task easy.

Here are 6 tips to consider when developing a reliable and secure mobile wallet app.

Key tips for developing secure and powerful mobile wallet apps:

• Research and find the type. The very first and most important step is researching your audience. It’s important to understand market trends and what users expect from the Wallet app. 
• Wearable Device Support — A promising feature-rich mobile wallet app should support wearable devices such as the Apple Watch and Android wearables. We can assume that the future belongs to wearable devices, so if you want to develop a powerful app that is ready for the future, it must support wearable devices.
• Near Field Communication technology — the mobile wallet application must be compatible with NFC technology. NFC is a state-of-the-art contactless payment technology with a 10cm range. The digital payment solution includes an NFC-based payment option that allows customers to securely pay for purchases at a POS from their smartphone.

After looking at the most important features to include in a wallet app, we’ll go over some of the key features to keep it secure, the most important of which are QR code and end-to-end encryption.

• A QR code is a two-dimensional barcode that contains essential information about the product to which it is connected. QR codes can encrypt data by generating a code and adding an image of it to a receipt. This ensures that the buyer receives a QR code on their smartphone screen for payment. It also protects the payment process as it is completely machine readable and controlled.

The QR code uses four standard encoding modes — numeric, alphanumeric, binary and hieroglyphs — to store data efficiently.

• End-to-end encryption is one of the most efficient and secure methods of online transactions using a mobile wallet. This feature allows a custom wallet app to encrypt data as soon as the user starts using their phone to pay on the login page. Simply put, end-to-end encryption is about encrypting data from payment initiation to authorization. Messaging apps like WhatsApp and Viber use this technique to secure messages or communications.
• Tokenization and Password — Tokenization is a modern technology to ensure secure payment. This method is reliable and effective because the merchant or third party will never be able to find out the buyer’s card details. The customer’s card details remain encrypted during payment and a random number is generated using encryption instead.

Password is the most common first level security technology. If the password is too weak or easily predictable, it is automatically rejected by the wallet app during registration. This not only ensures that the authorized user is using the application, but also protects the user’s confidential data from fraudsters.
In addition to these techniques, be sure to use techniques such as proper session handling, transport layer security, and the like to enhance the security of your wallet application. Finally, you need to develop a simple application that the average person can easily understand and use for online transactions. It is best to consult with a mobile app development company to develop a successful digital payment solution in the form of a powerful mobile wallet.