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Development of a complete Digital Wallet System

Objective

The objective of this project was to develop a digital payment application that can be accessed for all sorts of online monetary transactions. The goal was to create a system that can be linked with the user's bank account to make payments directly. Moreover, the application is supposed to facilitate the concept of promoting paperless monetary transactions.

Client's requirement

The client's strategic requirement for this project comprised the deployment of a digital wallet that would benefit numerous stakeholders, including banks, retailers, regulatory authorities, and consumers. From the security aspect, the project needed to have a high level of effective security mechanism for digital wallets to run online transactions.

Client: FinTech Companies

Services: Digital Wallet System

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Challenge

Some of the challenges our team faced while developing this project were:

Detection of fraud and risk mitigation

To create a system that adheres to the risk minimization architecture is a challenge in itself. The risk of using a digital wallet to make payments is related to data breach, data loss, hacking, virus attack and creating a system to prevent the data loss was another major challenge for our developers' team. Azure, was crucial. It was difficult to overstate the harm to a company's reputation in an emergency situation if the system went down and a substitute is so easy to find.

Technical hurdles

A strong encryption system is enabled to prevent data loss and to make the payment system more secure. The planning, upholding, implementation of a secured channel and fraud detection technology was a huge challenge for our team.

Making App responsive to all kinds of features

The market for digital payments includes all deals involving digital media as well as the associated goods and services. To send and receive money, digital payments use digital tools including the internet, mobile devices, Payment API, and automated machinery. It was a huge challenge to integrate all the components that would provide a fruitful outcome in accordance with the requirement.

The Need for regulatory compliance

The technology that is allowed by the government must be chosen for the app development, this can limit the functionality and technical advancement of the wallet. Developing a swift technology with numerous objections is challenging in itself. The digital payment services are abided according to the law imposed by the regulatory body of the nation. . If a country forbids the provision of specific e-Wallet services, you cannot offer them. Due to the changing rules and compliances of the regular, there was a bit of a threat of compliance change that may arise in the future.

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Solutions

User Panel Features

The user panel section will display all user-related activity, including settings, notifications, and profiles.

  • Signup via the email address or phone number
  • Add authorized bank account
  • Verification option via pin, pattern, and Face ID
  • QR code scanner
  • Transfer money or pay bills
  • Check account balance
  • View transaction history
  • Language selection
  • Chat support
  • Notification
  • Admin panel features
  • A safe login to a dynamic dashboard
  • Create a QR code
  • Control users and merchants
  • Analytics in real time
  • Maintain your attention on the app's security

Auditing and Reporting

Merchant Panel Features

Several tools that include managing products, order lists, discounts, customer interaction, etc. are integrated into the merchant panel such as:

  • Log in to an interactive dashboard
  • Manage and add goods
  • Verification options include Face ID, patterns, and pins
  • Managing clients
  • Add special deals and promotions
  • Offer prizes and points for loyalty
  • Control personnel and workers
  • Using push notifications

Integrated Services

Top-up & Recharge

The Easy top-up features help users to easily recharge their phone with one tap. The technical integration is done on the Bank's end and the telecommunication end. API integration in the bank end facilities users to top up their wallets and the balance in the wallet gets deducted once the recharge is completed. Whereas, the balance in the client’s account gets credited. And the user will receive top-up notification.

Utility Bill Payments

The utility bill payments can be effectively done using the wallet app. If the wallet has enough credit, then the users will be able to pay their payments online, including rent, gas, electricity, mortgages and every other utility payment.

Fast Self Registration

Typically, we maintain this self-registration process when our fintech app developers create wallets:

  • Download the application
  • Follow the KYC process
  • Confirm registration through OTP
  • Set up the password and login
  • Link cards
  • Add money to the wallet

Transfers between and to Bank Accounts

The software offers a wide range of options for sending and receiving personal or business money transfers with only a few clicks. The clients should be able to transfer money to and from any bank using the e-wallet service features, including transfers to and from their accounts at the same bank as well as transfers to accounts at different banks.

Reward options for Purchase

The reward point is the calculation feature provided by the wallet to reward the users upon using the wallet for the transactions. There also are personalized features like rewards, coupons, and discounts for expanding customer loyalty.

Paying from one account to another

This application is also designed in a way that it can be used for P2P payments solution (peer-to-peer) which enables the clients to send non-instantaneous money between two devices with just a few taps. Consumers can instantly pay and send money by using the service.

Paying for goods and services with Contactless Technology

Using various contactless technologies including static and dynamic QR codes, EMV, and others, the application enables digitizing merchant payments. The QR payment way that retailers have embraced these technologies is very admirable. One of the most popular features employed by leading providers of digital wallets is the ability to accept payments via QR codes.

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software development company
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Results

The software immediately became one of the most extensively utilized apps on the market for online purchases. The app has 420,398 active users and covers 90% of the market share. Through its own nationwide agent network, it offers hundreds of services and has 51 banks connected to its system.

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Office: 01-4534586

Sales: +977-9801022387, 9801879217

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Email : [email protected]

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Lal Colony Marga, Kathmandu

01-4534586

+977 9801-022-389 (Sales)

+977 9801-880-284 (HR)

[email protected]

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Company

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Expertise

Copyright 2022 |All Right Reserved