Sep 13, 2020
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eWallet App Development – R Pay Wallet
If we start discussing the eWallet app development, the first thing that is required be stated here is: going digital has become the need of the hour. The revenues generated by the cashless industry reached around $2.5 trillion in the year 2019.
Now with such escalation rates, we can describe the eWallet mobile app development as one of the hottest industries.As per current figures and statistics, around 75% of the users know about the digital payments and around 40% of them find no issues in using such models.
So, no matter whether you are running a retail counter, a grocery store or an online eCommerce portal, mobile eWallet is turning out to be a basic necessity for the today’s economy.But while framing the roadmap to the eWallet mobile app development, one must know how to use and implement it in the right direction in order to conquer a high user’s base.
eWallet for the retailers: In this context, the title itself defines the purpose of the eWallet. An app integrated with aforementioned wallet allows the users to make the payments and store all the coupons and the discounts that are associated with the product. The cost for developing such wallets ranges between $20k-$60k
For the financial organization: This is meant for the cardholders thus are mostly used by the banks and card issuing agencies. The cost for developing such apps lies between $15k-$50k
For the cards : These types of eWallet mobile app confines to credit and debit cards usability. Such type of eWallet apps acts as an intermediate and allows the users to swap the card for processing the payment further. Google Pay, PayPal etc are the best examples in the niche.
Now since you have gathered brief information about the types of eWallet, let’s proceed towards the domains where the online payments models are commonly used.
Well, your eWallet mobile app must support all kinds of payments models. Just sticking to one or two models is not sufficient. In order to make a mark it must be able to act as a universal product, thus must be capable of serving all the models one at a time. Users use the payment models for accomplishing the below activities:
1.) For purchasing the goods and products
2.) For immediately transferring the funds
3.) For enabling POS payments The above two are the basic forms of payments but implementing the POS payments is where the actual effort lies. Reason being it can be implemented and executed in different ways.
Mainly there are 4 ways associated with it:
1.) QR code: This is one of the most prominent models of POS. In this approach, the business just stores their encrypted QR code over the cloud, the users can simply scan it for processing the payment further.
2.) NFC: It is can be described as a contactless payment between two enabled NFC devices. In this approach, the account or the card detail is saved in the digital form. As soon as the request for the payment occurs, the information from the NFC is automatically extracted and is directed to the payment gateway.
3.) Beacon: In this method, the payments can be processed further in the offline mode as well. Here the users are not required to swap the card for making the payments. The POS terminal will fetch the details from the cloud so as to process the payment in a hassle frees way.
4.) Payment app: In this method, different vendors can link up with any of the payment gateways. Apple pay, Google Pay, PayPal etc are already expanding their network for making the transaction in a similar way and are the best examples in the niche.
Focus on security
While developing a eWallet mobile app, a proper guideline must be framed in order to address concerned security issues. If we go by some figures and statistics, around 40% of users consider online payments as an insecure way of making payments. Reason being they may lose their devices or probably their account information might even get hacked. The best technique that combats with such issues is tokenization. In this system, a onetime number is generated for the user that corresponds with their credit/debit card information. The token generated can only be controlled and detokenized by the service provider.
There are three types of tokenization techniques that are commonly used:
1.) While making the online transactions, the card or the account details cannot be analyzed by the merchant, it is tokenized, the moment users update some information.
2.) Tokenization at the POS terminal occurs as soon as the card is swiped.
3.) The payment providers tokenize the users’ PAN and the information is stored on the device, in case of Apple and on Cloud, in case of Android.
So, for developing fully secured eWallet mobile app, there are some other attributes that must be added in order developed a sophisticated eWallet mobile app.
1.) Track the rewards, coupons and the aggregator.
2.) The digital receipts
3.) Provide familiar approaches to redeem coupons and the deals.
4.) Allow the users to view the actual cash flow pertaining to their purchases within a mobile app.
5.) Make your eWallet mobile app authenticated
Other than adding these features, there are some more features that must be added so as to provide an enriching experience to the users and to perpetuate a positive growth for the businesses.
1.) Provide linked payment options (Credit/Debit cards, online payments)
2.) Access to coupons and discounts
3.) Timely notifications
4.) Reminders
5.) Location-based services
Roamsoft introduces a digital wallet platform “R Pay” with customer app, merchant app, end- to- end admin panel. If you want to possess your own digital wallet solution then R Pay is the right choice.
