Traditional payment methods are becoming time-consuming and expensive, making it challenging for aspiring companies to break into the finance industry. However, there is a game-changing solution: cloud-based digital wallet platform.
With this software, businesses can launch faster, operate more cost-effectively, continuously innovate, and conveniently pay as they go.
What is a cloud-based digital wallet?
A cloud-based digital wallet is a secure and convenient virtual tool that allows individuals and businesses to store, manage, and access their financial assets, payment methods, and sensitive information in the cloud, rather than on a physical device or in a traditional physical wallet.
This innovative solution leverages cloud computing technology to offer a range of financial services and features, typically accessible through web browsers or mobile applications.
Key characteristics of a cloud-based digital wallet include:
Storage in the cloud
Rather than relying on local storage such as a physical wallet or a specific device, a cloud-based digital wallet securely stores data and information on remote servers managed by trusted service providers.
Accessibility
Users can access their digital wallet from virtually anywhere with an Internet connection, allowing them to manage their finances on the go.
Security
Leading cloud-based wallet providers employ robust encryption and security measures to protect users’ financial data and ensure that transactions and data are safe from unauthorized access.
Multi-functionality
Cloud-based digital wallets often serve as all-in-one solutions that allow users to connect multiple payment methods, including credit/debit cards, bank accounts, cryptocurrencies, and loyalty cards, for seamless transactions and wealth management.
Security features
Advanced security measures, such as biometric authentication (fingerprint or facial recognition) and two-factor authentication (2FA), enhance the security of transactions and account access.
Integration with financial services
Users can have access to financial services such as currency conversion, investment management, and savings accounts within their digital wallet.
Cross-platform compatibility
Many cloud-based wallets are designed to work across multiple platforms, including smartphones, tablets, and desktop computers, to ensure a consistent user experience.
Popular cloud-based digital wallets include Apple Pay, Google Pay, Samsung Pay, PayPal, and various cryptocurrency wallets. These wallets have gained acceptance in today’s increasingly cashless and digital economy due to their convenience, security, and flexibility in managing digital assets and conducting financial transactions.
What products can you build, using a cloud digital wallet solution?
The cloud-based digital wallet is a versatile solution suitable for different types of financial products and services:
| Banking wallet | Provide a next generation solution for money transfer and payment needs, improve customer retention and attract new users through impeccable mobile services and user experience. |
| Telecom wallet | Add financial services to your existing offerings, leverage your customer base, and expand financial inclusion for unbanked people. |
| Merchant Wallet | Implement a merchant wallet to accept payments, streamline transaction accounting, accelerate settlement processes, and improve the customer experience. |
| Marketplace wallet | Connect sellers and buyers by enabling the exchange of assets while securing funds until the purchase is confirmed. |
| Retail wallet | Enable customers to store assets and conduct transactions within your ecosystem to drive customer loyalty and revenue growth. |
| FinTech wallet | A cost-effective wallet-as-a-service solution for launching digital payment products without significant commitments or infrastructure expenses. |
Meet your customers’ financial services needs with SDK.finance cloud wallet as a service
SDK.finance cloud wallet as a service is a powerful foundation for building digital wallet products. The Platform offers a wide range of financial services to meet customer needs:
- Bank payments. Offer bank payments like IBAN and SWIFT integration to accommodate various customer segments and boost turnover.
- Money transfers. Facilitate instant and effortless money transfers, including internal P2P transfers and cross-border remittances by integrating with payment and service providers.
- Bill payments. Enable users to pay utility bills, top up mobile phones, and make other payments efficiently through payment templates and API integration.
- Expense tracking. Assist customers in tracking their spending through visualized expense charts, graphs, or transaction maps.
- Multi-currency system. Configure an unlimited number of currencies within the e-wallet system, allowing users to operate a wide range of assets.
- Currency exchange. Provide seamless currency exchange within the system, complete with predefined exchange rates, currency purchasing, and selling options.
Key points of this SDK.finance cloud-based digital wallet Platform include:
| Cloud-native | Compliance with regulations | API-driven approach |
| Deployed and operated in the cloud, maintained by SDK.finance, and ready to be used by your team. | The database is hosted on the company’s own server, ensuring compliance with legal requirements regardless of location. | Deploy a wide range of services to customers quickly and cost-effectively across 400+ API endpoints. |
Wrapping up
Cloud-based digital wallet offers aspiring businesses and established financial institutions a flexible, scalable, and innovative solution to enter the finance market and provide a wide range of financial services.
Whether you’re looking to launch a banking wallet, telecom wallet, retail wallet, or any other financial product, SDK.finance cloud-native platform is designed to empower your business and meet the evolving needs of your customers.