Banking Mobile App Development

1. How Do Mobile Banking Apps Support Contactless Payments? With the growing trend of mobile apps, banks all around the world have stepped into the mobile app paradigm. Mobile banking apps have become a normal thing in today’s world. Hence, almost every bank is moving towards providing their customers with the facility of contactless payments through credit cards. Contactless payments allow the customers to make payments and transactions without physically meeting any person. The use of cash has also decreased exponentially, in recent times, due to the increased use of banking apps. Similarly, mobile app developers have integrated such payment methods into mobile apps that allow customers to make contactless payments. You can get in touch with a specialized mobile app developer (MISTERSAAD) if you want to create a banking app to support contactless payments. However, in this article, we will look at the purpose and meaning of contactless payments. We will also study how banking apps support such payments. So, keep reading it till the end! What Are Contactless Payments? Contactless payments are methods used to exchange cash without physical contact with the receiver or the actual cash. It is done entirely through an app. The receiver receives the transferred amount in their bank accounts. It is also known as the "tap to pay" method of making transactions. Not all cards support contactless payments. The cards that support this kind of payment have certain symbols on their backsides that look like a side-ways Wi-Fi symbol. That is how you recognize if your card can make contactless payments.

2. How Does Contactless Payment Work? This method uses RFID technology to make the payments and is much more secure than regular payments made by swiping a credit card in a machine. This payment method is used at a retail shop that has access to a POS system and acquires a credit card. There are apps like Apple pay, Google Pay, and Samsung pays, made for the sole purpose of making contactless payments. How Do Banking Apps Support Contactless Payments? Banks provide their customers with credit and debit cards that consist of chips with RFID technology. This technology allows the customer to make payments without putting in their PIN or any identification method. To make such payments, the customer has two options. Either the retailer has a point-of-sale system set for use. The customer holds the card near the POS system that electronically takes in the payment information and transfers the amount to the receiver's bank account. The other method is the use of the banking app. It takes in the details of the retailers' bank account and makes the payment online, using an internet connection. Advantages Of Using Contactless Payment Methods: 1. It is comparatively safer than ordinary payment methods through credit cards because the magnetic strips used to transmit information are easily hackable. Hackers copy the information on the magnetic strips and use it to get access to the bank account. On the other hand, NFC technology uses encrypted data for the transaction, making it unhackable. 2. This payment method is much faster than the conventional method using credit and debit cards. 3. In the age of the pandemic, contactless payments are much safer as it follows the SOP protocols. Making the least physical contact ensures the safety of both parties. Disadvantages Of Using Contactless Payment Methods: 1. Many people do not have a bank account or credit cards. Retailers having a no-cash policy keep out various potential customers, causing their business a loss. 2. If the due payment is larger than the limit of the card, the customer has to switch to using PIN or signature methods to complete the payments. Summing Up! The bottom line is that the contactless payment method has proved to be a great innovation in the banking industry. It provides both ease and security to the customers. That is how it has eased the life of many people. Mobile app developers now prefer adding this advanced

3. payment method in banking apps to make things easier for customers. If you are now ready to develop a banking app with contactless payment integration, you should contact a seasoned App Developer Dubai.