FinTech App Development: How to Build a Secure and Customer-Friendly Online Payment Solution

The current scenario marred by the COVID-19 pandemic has opened a great opportunity for online service providers. What’s more, the rapid progress of e-commerce has resulted in the commencement of online payment solutions in the form of mobile apps, e-wallets, and so on.

Also, a study from Statista has revealed that there is a constant surge in online payment industries and has risen to the profitable business of $4.1 million and is still on the upward path. Why? It is because the life standard of people has increased and they want no hassle and tussle in online payment.

But here comes a challenge! Starting an online business is easy but accepting online payments is the most intriguing aspect for an online service provider. Though it is not as much difficult as it seems, yet it needs a money transform option through a FinTech software solution that collaborates with other solutions to create a unique and single online payment platform.

Nevertheless, FinTech offers an organization to take the help of a 3rd party solution. It will help them to make the online payment option more secure and within the budget of the customers. Is it possible? Yes, as FinTech comes with innovative solutions to take the advantage of the present situations and create a unique opportunity to make online payment easy and safe.

Now with the help of FinTech app development companies, it is easy to create cool customer-friendly online payment solutions apps that come with robust security features.

I. Online Payment Solution must have Full Proof & Protected Payment Integration System

When a person thinks of performing a financial transaction, one thing that comes to their mind is the safety of their money. It also implies the functioning of an online service provider. Even using a secure integrated system, customers get frustrated due to the presence of ample regulations. It results in loss of transactions, delay in the accomplishment of payment, and even extra expenses from the pocket of the customers!

To cope with such difficulties, the implementation of a FinTech application development solution is the only way to move forward. It provides various security solutions to decrease any minute chances of the occurrence of fraud. How?

The answer is the presence of real-time tracking that brings transparency in the transfer of money online either via domestic or international payment. Thus, customers are ensured that their money has reached the legal person.

Furthermore, the arrival of new technologies such as VPN and firewalls has already boosted the popularity of FinTech app solutions. Thus, it has become almost impossible for hackers to get access to customers’ financial data.

Likewise, the use of blockchain transactions has made it difficult to alter or delete the payment records. Similarly, there is a digital recording for each transaction made. It permits customers to get information about the transaction and can even detect online fraud.

II. Online Payment Infrastructure Must Include Cloud Computing to Avail Multiple Payment System

The main emphasis on online business is offering services beyond the local borders. Though a profitable venture, one has to be ready to deal with new currencies in each new geographical location across the globe. Besides, one has to face different rules and regulations and even requires operating multiple bank accounts.

Furthermore, one has to ensure that the business must consider the above facts and prepare to align successfully with international trade rates and taxes (not to forget charges). Is there any solution to manage it gleefully? Yes, there is in the form of a FinTech website development solution.

It has been made possible by adopting the cloud computing technique right from the beginning. Why is it so essential? It is vital as it makes the procedure of accessing information easy. Moreover, it even reduces the cost associated with setting up the financial structure of a company.

So, companies can utilize it to scale their financial online payment services with minimum resources and efforts. It can be done by taking the help of 3rd party payment system to do services such as the conversion of customer’s currency to local currency with less difficulty.

Furthermore, it also helps in the secure and swift movement of personal and financial information in the app. How? By offering tools to enhance the understanding of the customers in different locations that makes their functioning more feasible.

III. Online Payment System must Include Client-Friendly Features

In recent times, smartphones have become an inseparable part among the customers for performing functions such as face recognition and voice commands. Keeping the given feature in the mind, FinTech companies are integrating them to enhance the productivity of the payment network of any company.

In addition, customers are at a great advantage as they can utilize such biometric info to minimize the risk of fraud. Yes, it’s true! FinTech helps in creating a secure channel for the users to perform their transactions without the need for complex login identifications.

What’s more, it also comes with a user-friendly interface that supports different payment options like e-wallet, cards, mobile payments, and other modes successfully. Apart from the payment, FinTech also comes with the noble feature of integration of recurring payments and tracking of the payment to provide utmost satisfaction to the customers.

IV. Thinking Ways to Create Secure and Free-of-Flaw FinTech Apps

Data theft and fraudulence are few drawbacks that come with the online payment system. Companies across the globe have reported thousands of data breaches that not only leak crucial data of the organizations but also put a question mark on the privacy of customer’s data.

To solve the security issues, FinTech companies come with technology that uses SSL certification, data encryption, and various other methods to protect the essential customer’s data. Furthermore, numerous aspects help in maintaining the security aspect of the FinTech app and include:

Ø Inclusion of a secure network in FinTech-run app

Ø Implementation of the vulnerability detection procedure

Ø Regular monitoring and testing of the FinTech-based payment system

Ø Creation of app that strictly adheres to the information security policy

V. FinTech App Solutions must Offer High Conversion Rates

Recent studies have revealed that the abandonment rate of the online cart addition is approximately 70%. It shows that out of 7 people who add products to their online cart does not complete the purchase procedure. Why?

The major reason is that the presence of complex payment processes that frustrate the patience of the customers and compel them to forget the online purchase of the product. But there is no need to worry as FinTech website development services offer the perfect solution!

FinTech systems create such a payment option that reduces the need of entering unnecessary details by customers in their online accounts. With the wide accessibility of smartphones, performing financial transactions has become somewhat easy. Likewise, it will also increase the loyalty of customers through enhancing their user experience. Thus businesses see a spike in their sales manifold.

Final Thought

The present world is internet-driven and the hottest trend dominating the psyche of people is the online payment system. To make it more convenient among the customers, the FinTech app solution helps in converting it into a unique one to help customers get rid of the regional and international barriers.

Moreover, it also helps in addressing various issues like smooth financial transactions and availing of financial services. In addition, the presence of new technologies in FinTech helps in improving the security of ultra-sensitive personal data through high transparency. In this way, winning the trust of the people is easy now.

With the above-given aspects, it is not much difficult to create an online payment solution that is secured, as well as, customer friendly. So, before opting for online payment, one must encapsulate the power offered to the customers through online payment, and how it results in immense customer satisfaction.