In recent years, traditional payment methods such as cash and credit cards have become less common as e-wallets have come into play. Many people still consider this technology to be new and tend to trust more old-fashioned payment methods. However, the application e-wallet is the perfect modern solution. This is generally safer for customers and business owners, and is also convenient and mutually beneficial.
The security of digital transactions through the e-wallet application is ensured by the following factors:
- No physical wallet or credit card – cases of wallet and card theft are very common, while e-wallet is an application that can be reinstalled at any time, even if it has been deleted;
- Protected personal data – all e-wallets have special encryption algorithms for sensitive data such as your name, bank account information, credit card number, etc., which allows this product to be used as application for mail, or banking. Nobody sees this information, because even during a transaction a unique code is generated and personal data is not used;
- Safe for both parties – it is also beneficial for the business, as the personal information of their clients is not stored in the company, which minimizes the possibility of theft.
Best Practices for Developing an E-Wallet E-wallet
technologies are constantly evolving to provide the best possible customer experience. Many successful companies like Apple or Google use e-wallet software as a platform for their customers. This technology is also available to any other business through white label applications. Companies like Wallet Factory are developing a competitively priced e-wallet platform. The cost of the system depends on the features included.
The technologies implemented in the applications ensure a high level of security and stable operation:
- QR code – QR scanner is a built-in function of almost any smartphone that allows you to easily and quickly scan a certain code and execute transactions. Customer data is not required for payment in this way;
- Authorization levels – To enter the app, you either need to enter a PIN or use fingerprint identification. To gain access to all functions, you need to verify your data through an agent;
Contactless payment – NFC payment technology allows you to pay by simply holding your phone near a contactless terminal. This eliminates the need to carry a credit card with you and insert it into traditional terminals. Thus, the likelihood of theft is minimal and personal data cannot be hacked.