As the ecommerce landscape continues to
change, it is more important than ever for your financial institution to be
able to keep up, so you can continue bringing better services and experiences
to your customers. One of the ways to do this is by having your own mobile
wallet developed specifically to reflect your organization’s brand and
objectives. Mobile wallets help simplify and speed up the payment of goods and
services. They are apps that allow your customers to link their digital money
or debit and credit cards, or other payment methods, allowing them to go
cashless or not carry physical cards.
Developing your own mobile wallet
will require taking the steps to ensure its security. Certain features will
make your app secure and safe to use, so you can protect your customers’
personal data and privacy and make them feel more valued by your financial
institution. Here are some of the top features you should consider for secure
mobile wallets:
- Synchronized data – The app should be able to store the customer’s crucial data, like their credit and debit card details, bank account number, and passwords, so it is easier to use them. It can have all that information synchronized with other devices or platforms that they use, like their desktop. The mobile wallet can have the data automatically or manually synced, depending on the user’s preference.
- Locations services – GPS tracking and navigation can be helpful to users of your app. Using these features, it may be easier to pinpoint the location of the user when the payment was made. In some cases, they may help customers find establishments that accept your e-payment services.
- One-time passwords – OTP is a handy security feature that will ensure secure logins to the mobile wallet. When a user logs in from another device, a one-time password can be sent to their mobile phone. This can be helpful in preventing unauthorized logins, in case the action was not performed by the user itself.
- Two-factor authentication – Just like one-time passwords, two-factor authentication provides an additional layer of security for mobile wallets. It ensures that the user’s account is only accessible on devices that they use and trust.
