In this blog, you will get to know,

• Types of eWallets
• About one of the very unique eWallets, Venmo
• App features of Venmo which you have to ask eWallet app development company to add in your app.
• Opportunities and challenges for eWallets
• How much does it cost to develop an eWallet app like Venmo?

Types of eWallets you need to know before going for eWallet app development

 
There are major five types of eWallets. These are,

Open wallet

The open wallet lets users buy goods and services. It also enables the users to withdraw the cash and transfer the fund. Generally, an eWallet which is offered by banks or an eWallet which has exclusively tied up with banks can be considered as an open wallet. M-Pesa is the best example of an open wallet.

Semi-open wallet

Semi-open wallet only lets users transact with merchants who have a contract with the companies. This type of wallet doesn’t act like a bank. Instead, semi-open wallet relies on the banks which processes the user’s request to top up money in eWallet from the bank.

Closed wallet

Only E-commerce sites offer closed wallet to store the money of users in the case of refund.

Semi-closed wallet

Semi-closed wallet allows users to purchase goods and services from the registered merchants. However, a semi-closed wallet doesn’t permit cash withdrawal.

Social wallet

The social wallet has all features like a semi-closed wallet, but it works on the principle of sharing. Users can make friends, share the payments and comment on their friends’ payments. They get all notifications like a social media app and they can see the transaction activity of their friends in the news feed.

Venmo which is the social networking enabled eWallet was founded by Andrew Kortina and Iqram Magdon-Ismail in 2009. In one of his interviews, Andrew stated that they initially wanted to build the payment solution for their friend’s yogurt shop. While building it, they found out how terrible point of sales software was at that time. And then one day, when Magdon-Ismail forgot his wallet during a trip to visit Andrew, they decided to employ learning and inspiration they had got while developing a payment solution for the yogurt shop to build the seamless way of payment. Their initial service enabled users to send money through the SMS, but eventually, with the evolving of advanced FinTech app development techniques, they developed a dedicated mobile app. In 2013, PayPal acquired Braintree which had already acquired Venmo in 2012.

Venmo includes the social networking interaction which was created to split the bills between friends quickly. When a user pays somewhere using Venmo eWallet, the transaction details are shared on the news feed like a social media app. However, Venmo does offer some privacy setting. Users can select any one privacy setting option from the three available options – ‘World Wide’ , ‘friends only’ and ‘personal’.

Because of this exclusive feature, people embraced Venmo, unlike any other mobile app. Following graph clearly depicts that how rapid growth Venmo has witnessed during its initial years.

Moreover, according to the Similar-Web data, Venmo is 2nd ranked most popular finance app in the USA.

App features of Venmo which make it second to none

 
Creators of the Venmo went an extra mile and developed an eWallet app which provides an experience like social media app. This step of the Venmo’s founders can be considered as one of the most tactical steps in the FinTech industry. If you want to be successful with your eWallet app, it should have some rare features like Venmo.

Following are the top features of the Venmo app which you have to ask eWallet app development company to integrate into your eWallet mobile app.

• Users can add money in the eWallet using a debit card, credit card, and bank account.
• A news feed shows the details of all recent transaction of friends.
• Users can comment on their friends’ payments.
• Users can easily split the bill. They can even make groups of friends.
• Users can track all payments in one place.
• Users can request the money from the friend.
• A user profile contains all information of users including their payment history.
• The app encrypts all details before storing it.

Which are the top opportunities and challenges for eWallets?

 
Though, there are a lot of eWallets are available in the market, the probability to be successful with your new eWallet app is still high as a lot of services and markets are still left unexplored. By knowing the opportunities which represent the market scope and by knowing the challenges which you have to overcome, you can uproar the eWallet industry.

► Opportunities

» Increase of smart-phones

It is known to everyone that the number of people who use smart-phones is increasing like never before. It is anticipated that the global smartphone users will reach 2.87 billion in 2020. These many smartphone users are a great sign for you if you want to develop an eWallet app like Venmo. Because now you can acquire more customers while keeping the cost to acquire a customer minimum.

» Rural areas

Almost all entrepreneurs let the market of rural areas fall between cracks. They don’t bring the market of rural areas in the play while filling the business model canvas and so, they end up leaving out a large number of potential users. It seems like they are not still aware of the fact that mobile and internet users in rural areas are also increasing.