R Pay, secured online payment solution helps your businesses grow and have your business in the palm of your hands. R Pay provides features like hassle- free sign up, load and send money, withdraw cash, pay merchants, buy tickets, instant notification, limited liability etc.
R Pay Wallet - QR code Technology
QR code
A QR code (quick response code) is a type of 2D bar code that is used to provide easy access to information through a smart phone. In this process, known as mobile tagging, the smart phone's owner points the phone at a QR code and opens a barcode reader app which works in conjunction with the phone's camera.
Where QR Code can be used?
QR codes can be used for anything and everything. They are also beneficial for both customers and businesses.
· Events/ Airline tickets
· Mobile coupons/Loyalty cards
· Mobile Payments etc
Static QR code
Static QR Codes are QR Codes that can't be changed once they are made. These are, for instance, email and content Codes, which don't accumulate any tracking measurements.
What is a Dynamic QR Code?
While Static QR Codes contain fixed data, Dynamic QR Codes have the likelihood to be altered after fruition. Both the kind of QR Code and the substance are editable the same number of times varying. They utilize a short URL to send clients to the point of arrival of your craving just as screen measurements for data, for example, the number of scans, location and operating system used.
Depending on your needs, both QR Codes are useful
While Static QR Codes are not ideal for the business or marketing world due to their lack of adaptability, they do function well for personal use because you are likely not tracking your campaign metrics. Nonetheless, if you do use a Dynamic QR Code for personal use, at least the information is still always editable.
Advantages of using Dynamic QR codes
Monitor important statistics
The most compelling motivation why you would choose a Dynamic QR Code is that you can gather all the tracking data from it. These incorporate measurements, for example, when and where it was scanned, just as the working arrangement of the gadget utilized. These are the key components to getting whether your promoting effort has been effective. This allows you to make necessary adjustments to improve the campaign based on this data.
Add or change information easily
A second critical advantage of Dynamic QR Codes is that you can alter then after they've been printed. Let's assume you add another point of arrival to your site, you've chosen to change from composed substance to a video or you need to add additional data to the QR Code. The entirety of this is variable anytime and the same number of times as you need, which sets aside both time and cash.
Possibility to fix mistakes
Possibly the connection you've added to the first QR Code was an inappropriate one? Or then again an inappropriate PDF was given for download? Dynamic QR Codes eradicate any kind of stress with regards to mistakes, indeed because of their editability. Rather than making a totally new Code, basically alter the Code to fix the slip-up and issue solved!
As digital payment plays a vital role, Roamsoft introduces a digital wallet platform “R Pay” with customer app, merchant app, end- to- end admin panel. If you want to possess your own digital wallet solution then R Pay is the right choice.
Rpaywallet Demo: https://www.rpaywallet.com/e-wallet-demo
R Pay Wallet - QR code Technology
QR code
A QR code (quick response code) is a type of 2D bar code that is used to provide easy access to information through a smart phone. In this process, known as mobile tagging, the smart phone's owner points the phone at a QR code and opens a barcode reader app which works in conjunction with the phone's camera.
Where QR Code can be used?
QR codes can be used for anything and everything. They are also beneficial for both customers and businesses.
· Events/ Airline tickets
· Mobile coupons/Loyalty cards
· Mobile Payments etc
Static QR code
Static QR Codes are QR Codes that can't be changed once they are made. These are, for instance, email and content Codes, which don't accumulate any tracking measurements.
What is a Dynamic QR Code?
While Static QR Codes contain fixed data, Dynamic QR Codes have the likelihood to be altered after fruition. Both the kind of QR Code and the substance are editable the same number of times varying. They utilize a short URL to send clients to the point of arrival of your craving just as screen measurements for data, for example, the number of scans, location and operating system used.
Depending on your needs, both QR Codes are useful
While Static QR Codes are not ideal for the business or marketing world due to their lack of adaptability, they do function well for personal use because you are likely not tracking your campaign metrics. Nonetheless, if you do use a Dynamic QR Code for personal use, at least the information is still always editable.
