If there’s one thing that indicates the revolutionary impacts of the 21st century, it is digital transformation. Slowly but surely, digitalization is spreading its roots throughout the industries. With the list of advantages it offers, it's no surprise that the importance of digital transformation is coming to light among businesses worldwide.
From grocery shopping to hiring handymen and stretching all the way to making everyday transactions, there’s barely anything you can’t find an app for. This is also the reason why the web development business is booming. One of the most interesting and advanced niches in the industry is digital wallet app development.
Such applications integrate emerging technologies to a large extent in order to bridge the gap between people and their finances. As a result, digital wallet applications are currently the global go-to solutions for quick and secure transactions.
Let’s understand how some frequently used technologies contribute to the success of digital wallets.
Leveraging technologies to empower Digital Wallets
Emerging technologies offer you a number of opportunities to grow your business, so it’s quite natural that they are being used at such a large scale. E-wallet applications are one such business that is becoming more and more successful each day by making use of tech tools and services. And with the exponentially growing numbers of digital wallet app users, the achievements of these apps are quite remarkable.
Read along to find out some of the newest trends in digital wallet applications and the technologies that power them.
Biometric authentication
Ever been confused between all the different passcodes for all your cards and digital wallet apps? Biometric authentication is the perfect solution for situations like these. Face recognition, voice recognition, fingerprint scanning, and more are some of the most widely used authentication technologies. With the use of biometric scanners embedded into your mobiles, you can store your unique identity in the application’s cloud.
Now, whenever you wish to make a transaction or even just access the app, you will be able to get through the authentication process with just your biometrics. With the use of biometric authentication, you surpass the need to manually add your passcodes. Not only does the use of such technologies lead to a frictionless transaction, but also adds a layer to the security system of the app.
Evergrowing payment options
Thanks to technologies like Near-Field Communication(NFC) and Quick Response (QR), payment options have grown way beyond cards and cash. NFC utilizes the radio field to enable communication between the payer and the payee’s device. This radio field is often deployed through an NFC chip. QR code technology, however, relies on encrypted codes which store the information of the transaction.
When you scan these codes, you enter a QR terminal which decodes the encrypted information and enables you to approve the transaction. This is how QR code technology helps you achieve a seamless and secure environment for making everyday payments. Additionally, there are multiple peer-to-peer payment options that allow you to exchange money with your contacts and peers with utmost ease.
Third-party services
Digital wallet applications play a crucial role in streamlining payments for you. Be it paying utility bills, accessing insurance services, or making everyday payments, e-wallets are a one-stop solution for all your transactions. Such capabilities of digital wallet applications are only available with the help of seamless API integrations.
Additionally, you also receive service recommendations with the help of personalization systems. The driving force behind these personalization systems is none other than Machine Learning algorithms.
Is technology bringing a secure future for digital wallets?
If you take a look at the transactions happening all around you, you’ll realize that almost all of them are happening digitally. Therefore, E-wallet applications prove to be an important factor when it comes to the global adoption of digital payment methods.
Moreover, as discussed in the above pointers, you’ll notice how artificial intelligence and NFC play a crucial role in these apps. But that’s not all, soon, you’ll be able to spot more and more technologies incorporated into e-wallets. The core of all will remain the same, to improve people’s accessibility to their finances.
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