The market for money transfer apps is evolving at a brisk pace. The volume of online payments is expected to cross $300 billion by the end of next year in the US alone. The same is likely to touch $6.3 trillion in China.

Those numbers are certainly staggering. To stun you, even more, the total transaction value of online payments is estimated to reach $4,934,741 million in the US. 

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Clearly, the market is growing and so do the opportunities for entrepreneurs. If you are one of those, trying your hands at money transfer app development then this article would help pave your way to success. It will also assist you to diminish the chances of failure and omit mistakes.

Do you know about 80 to 90 percent of mobile apps are abandoned just after one use?

What this implies is that you need to be aware of the intricacies and challenges of developing a money transfer app before investing a penny into the process.

That being said, your entire focus should be on multiple factors that go into the e-wallet app development. One of the crucial parameters that can’t be overlooked at any stage is security.

If you can offer a secured ewallet solution to your customers then rest assured you are going to make a lot of money. When we talk about digital transitions it is just the security and the safety of the information that is the major concern. We have been delivering better solutions and secured technology to keep your chin up in the air. Win the market with the most trusted solutions. 

Read Also: P2P Cryptocurrency Exchange Development Cost & Key Features

The transfer of money from one account to another should be seamless regardless of its type or purpose. Additionally, there are things like user’s personal information, account and transaction details, etc that need to be encrypted.

Security forms the basis for any mobile payment app or fund transfer app. If your app can handle data safely and transactions securely then you are in the game. You can then challenge the competition with confidence with innovative features, clean and easy-to-use interfaces, and lucrative offers.

Risks Involved in Fund Transfer App Development

With the growth of mobile payment apps, the risks are on the rise too. As the technologists come up with a stronger security product, the hackers use their intelligence to break through the system and this leads to the growth of a better system. It is the failure in the system that helps the technologists bring on the stage interesting and advanced solutions. A dedicated approach is the need of the hour to dealing with such risks that start in the initial phase of the mobile payment app development process. A profound risk assessment and mitigation plan must be in place no matter what.

Let’s break down the possible risks that might trouble you while building a digital wallet app or money transfer app.

1. Risk of privacy

Apps with sensitive information are vulnerable to cyber threats like data leak and hacking. Hackers keep an eye on such apps to use the stored data for their vested interests and often the security of the apps gets compromised. To keep the data safe as a baby inside a cocoon and avoid any kind of unauthorized access, adequate measures need to be taken. We’ll discuss them in the latter part of this article.

2. Risk of correctness or accuracy

With money being involved, everything needs to be correct. There should be an absolute zero-tolerance policy as far as quality assurance and data accuracy is concerned. Hackers might try to manipulate the data received. The mobile app development team needs to be on its toes to defend the system and keep mischiefs at bay.

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3. Risk of fraud

Frauds are common in online payment systems. As far as the password entered or security questions asked are answered correctly, everything is fine. There is always a risk of fraud if your data gets leaked or someone in your vicinity gets hold of your private information. Hence, it is recommended to not share sensitive information with anyone, not even your closed ones. There have been cases in the past wherein users were deceived to share their OTPs or passwords, emptying their digital wallets in the blink of an eye.

4. Risk of conflict

Technical glitches or slow internet connection can cause the system to stop working in the desired manner, which might result in all kinds of anomalies and conflicts between the two transacting bodies.

These are a few issues that one faces when working on digital money transfer. It is because of a lack of trust in technology that people avoid making transactions digitally. Over the years our experts have worked on ways to ensure that the transactions are never failed and the data is always secure. 

We share here a few technically sound ways to make money transfer applications that would result in safe and secure products. 

Ways to Make Money Transfer App Development Business More Secure than Ever

There are several measures a business dealing in fund transfer can take into account to protect its users’ data. Let’s look at the most common security measures digital wallet app development companies implement to guarantee security to their clients in the section below.

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1. Two-factor authentication

The most common and widely used practice is multi-factor or two-factor authentication (2FA). A user is made to go through two or several levels before login or even before the final money transfer step. Most often a real-time one-time password (OTP) is sent to the user’s registered email or mobile device (via call or SMS).

Related Blog: eWallet Mobile App Development - Cost & Features

In some cases, it’s a security question like Mother’s Maiden Name or Favourite Sport, the answer of which is unique and known only to the account owner. This question pops up every time there is a request to access a digital wallet or at the time of login.

This is one of the simplest methods to track secured transactions. Even when you make accounts on any social networking website this trick works. Two-way authentication has become quite a popular methodology to ensure safe and secure transactions. Though a little old and outdated this is still one of the most trusted methodologies that organizations look forward to. 

If you want a solution that works on a similar model just reach to our experts and see where they can help. We have been working for years on such solutions and understand their significance in your business. 

2. SSL and TLS

Referred to as Secure Socket Layer (SSL) and Transport Layer Security (TLS), they both are cryptographic protocols that use asymmetric and symmetric encryption techniques to protect user data. The protocols grant an additional level of security to safeguarding user data. Along with digital payment apps, these can be found on chat messengers like Whatsapp where a lot of information is shared on a daily basis.

Another strong method that runs around is the focus on your customers’ safety. These are blockchain-dependent protocols that use encryption techniques, Thus even if you are looking forward to entering the market with a solution that fits your organizational values make sure to consider secured and safe transactions as a goal. 

