With smartphones and the Internet becoming inevitable, the market for digital wallet apps has been growing massively in recent years. With people preferring digital payments for their convenience, entrepreneurs are eyeing to make the most out of the current situation. Apps like PhonePe, Paytm, Mobikwik, etc., have already gained a stronghold of the emerging market.
Are you an entrepreneur aiming to launch an app like PhonePe? If so, you need to know the security aspects that can safeguard customer account details. This blog discusses such security options to incorporate in a PhonePe clone.
Adhering to regulatory compliances: Numerous financial regulatory bodies have formulated stringent rules to prevent fraudulent activities. Ensure that your platform adheres to regulatory compliances like FDA, SEBI, etc.
Tokenization: Tokenization is a process of transforming sensitive information like account details, card numbers, etc., into a string of raw characters that have no meaningful value if breached. Introduce tokenization to enhance the security of your digital wallet platform.
Biometric-based access: Fingerprint and face recognition systems are recent technological advancements that make a digital wallet app more secure. Incorporating biometric-based access has become the need of the hour.
3D security: 3D or 3-Domain security is an additional SSL protocol to secure credit/debit card transactions. Pave the way for absolute privacy by having 3D security in your platform.
The need for security and privacy among consumers is broadening boundaries in this digitally-driven world. Integrate these vital elements in your PhonePe clone script and ensure that your digital wallet app provides an unparalleled experience to users.