In an era of rapid technological evolution, mobile payments and user identity have emerged as the leading areas of innovation in the telecommunications industry. The world is experiencing an exciting transformation in how we authenticate users and process payments, revolutionizing the way businesses operate. At Enabld, we take immense pride in being at the forefront of these groundbreaking developments, empowering a diverse range of the industry, including carriers, aggregators, mobile operators, MVNOs, and other Communication Service Providers (CSPs).
In this blog post, we will deep dive into the core of our mobile payment and identity solutions and discuss the trends, like mobile money or two-factor authentication are shaping the industry.
Let’s start with mobile payment, as it has been experiencing tremendous growth in the last few years. More than that, the cashless payment volumes are expected to increase by a massive 42% by 2025 (source: PWC).
Mobile money and more top-notch solutions for payment systems
Among the key functionalities of our mobile payment platform is Mobile Money. It allows users to store, send, and receive money through their mobile phones, providing a convenient and secure way to handle their financial transactions. This includes contactless transactions, P2P payments and even airtime top-ups, all conveniently accessible from the user’s mobile device.
The future evolution of the mobile money market is predicted to show significant growth from 2023 to 2027, with a projected increase of 32.8% ( source: Juniperresearch)
Click2pay is another popular solution in the mobile payment industry. It enables users to make instant payments online with just a few clicks, eliminating the need to enter lengthy card details or personal information. This seamless payment experience has gained popularity among e-commerce customers, reaching the value of $6 trillion in 2023, according to hesfintech.com.
Micro-payments are also emerging as a significant trend in mobile payment. With the growing popularity of digital content such as music, e-books, and online games, users are increasingly opting for small and quick transactions.
Micro-payments enable users to make small purchases without any hassle, making it an attractive solution for both consumers and businesses.
Content monetization is another essential aspect of mobile payment systems. This provides a flexible and efficient method to monetize creators and publishers contents. Whether it’s through in-app purchases, subscriptions, or pay-per-view models, content creators can generate revenue and provide a seamless payment experience for their users.
The security of any payment transaction is paramount. Especially where data breaches and cyber threats loom, offering enhanced security measures is essential.
So let’s move on to the identity authentication solutions that have become crucial in the security of mobile payments.
Identity authentication for a more secure payment
We provide a wide array of authenticators, enabling our customers’ users to choose the methods that can best suit their preferences and needs.
Is well known that the result of secure, reliable, and trustworthy transactions benefit businesses and increase customer loyalty.
A great way to mitigate fraud and block the access to malware sites is HTTPs connectivity. HTTPS, ensuring secure communication between the mobile application and the server. It encrypts data transmission, safeguarding sensitive information such as personal details, account credentials, and payment information.
Another option to prevent unauthorized access and protect user data is the Home Location Register (HLR) tool. It allows service providers to gain real-time data from operators and third-party providers, about physicall location of the user. This data helps to authenticate and authorize users based on their mobile network information, providing an additional layer of security in payments and messaging transactions.
Two-Factor Authentication (2FA) and One-Time Password (OTP) are two crucial security measures that further enhance the security of mobile identity solutions. 2FA there are two different forms of authentication. Typically, this involves a combination of something the user knows/possesses, such as a password, a fingerprint or a unique code generated through an authenticator app. OTP, on the other hand, is a single-use password that is generated and sent to the user’s mobile device or email. This password is valid for a limited period of time, usually just for a single login session or transaction.
To ensure a faster and more accurate verification process, KYC (Know Your Customer) functionality is now also at the core of our end-to-end identity solution. It automatically routes each customer to the right KYC processes to ensure compliance with local regulations and allows businesses to operate with confidence even in highly regulated environments.
Integration & Customization
In addition to our robust mobile payment and identity solutions, we also offer integration and customization services to extend the functionality of your system.
Our team of experts can seamlessly integrate our solutions into existing systems through a restful API.
This hassle-free integration process allows businesses to rapidly deploy identity verification methods, saving time and resources.
We also offer a straightforward API for payment systems, enabling businesses to adapt quickly to market trends. For instance, by leveraging trusted payment gateways like Stripe or PayPal, businesses can enhance their services and offer a seamless payment experience to their customers.
In a world of evolving customer needs, customization becomes pivotal. Enabld.tech stands ready to tailor our solutions to meet your specific business needs, enabling you to have a unique and personalized mobile payment and identity platform.
Our agile development and research teams are dedicated to remaining at the forefront of industry trends. This adaptability allows our partners to remain competitive and agile in the dynamic mobile identity landscape.
We invite you to reach out to our experts today that will craft customized solutions that align seamlessly with your unique business requirements.
The future of mobile payments and identity solutions are here, and we are here to help you seize it.
