As per statistics, as many as 47% of people in United States Of America have experienced some sort of financial identity theft. In addition, the report states that the total amount lost to financial theft had increased by 42%, becoming a total of $712.4 billion.
These numbers are worrying. And the fact that the financial industry is becoming a big target of fraud only adds to the problem. So, what is the solution? Well, the answer is technology. Confused? Let us explain.
We are talking about Fintech and the eWallet app. You see, as with everything financial industry is also transitioning to modern technology. And one of the highlighting solutions is the Ewallet mobile app.
Therefore, in this blog, we shall be discussing everything related to eWallet and consumer privacy. So, let’s start by looking at, what is an Ewallet app exactly:
What is Ewallet App?
So, what is e-wallet? As the number suggests, this is the term that refers to the electronic wallet. However, this should not be confused with a bank account as they are both drastically different.
eWallet App allows you to keep money in the app itself through which you can easily pay to merchants, shops, online, and so on. This can be easily done with QR code scanning. In addition, you can also transfer the funds to friends through the app.
Moreover, the eWallet app like Google Pay allows you to recharge your mobile phone, pay the bills, and top up DTH services, among other things. While there are many other things to the Ewallet app, you get the gist of it.
Why Privacy is a Big Concern?
Now that we know what an eWallet app is, let’s discuss why privacy is a big concern. While this phrase explains itself, there is still some talking to be done about it.
You see, since modern technology has been introduced to us, time and time again we have been made to choose between privacy and convenience. With more modern features and automation, the border of privacy is growing thinner and thinner.
As of today, people have even come to doubt even the security of mobile payments. As the number of financial identity threat and frauds are increasing day by day.
Moreover, the information you might lose with the loss of privacy can be something that you don’t want to share with anyone. This includes your bank details, the amount of money you are spending, your address, and even your behavior pattern.
Another fact that adds to the problem is, that you don’t know where this data is going and who is using it. This is the reason why privacy is a big concern in today’s time. And this begs the question, how do you fight this?
The answer to this is the eWallet App. Let’s see, how these fintech mobile app development solutions can help ensure consumer privacy.
How Ewallet Mobile App Ensures Consumer Privacy
While there are some risks of e-wallets just like everything else, they can be easily foreshadowed by the advantages. If eWallet app development is done right, it can ensure top-level privacy and security for the consumers.
Let’s look at some of the eWallet system design and features that make it secure:
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Security through Tokenization
It goes without saying that it is important for eWallet applications to provide secure online payment gateways, enabling fast and secure payment. Because as we already read, there are many threats to the privacy of the users these days.
Now, no one wants to compromise their personal information, which is the main point of this blog. And this can be confirmed by adding tokenization technology to the App. Ewallet research paper shows that there are many benefits of adding this tech to the fintech solutions.
Let’s see how this technology works. Here, you need to verify that you are the rightful user before making a transaction. Now, this is done by sending an OTP to your registered mobile number or email address.
It is only after putting in the OTP that the transaction will be initiated, making the whole process quite secure.
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Double Step Verification
Double step verification or dual step verification is one of the main features of the eWallet mobile app. As the name suggests, this feature adds to the level of security. The first layer can be an offline or physical layer meaning a pin code or biometric verification.
As for the second layer, it is usually email ID or phone number enabled OTP verification. Meaning when you try to login or make a payment, an OTP will be sent to your phone. You can say that double-step verification involves regular security with added tokenization.
This is something that comes in quite handy when you want to make a secure payment. While there issecure payment gateway integration, this feature reduces the chance of fraud significantly. This is how an eWallet enables high-level security and protects consumer privacy.
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Transparent operations
Another advantage that you get with eWallet applications is that they provide a high level of transparency to the consumers. This is one of the points that add to the e-wallet security and makes it safe for the user.
Here, you can look at your past transaction, look at the status of the same, and check your bank account transactions, among other things. Moreover, you can add the money to your in-app wallet making faster and safer payments.
And as we all know, transparency only adds to the feeling of safety and overall privacy of the consumer.
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AI Fraud Detection
Artificial Intelligence mobile solutions have been around for a while. And one of the advantages that AI offers is that it can adapt and learn from the ongoing situation. As such, one of the top applications of AI & ML solutions is that they can be used for fraud dedication.
While this doesn’t sound like much, the AI fraud detection system has been a big part of the eWallet mobile application development process. This has helped many big financial institutions, as well as average consumers, protect themselves against fraud and financial identity theft.
This is yet another technology embedded in eWallet application development that ensures it is safe and the privacy of the consumer is not compromised.
Conclusion
Privacy is one of the largest concerns across modern technology. But it becomes 10 times more concerning when it comes to Fintech apps like eWallet. Now, in this blog, we show how the problem can easily be solved with the right application of Ewallet solutions development. So, if you want to create such an app, it is recommended that you consult and hire Mobile app Developers.
