Mobile Payment App Development

Payments-as-a-service platform for banks, fintech & businesses in Tier 2 & 3 countries

With the growing demand for fast and convenient cashless transactions, a progressive FinTech firm partnered with Rishabh Software to tap into the profitable market of digital payment solution apps. Rishabh Software was engaged for a mobile payment app development project that aimed to provide Mauritian users with seamless, secure, and convenient digital transactions. This collaboration focused on enhancing the client’s financial landscape, fostering financial inclusion, and optimizing mobile money adoption throughout the region.

Capability

Digital Experience

Industry

FinTech

Country

Mauritius

Key Features

To address the client’s need for custom digital payment app development, we designed a feature-rich digital payment solution that efficiently bridged the gap between banks and individuals. To ensure financial inclusion and optimized mobile money adoption, this user-friendly payment solution was further enhanced with the following key features:

Digital Wallet

The app offers the convenience of a secure digital wallet through which users can store and manage funds. It allows users to conveniently make quick and secure payments with an extra layer of security.

Virtual Cards

The digital payment app offers virtual cards for one-time or recurring subscription payments with customizable schedules and spending limits.

Payment Enablement

The app helps businesses enable payments for their customers who can send and receive funds directly through P2P payments, QR code scans, bank transfers, in-app payments, and contactless transactions.

Cross-Border Payments

The app helps businesses send and receive cross-border payments with competitive FX rates and offers flexible fee configurations.

ISO 20022 Messaging Standard Support

Ensures seamless integration and communication across the global financial ecosystem.

Challenges

Complex traditional banking systems with intricate payment processes involving multiple intermediaries.

The absence of an app with a unified payment platform complicated payment processes across various institutions.

The need for receiver’s registration initially hindered mobile-to-mobile transfers.

Successful execution was crucial for seamless communication and transaction processing due to complex backend integrations.

Technical complexities hindered the integration of critical banking APIs.

Compliance challenges with national and international regulatory standards.

Scalability needed enhancement to accommodate the increasing transaction volumes and expanding user base.

Solutions

We implemented a multifaceted mobile payment application development strategy. It aimed to overcome the above-mentioned challenges and deliver a solution that simplified and streamlined the payment process.

Unregistered Number Transfers

Recognizing the importance of accessibility, we introduced unregistered number transfers. This allowed users to initiate transactions effortlessly without the need for prior registration. This strategic pivot simplified the user experience, enhanced convenience, and widened the app’s reach, fostering greater financial inclusion.

Expert API Integration

Our team executed API integration for smooth communication and data exchange between various components of the platform like Banks, Financial Institutions, CDD Agencies, etc. By leveraging our expertise in API integration, we enabled smooth transaction execution, accurate data synchronization, and real-time updates. This ultimately enhanced the platform’s reliability and performance.

Robust Callback Handling

To address the need for timely transaction updates, we developed a robust callback mechanism capable of handling success and failure notifications with precision. This mechanism enabled the app to provide users with real-time transaction updates.

Precise QR Code Decoding

We built a high-performance QR code decoder capable of fast and accurate scanning and processing. This feature enhanced the efficiency of QR code-based transactions, reducing transaction times and improving user experience.