How to Make Payments App Development more Secure?teckmovers
The money transfer app development market is evolving rapidly and is estimated to surpass a whopping $300 billion by the end of next year in the US. Further, China is also expected to touch an even larger sum of $6.3 trillion.
Of course, it’s no surprise that the payments-related app development market is roaring, and therefore, the opportunities for entrepreneurs in the field are growing too. This post is directed at helping you swift your way to success and help diminish your chances of failure.
Before we begin, there’s one thing you must know, though: nearly 80-90% of mobile apps are deleted or abandoned after one use. That’s right, just one, implying that you should know the challenges you’re about to face way before you face them and you know what you’re stepping into.
Your complete focus should be on the factors that go into the security of e-wallet app development. A payments app, if not secure, is not really of any use. There should be a seamless transfer of money between accounts and discrete data like personal information, transaction details, and accounts must be encrypted.
The Risks in Payments App Development
While good people are busy developing useful things, the notorious ones always find a way to defeat the purpose. The growth of mobile payment apps, hence, also means that the risks are on the rise too. Therefore, no matter what, an intense risk assessment and mitigation plan must be in order.
1. Risk to Privacy
Cyber threats like hacking and data leaks are the major concerns as hackers are always eyeing these opportunities. They interfere with stored data for their vested interests and we hear and read news of data breaches.
2. Risk Related to Correctness or Accuracy
When you’re developing an app that deals with money, a zero-tolerance policy is to be followed with regard to quality assurance and data accuracy. The development teams must be strengthened to defend the system from hackers who try to get into and manipulate the data received.
3. Risk of Fraudulence
One thing that’s the hardest to mitigate is the risk of fraud. You must not let anyone sneak into this private space of yours and have any private information. Especially when you are responsible for the information of thousands to lakhs of your consumers’ data. The rule should be just the same for all of your users; make stringent password and security question instructions to increase the security.
4. Risk of Conflict
The system can stop from working in an appropriate manner due to technical glitches or slow Internet connection resulting in all kinds of irregularity and conflicts between the transacting bodies.
Behind Making Payments App Development More Secure than Ever
Multi-factor or two-factor authentication (2FA) is by far the most frequently and widely used method. You have to pass two or several levels before you finally login or are able to do the transaction. Typically, an instantaneous one-time password (OTP) is sent to the user’s registered email or mobile device (via call or SMS); or, a security question appears where the answer is known only by the account owner. You can’t log in/transact without doing either.
2. SSL and TLS
Also used by WhatsApp, both Secure Socket Layer (SSL) and Transport Layer Security (TLS) are cryptographic protocols that use asymmetric and symmetric encryption techniques to protect user data. They grant an additional level of security to safeguard sensitive data.
3. Data Encryption
Data encryption guarantees a safe and secure transaction. It ensures that only those involved in a transaction can access the information either by a paraphrase password, a hardware device, or binary data, which are called access keys.
4. Blockchain technology
Blockchain technology provides you with an exceptionally high level of security. It’s an outstanding way of transferring funds at cheaper prices without compromising the security at all. Thanks to its decentralized nature, it also eliminates third-party verification services, further lowering the price. What highlights its brilliance is the toughness to hack this decentralized, distributed ledger that makes it super fail-safe and trustworthy.
5. AVS (Address Verification System)
This system can help you lessen the risk of fraud by verifying the address mentioned in the transaction by the one registered at the issuing bank. Once the verification is done, the transaction goes through smoothly.
Used by apps like Azimo and USDX Wallet, biometrics allow the transfer of funds in the most seamless manner possible by identifying the ownership of the device via Face ID or Touch ID. It right away verifies the user.
7. PCI (Payment Card Industry) Compliance
One of the essential steps of the money payment app development process is to get a Payment Card Industry’s Data Security Standard (PCI DSS). It’s a set of standards, protecting users from online money transfer frauds and data breaches. Do note that a hefty fine is charged if the business fails to hold the compliance.
8. Instant Server Solution
Keep a track of server load. The transactions might get interrupted and the overloaded server would result in slower processing.
Phased solutions will help to avoid exceeding load on the server. Begin with a minimum app containing the essential set of features and grow as the market or number of users increases.
Take care of these not-so-small things and you’re the best to go!
Hope you liked this blog!