Advantages of using Dynamic QR codes
Monitor important statistics
The most compelling motivation why you would choose a Dynamic QR Code is that you can gather all the tracking data from it. These incorporate measurements, for example, when and where it was scanned, just as the working arrangement of the gadget utilized. These are the key components to getting whether your promoting effort has been effective. This allows you to make necessary adjustments to improve the campaign based on this data.
Add or change information easily
A second critical advantage of Dynamic QR Codes is that you can alter then after they've been printed. Let's assume you add another point of arrival to your site, you've chosen to change from composed substance to a video or you need to add additional data to the QR Code. The entirety of this is variable anytime and the same number of times as you need, which sets aside both time and cash.
Possibility to fix mistakes
Possibly the connection you've added to the first QR Code was an inappropriate one? Or then again an inappropriate PDF was given for download? Dynamic QR Codes eradicate any kind of stress with regards to mistakes, indeed because of their editability. Rather than making a totally new Code, basically alter the Code to fix the slip-up and issue solved!
As digital payment plays a vital role, Roamsoft introduces a digital wallet platform “R Pay” with customer app, merchant app, end- to- end admin panel. If you want to possess your own digital wallet solution then R Pay is the right choice.
Rpaywallet Demo: https://www.rpaywallet.com/e-wallet-demo
Online Payment Solution – R Pay Wallet
Why do online payments fail?
When you're starting a payment on the web, there are numerous components that go into causing the payment conceivable and a solitary glitch in any of these substances to can prompt an online transaction coming up short.
This, obviously, can be very baffling, taking into account that there is a huge measure of trust that goes into putting your bank subtleties online to start an exchange. Frequently, shoppers and organizations accept that the payment gateway is to blame, and this can prompt them choosing other payment doors to lead their transactions.
Be that as it may, rather than picking lesser-known portals that may not offer a similar degree of security as a portion of the main ones, you should comprehend why the transaction is flopping in any case.
The information relating to a solitary transaction experiences a progression of loops before it arrives at its last goal. These loops fluctuate from passage to entryway as each one has its own safety efforts set up.
At each progression, there are sure safety efforts that you could conceivably be aware of. One such safety effort is the use of an OTP, which comes into the image to validate the payment and guarantee that the individual starting the payment is undoubtedly the individual who possesses the card. Once that is cleared, the payment is started and charged from your account.
When you are applying coupons or card related limits, at that point the information stream can have a couple of extra strides to it that consider the varieties and happen as needs be.
Let’s take a look at why these online payments tend to fail!
Downtime
All banks have their own personal times set up. A portion of these are booked ones while others are unscheduled.
Incorrect data
Regularly, the purpose behind a declined transaction can be a straightforward one – you entered wrong information, because of which the transaction couldn't be approved. This happens most usually when we're in a rush and aren't generally giving a great deal of consideration to the data we're punching in.
Security concerns
At last, another motivation behind why an online exchange can be declined is on the grounds that your exchange has hailed a couple of security concerns.
The parameters for being hailed fluctuate from bank to bank and some may have exceedingly forceful measures set up with regards to security, while others might be a little laxer in correlation.
Something as basic as a bank feeling that a transaction does not coordinate your run of the mill spending examples can prompt the exchange being put on hold or declined through and through.
There are many reasons why the transaction can be declined. Some of these are:
Risk:
If there is a security risk from the side of the issuing bank, this can prompt the transaction being declined. A case of a situation when this happens is the point at which a card is set apart for household use and is being utilized for a universal site. In such cases, the exchange is declined
Payment gateway rejection:
The payment gateway that you are utilizing may dismiss your exchange. This regularly happens in light of the fact that specific traders may have a maximum utmost on transactions. On the off chance that the exchange surpasses that sum, it gets declined. In such cases, the purchaser needs to make numerous exchanges until the ideal sum is come to
BIN dismissals: The BIN represents Bank Identification Number and is commonly the initial 6 digits of the card. These digits for the most part connote the system and the bank that the card being referred to originates from. A few BINs are boycotted because of the danger of extortion. In the event that your BIN has a place with the Blacklist, at that point the exchange gets rejected
As E Wallet plays a mighty role in today’s business world, Roamsoft developed a digital wallet solution, R Pay with mobile friendly features, well documented API s, plug-ins that suits all major Ecommerce platforms.
Visit to free demo : https://www.rpaywallet.com/e-wallet-demo