Over the years we have helped organizations with the latest technology to keep data safe and secure and move ahead with the latest happenings around the globe. Most of our solutions are scalable and reliable and can help you be the boss in the market. 

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3. Data Encryption

Another popular technique to keep data secure is data encryption. Only those involved in a transaction can access the information either by a paraphrase password, binary data, or a hardware device. These are called access keys. Data encryption adds to the digital payment app development process big time ensuring a safe and secure transaction all the time.  

Encrypted data these days is the easiest way to secure your information these days. Even WhatsApp uses data encryption methods to make sure that the conversations stick to the confidentiality norms. Over the years the technology behind data encryption is evolving and we have moved to a point where it is as simple as it should be. We have been working in the field to come up with more advanced systems that would ensure your data is safe and sound with us. If you are looking forward to making it big in the market you need to make sure that the product you are introducing cares about the security of your customers. 

4. Blockchain technology

Blockchains are an excellent way of transferring funds from one account to another at cheaper prices without compromising the security front. In fact, the level of security is higher in the case of blockchains technology. Thanks to its decentralized nature that not only allows literally anyone across the world to send and receive funds safely but also eliminates third-party verification services. It is fairly difficult to hack something that’s written in the decentralized and distributed blockchain ledger that makes it safe and highly reliable.

Read Also: Decentralized Exchange Development Cost & Key Features

With crypto in the market, blockchain technology has seen great development. With the technology giants like Tesla making constant announcements on the technology, it is important to consider this as a source of payment for the future. If you are looking forward to earning something that gets you the best results then you are at the right point. 

Our blockchain development experts can help you mine cryptocurrency that would make you a stronger presence in the market. Also, this would ensure some great returns on your small investments. 

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5. AVS (Address Verification System)

As discussed, online commerce is vulnerable to fraud. The use of AVS can help you reduce the risk considerably. It verifies the address mentioned in the transaction against the one registered at the issuing bank. Once the verification is done, the transaction goes through without any trouble.

It is significant that the address we are looking forward to is defined and verified in a way that helps you get the best results. It is important that technology helps you verify the address associated with the concerned details. Also, make it a point to work on all the aspects of mobile app development security and safety. 

When we talk about finances, risking our work and future goals becomes quite an important factor to consider. 

6. Biometrics

Biometrics can help to identify the ownership of the device via Face ID or Touch ID. This validates the right user and allows the transfer of funds to the destination account in the most seamless manner possible.

biometric authentication payment app

Apps like Azimo and USDX Wallet use biometrics to log in to the app. They also have this amazing feature called ‘auto-lock’. After several minutes of inactivity, the app automatically gets locked and upon each re-entry validation is compulsory.

It is important that the things you want to be engaged with are interesting and liable. If you are looking forward to talking about solutions that are safe and secure then biometrics is the best solution. Artificial Intelligence solutions are making it better and more reliable for the applications. Finances are something one should not rely on.

7. PCI Compliance

Known as Payment Card Industry’s Data Security Standard (PCI DSS), it is a set of standards that protects users from online money transfer frauds and data breaches. Getting a PCI DSS compliance certificate is one of the essential steps of the money payment app development process. Businesses failing to hold the compliance are liable to submit a hefty fine.

It is crucial to understand financial compliances are to be cared for. It is important that you make sure that the solutions are designed in a way that is interesting and engaging. Financial institutions are to be intimidated about the changes and the policies that control the transactions and account things. 

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8. On-demand server solution

Keep a track of the server load. Though initially, it shouldn’t be a concern, at later stages incapable server can cause disruption of service. The best way to avoid exceeding load on the server is by a phased solution. Start with a minimal app containing the essential set of features and grow as the number of users or market increases. Because the overloaded server would result in slower processing and transactions might get interrupted.

“Uninterrupted Transaction” is one demand that most digital payment applications face. If your application cannot offer instant and uninterrupted transactions it would surely fail. High-speed internet and the hassle-free process would make it easier for the receiver and the payee to check the transaction right away. 

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With advanced technology and interesting phenomena, one can easily move forward and get the solution to their problems. If you want to have a solution that brings you the best results then, all you need to do is hire a team that understands the complexity of ewallet app development and can work on simplifying it. 

Final words

All the above-mentioned measures ensure that only the account owner accesses the account to make transactions. Companies offering money transfer mobile app development services should focus on deploying all possible measures to safeguard data, maintain confidentiality, privacy, and integrity.

Aside from these, as users, you need to be extra careful while using fund transfer apps. As they say, caution is better than cure. 

Here are some useful tips for the end-users to pay attention to when using mobile payment apps.

  • Lock up the e-wallet app with a secured password or pin or biometric solution (Face ID or Touch ID)
  • Initiate transactions to only people you know
  • Keep verification codes, OTPs, and other pins safe
  • Do not share codes with anyone
  • Download and use only the best money transfer apps
  • Take time to review the app’s security and privacy policies
  • Keep your personal and business money transfer accounts separate
  • Refrain from posting your transactions on social media
  • Keep transactions as private as possible
  • Default security settings are vulnerable – review them for the best solution

Hope it keeps you and your hard-earned money safe. If there’s anything you’d like to add or discuss, feel free to contact us.

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Arun Goyal

Managing Director @ Octal IT Solution, a prominent Mobile App Development Company offering cutting-edge iPhone App Development and Android App Development services to Startups, SMEs and Fortune-500 Companies.

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