Mobile Wallet Safety, Security and Privacy Tips

In recent years, such traditional methods of payment as cash and credit cards have become less common, because electronic wallets came into play. Many people still consider this technology new and tend to put more trust in old-fashioned payment methods. However, the best wallet app is a perfect modern solution. It is generally more secure for both customers and business owners, as well as convenient and mutually beneficial.

The safety of digital transactions via e-wallet applications is provided due to the following factors:

No physical wallet or credit card:

Cases of wallet and card theft are very common, while electronic wallet is an app, which can be reinstalled any time, even if it was deleted, or accessed through a website;

Protected personal data:

All e-wallets have specific algorithms of encrypting sensitive data, such as your name, bank account information, credit card number, etc. Nobody sees this information, because even during the transaction a unique code is generated and personal data is not used;

Secure for both parties:

It is also beneficial for business, as personal information of their clients is not stored with the company, which minimizes the possibility of theft.

Best Practices of E-Wallet Development

E-wallet technologies are in constant development in order to ensure the best customer experience. Many successful companies, such as Apple or Google, use electronic wallet software as a platform for their clients. Such technology is also accessible for any other business with the help of white label apps. Companies like Wallet Factory develop e-wallet soft at a competitive price. The cost of the system depends on the features included.

The technologies implemented in the apps provide a high level of security and stable operation:

QR code:

QR scanner is a built-in feature in almost any smartphone, which makes it easy and quick to scan a specific code and perform a QR code payment. Customer’s data is not required to pay this way;

Levels of authorization:

In order to log into the app, you need either to enter a PIN code or to use fingerprint identification. For gaining access to all functions, you need to verify your data through an agent;

Contactless payment:

NFC technology allows you to pay by simply holding your phone near a contactless terminal. This eliminates the necessity of carrying a credit card with you and inserting it into traditional terminals. This way, the chance of theft is minimal and personal data cannot be hacked.