Talking about the eWallets, the rural market can be more profitable choice than urban cities as most of the people who are living in remote areas don’t have banks and an eWallet can offer them the efficient and bank-grade payment service.

» Increased public interest

There was a time when people didn’t prefer to pay online. But with the avalanche of online purchase and online activity, eWallet secured its place in people’s smartphones. In 2016, there were 670 million users were using eWallets and by the end of 2022, that number is estimated to reach 1500 million.

However, to derive benefits from all these opportunities, you first need to overcome a few challenges.

 
►Challenges

» Legal Norms

Legality is one of the biggest challenges you need to overcome in order to keep your service running without being clogged. Since, an eWallet deals with money, governments of all countries have imposed different rules. What makes it, even more, worst is that they are constantly changing those rules. So, if your eWallet app is already performing well in the market and all of a sudden, government imposes a new rule, you need to rebuild or upgrade the app according to the new rule.

» Cybercrime

Most banking and financial applications are always on the hackers’ target. By wreaking havoc on IT infrastructure of financial applications, they can satisfy their ‘financial goal’ in the most possible way. In the past, data from popular mobile wallets like Google pay has been stolen. Thus, hire a top eWallet app development company like Coruscate which is able to develop an eWallet app in such a way that it encrypts all data, enables biometric authentication and serves extra security through the firewall.

» App perfection

Currently, all eWallet providing companies are promoting their eWallets on the bases of how fast and feature-packed application they are providing than their competitors. However, developing an error-free eWallet app isn’t as easy as it sounds. Completing API integration with the banks is something which can put you in the financial trouble if it is not well- implemented. Several bugs and performance issues are also riding in most eWallets.
 

How much does it cost to develop an eWallet app like Venmo?

 
Coruscate Solutions is the top FinTech app development company. We are accommodating a highly trained team of designers and developers who can develop any kind of FinTech app, including the eWallet app. We not only develop the next-gen app, but we become the strategic partner of our clients and help them to increase business performance and to solve legal troubles. Additionally, we have completed a successful API integration with Nordic banks which means, we can now afford to develop an eWallet app within 45 to 55 business days and under $10k. To know more about features and to ask for a free demo and consultation, visit our FinTech app development page. We promise you to stay you afloat.

The post A Facebook-like-eWallet is bizarre yet profitable. Know how to develop an eWallet app like Venmo which hogs news feed. appeared first on Coruscate Solutions.

If you have just checked your ‘wallet’, welcome to the most secured blog!

In this blog, you will get to know,

• Latest report which shows the least secured IT infrastructure of top USA-based FinTech apps.
• Top data breaches in the FinTech industry.
• Top reasons why your FinTech app can be the next target of hackers.
• Which are the top security threats in the FinTech industry and how Coruscate decodes each of them?

Latest report which shows the least secured IT infrastructure of top USA-based FinTech apps.

A security firm named Zimperium which recently downloaded a couple of banks’ IOS and Android apps and then scanned for finding out the security and privacy issues, published a finding report. According to the finding, most of the apps failed to meet security standards. Those apps had issues like old open-source libraries and poor coding practices. Researchers also found that half of the apps allow advertisers to access the data of users. One of the apps which aren’t validating HTTPS certificates in a proper way is attracting hackers to perform a man-in-the-middle attack. Another app increases the risk of data leaking with its capability to take the screenshot.

Though they didn’t declare the name of the banks, following image depicts how much one of the scanned apps scored and which are the vulnerabilities it holds.

Now, let’s quickly know top data breaches FinTech app provider companies have witnessed because of the FinTech app development mistakes.

Top data breaches in the FinTech industry

Fintech is the most favorable industry of hackers as it posses very valuable details and it can satisfy the financial purposes of the hackers behind the hacking.

Over the years, FinTech companies have involved in some of the biggest data breaches which cost them in millions or perhaps in billions. Equifax is one of the recent victims of the data breaching that affected 100 million people.

Updated on : 1st Aug 2019

Another recent victim of the data breaching is the USA-based one of the largest banks, Capital One. A news published in Techcrunch says that hackers stole the data of roughly 100 million individuals in the USA and 5 million individuals in Canada.  The stolen data includes all personal details of account holders as well as their self-reported income, credit score, credit limits, balances, and payment history. The company believes that the data breach affects the users who have applied for credit card between the years 2005 and 2019.   

However, the suspect was arrested by the FBI. He is a Seattle-based Software Engineer named Paige A. Thomson.

