The document outlines the process of launching a secured digital wallet, highlighting its growing popularity as a payment method. It emphasizes the importance of security, design, testing, and maintenance throughout the development process while recommending the use of trusted services and periodic updates. Additionally, it advises users on securing their wallets by using strong authentication methods and avoiding public internet access.

1. Howto
Launcha
Secured
DigitalWallet?
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2. With huge technology advancements, a lot of people now prefer to
make payments through various other modes apart from cash. One
such payment method is through a digital wallet. A digital wallet is a
mobile application that offers a highly secured environment to make a
payment at any cashier. It is one of the most popular mobile
applications that is in huge demand. Hence if you are looking to build
an application, then you should try to launch a secured digital wallet. As
per the statistics, by 2024, online payments would increase to 40%. It
might be a good opportunity to hire a mobile app developer and build
a digital wallet.

3. A digital wallet allows you to make an online payment by partnering
with various banks to support credit cards, debit cards, and gift cards.
Also now there is a new category of wallet being built, known as the
crypto wallet, that allows you to connect to decentralized applications
and store crypto tokens like Ethereum.
What is a digital wallet?

4. Once you hire a mobile app developer they will help with the launch of
a digital wallet. Some of the common steps to launch a digital wallet are
the following.
How to launch a secured digital wallet?

5. In this first step, you need to understand the target audience and
the strategies they use to manage money and problems they face.
By doing a complete analysis of this, you can create basic design
and a prototype.
With the help of the prototype, you can understand how the wallet
will work and would be able to verify the working of various buttons
and forms.
Create a Prototype and Design

6. After you make the prototype of the mobile wallet, you can build a
Mobile application or avail of some mobile app development services.
Basically, during this step, the developers will begin to code your web
wallet. Some of the important points to consider while building a digital
wallet.
Build a Mobile Application
Security
Security plays an important role because of financial transactions. One
of the ways you can secure your digital wallet is by enabling
authentication through face ID or touch ID.

7. Build a Mobile Application
Use of third-party applications
There might be a lot of plug-and-play SDKs that can help to develop a
wallet quite quickly but it is quite important that you select the trusted
ones due to the security.
Open-ended Architecture
It is one of the critical aspects of building a digital wallet. This ensures
that the external applications and services are able to connect with
digital wallets through the APIs.

8. Once the development is completely done, it is important to begin the
testing of the application. This will help you to check if all the features
are working together. During this phase, you might discover some UX
problems or bugs. Such bug fixes can be done by the mobile app
development services provider.
Unit testing
Building a Digital wallet requires a lot of patience and expertise in
mobile application development. Hence it is always good to work with
the best developers team and hire a cybersecurity firm to do the
security audit of the digital wallet.

9. After you have done testing and the bug fixes, then you can do code
freeze, and begin preparing for the launch of a digital wallet. You can
launch your digital wallet on a different playstore or the AppStore
based on the tech stack that you have used. Also once the app is listed
on the marketplace, switch the server on and connect it with your
application.
Release

10. With new upgrades and updates, it is quite essential, that you keep on
improving your digital wallet as per the new technologies coming up.
Some of the testing and bug fix might still be needed once you launch
the application as there would be lot of users using it. A small
downtime in the mobile application can lead to huge issues and
retaining the customers becomes quite difficult.
Maintenance

11. For more information on the pricing, you can consult with the
application development agency. Cost to build a digital wallet entirely
depends on features and functionality.
How much does it cost to build a digital
wallet?
As a developer, you need to ensure that the APIs or third-party tools
that you are using are completely trusted and security audit has been
done. From the user’s perspective, there are some important points
they need to know while using the digital wallet.
How to keep digital wallets safe?

12. Mostly when a user installs the digital wallet they are asked to put a pin
and authenticate it using 2FA or the Fingerprint. It is quite important
that the user always uses it and doesn’t share the PIN with anyone. A
pin would allow anyone to access the wallet.
It is highly recommended that you don’t use the public Internet to
access it because this might lead to a situation where thieves can steal
the information.
Always protect the financial information
Never use Public Internet services

13. all the major steps have been covered that allows developers to launch
digital wallet safely. One of the important steps is to do periodic testing
of the digital wallet, to solve the unexpected bugs. Both Apple and
Android Devices use different mechanisms to make payments.
Summary
For example, Apple and Android devices use Magnetic Secure
transmission or Near Field Communication whereas Samsung uses
both Near Field Communication and Magnetic Secure Transmission.
Hence based on the technology used you should decide which field
you want to use. To get more insights, you can try consulting with
mobile application development because they would hold the
expertise in digital payment mechanisms.