With huge technology advancements, a lot of people now prefer to make payments through various other modes apart from cash. One such payment method is through a digital wallet. A digital wallet is a mobile application that offers a highly secured environment to make a payment at any cashier. It is one of the most popular mobile applications that is in huge demand. Hence if you are looking to build an application, then you should try to launch a secured digital wallet. As per the statistics, by 2024, online payments would increase to 40%. It might be a good opportunity to hire a mobile app developer and build a digital wallet.
What is a digital wallet?
A digital wallet allows you to make an online payment by partnering with various banks to support credit cards, debit cards, and gift cards. Also now there is a new category of wallet being built, known as the crypto wallet, that allows you to connect to decentralized applications and store crypto tokens like Ethereum.
How to launch a secured digital wallet?
Once you hire a mobile app developer they will help with the launch of a digital wallet. Some of the common steps to launch a digital wallet are the following.
Create a Prototype and Design
In this first step, you need to understand the target audience and the strategies they use to manage money and problems they face. By doing a complete analysis of this, you can create basic design and a prototype.
With the help of the prototype, you can understand how the wallet will work and would be able to verify the working of various buttons and forms.
Build a Mobile Application
After you make the prototype of the mobile wallet, you can build a Mobile application or avail of some mobile app development services. Basically, during this step, the developers will begin to code your web wallet. Some of the important points to consider while building a digital wallet.
Security plays an important role because of financial transactions. One of the ways you can secure your digital wallet is by enabling authentication through face ID or touch ID.
- Use of third-party applications
There might be a lot of plug-and-play SDKs that can help to develop a wallet quite quickly but it is quite important that you select the trusted ones due to the security.
- Open-ended Architecture
It is one of the critical aspects of building a digital wallet. This ensures that the external applications and services are able to connect with digital wallets through the APIs.
Once the development is completely done, it is important to begin the testing of the application. This will help you to check if all the features are working together. During this phase, you might discover some UX problems or bugs. Such bug fixes can be done by the mobile app development services provider.
Building a Digital wallet requires a lot of patience and expertise in mobile application development. Hence it is always good to work with the best developers team and hire a cybersecurity firm to do the security audit of the digital wallet.
After you have done testing and the bug fixes, then you can do code freeze, and begin preparing for the launch of a digital wallet. You can launch your digital wallet on a different playstore or the AppStore based on the tech stack that you have used. Also once the app is listed on the marketplace, switch the server on and connect it with your application.
With new upgrades and updates, it is quite essential, that you keep on improving your digital wallet as per the new technologies coming up. Some of the testing and bug fix might still be needed once you launch the application as there would be lot of users using it. A small downtime in the mobile application can lead to huge issues and retaining the customers becomes quite difficult.
How much does it cost to build a digital wallet?
For more information on the pricing, you can consult with the application development agency. Cost to build a digital wallet entirely depends on features and functionality.
How to keep digital wallets safe?
As a developer, you need to ensure that the APIs or third-party tools that you are using are completely trusted and security audit has been done. From the user’s perspective, there are some important points they need to know while using the digital wallet.
Always protect the financial information
Mostly when a user installs the digital wallet they are asked to put a pin and authenticate it using 2FA or the Fingerprint. It is quite important that the user always uses it and doesn’t share the PIN with anyone. A pin would allow anyone to access the wallet.
Never use Public Internet services
It is highly recommended that you don’t use the public Internet to access it because this might lead to a situation where thieves can steal the information.
Always ensure that your accounts are secure.
It is recommended that you periodically check the accounts and cards that you have connected with the digital wallet. In case of any malicious activity, you can report it to customer care.
In this blog, all the major steps have been covered that allows developers to launch digital wallet safely. One of the important steps is to do periodic testing of the digital wallet, to solve the unexpected bugs. Both Apple and Android Devices use different mechanisms to make payments.
For example, Apple and Android devices use Magnetic Secure transmission or Near Field Communication whereas Samsung uses both Near Field Communication and Magnetic Secure Transmission. Hence based on the technology used you should decide which field you want to use. To get more insights, you can try consulting with mobile application development because they would hold the expertise in digital payment mechanisms.
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