Following are the other victims of releasing private and confidential information to an untrusted environment.

» CheckFree

CheckFree is an electronic bill payment service provider. It was hit by cybercriminals in 2009. They have redirected the site traffic of CheckFree to a malicious site. With this hacking technique, they got the data of 5 million users who tried to login in CheckFree and attempted to pay the bill.

» KB Kookmin Bank, Nonghyup Bank, and Lotte card

In 2014, an employee who was working in the Korea Credit Bureau secretly copied all details of customers. He has stolen information of 20 million customers which is 40% of South Korea’s entire population. This attack revealed how poorly they have distributed the integrity control across the banking network.

» JPMorgan Chase

JPMorgan Chase is the largest bank in the USA and ranked the sixth largest bank in the world. In 2014, data of its 7 million small businesses and 76 million households have been compromised. JPMorgan data breach case shattered the illusion that the banks use heavy-duty security metrics to keep the data of users private and secure.

Top reasons why your FinTech app can be the next target of hackers.

FinTech institutions like insurers, lenders, banks and mobile app startups, are collecting and storing more and more sensitive data about user behaviors and interests to shape strategic business plan or to make a financial judgment of users. They sometimes collect the data from sources which are far beyond the scope of finance. But when it comes to storing this heap of very sensitive data, they follow very inappropriate techniques like they don’t separate the databases and web servers, they don’t encrypt the files and they don’t use web application firewall.

What makes FinTech apps more vulnerable is the fact that multiple actors like bank, credit card company, mobile wallet provider company, merchant app and Google involve with the payment. Because of a minor bug, they all can view the details of users. This can be considered as one of the biggest failures of a FinTech app development company.

Here it is worth to mention that those FinTech companies which we have discussed earlier, managed to survive cyber attacks because of strong user base and reserved fund. But if a FinTech startup comes across a cyber attack, possibilities to bless with second life are very less. Thus, it is advisable to know possible FinTech app development mistakes which increase the vulnerabilities and ways to develop a secure FinTech app.

Which are the top security threats in the FinTech industry and how Coruscate decodes each of them?

Coruscate is the top FinTech app development company which has developed 5+ FinTech apps and earned expertise to develop a secure FinTech app. We own a dedicated team of cyber experts who work parallelly with developers to offer the ultimate security features in the app.

Over time, we found out all possible loopholes which are the gate of heaven for intruders. But most impotently, we have figured out the ways to fill those loopholes.

Following are the top security challenges in the FinTech industry and what are our approach to overcome it.

» Data sharing

As we have discussed, while a user is making a payment, his details along with card details are shared with other parties in a limited manner. In the data sharing process, the possibilities of data breaching are higher.

Coruscate builds a FinTech app which shares a unique number with the other parties rather than real information of users.

» Data ownership

As a FinTech company, you have to tie up with other financial institutions to complete some tasks. In this kind of scenarios, sharing all details of the users with other companies is the only possible way to keep your FinTech company running efficiently.

As a top FinTech app development company, we have discovered the possible solution to this problem. We establish data ownership with the help of access control which applies selective restriction on important resources.

» Cross-platform malware contamination

FinTech app development companies utilize many API of multiple enterprises to develop a robust app. However, this practice can cause the cross-platform malware contamination problem which is nothing but the negative effect on the FinTech app or site by used API due to poor isolation.

We, at Coruscate, follow a checklist to avoid such challenges. We knuckle down to keep all functions and technologies of FinTech app isolated.

» Real-time risk analysis

Generally, a cyber attack is identified after its occurrence. But with the AI techniques, a FinTech app development company can deploy the system which scans the network to identify the possible cyber attack.

A few skilled developers of Coruscate Solutions have developed a genetic algorithm-based and AI-enabled intrusion detection engine which scans the all incoming packages and if it finds any malicious package trying to enter into the network, it either notifies the admin or drops the malicious package. This is one of the next-gen solutions to fight against FinTech security threats.

As additional security features, we accommodate biometric access control method in the user app and admin app. We encrypt all the data before sharing or even saving. We also use the firewall to build the safest IT architecture for your FinTech startup.

To know more about the features of FinTech app and cost of development, visit our FinTech app development page. We also provide a free demo and consultation. So, feel free to ask for it.

The post Fintech app development Tips : Capital One hacks and Zimperium says US-based FinTech apps have security issues, Security Threats & Techniques to decode those threats appeared first on Coruscate Solutions.