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  • Writer's pictureSooraj Y

A developer’s checklist for building a secure Payments App

The world has been taken over by apps. It isn't hyperbole; it is simply a fact of modern existence. We have apps that let us shop, order food, track our health, and even adjust the room's air conditioning temperature! However, payment apps are possibly the most critical apps we use. Digital money has made a positive impact on our lives. Your smartphone has evolved into a wallet, as well as much more.

Have you ever imagined what it might be like to use a life-controlling app? These days, apps are all over the place. If there's something we desire but can't get because of our location in the world or because our pockets aren't deep enough. The payment application is a popular form of app right now since it allows users to send money remotely without incurring any transaction fees.

If you want your app to be successful, it's time to put your money where your mouth is. With so many competitors in this market, it can be challenging for newcomers like yourself who want to develop their own safe payment apps and use them to replace cash-in-hand commerce — but don't panic! If you want to create your own secure payment app, there are a few things you need to cross off your list.The following is a checklist for developing a secure and safe payment app:

The Payment Card Industry Security Standards:

In 2006, international payment network heavyweights Visa, MasterCard, American Express, Discover, and JCB formed the Payment Card Industry Security Standards Council (PCI SSC). The council's mission is to develop guidelines to combat credit card fraud and to safeguard consumers who use these cards online around the world.

The Payment Card Industry Data Security Standard (PCI-DSS) 4.0, the most recent version, is set to be released in Q1-2022. PCI-DSS 4.0, like previous editions, will be a comprehensive collection of standards targeted at safeguarding systems that handle, store, or transmit credit card data.

Any entity that processes, maintains, or transmits cardholder data is subject to PCI-DSS (or that provides services that control or could impact the security of cardholder data or the cardholder data environment). Organisations must comply with a number of standards, including continual monitoring and testing, the implementation of strong access control mechanisms, the protection of cardholder data, and more.

Despite the fact that the complete language of PCI-DSS 4.0 has not yet been released, we already know a lot about it.

Payment Gateways Provided by Third Parties:

Payment gateways are a crucial component of any excellent application. They function as digital terminals, processing credit/debit card data and sending it to the processor for verification before deducting monies from your account or, if necessary, incurring interest on any leftover amount.

A full-stack payment platform, which includes more capabilities than simply simple transactions, is the most popular option for small businesses. These platforms include a payment gateway, processor, and merchant account service all in one. Another advantage of adopting these platforms is that they handle and keep data on the retailers' behalf. This reduces liability and allows for PCI compliance.

Third-party payment gateway services, on the other hand, charge monthly fees and may take a cut of each transaction. It's critical to choose a platform that meets the needs of your business model and payment app goals.

Tokenization of a Network:

What is Network Tokenization and How Does It Work? Simply described, it is the process of substituting non-sensitive data for sensitive data. This is frequently done in order to increase data security. Tokenization is a phrase that is widely used in the payments sector. Apple Pay and Android Pay are two services you may be familiar with. When making a transaction, these sites use tokenization to keep your card information safe. Let's dig deeper into what Network Tokenization is and how it can help you!

The continual dread of hackers and malware makes working on the internet a huge problem. Many card networks, such as Visa, have taken steps toward tokenization, which converts sensitive data from your credit or debit cards into an encrypted form that cannot be used without permission by those who possess it while still allowing users to use their own money in stores as they would with any other plastic wallet! The service provider then creates a token that partially or completely replaces the PAN. A token is a piece of paper that contains randomly generated numbers or symbols that the merchant sees throughout the transaction.Tokenization is a wonderful approach to avoid data breaches by replacing genuine data with temporary or dead data that can no longer be used.

Test for Penetration:

It's time to test your payment app after it's finished. Once restrictions and loopholes are identified and addressed, technology improves. It's much more critical for payment apps, because any security flaw might jeopardise customer data and provide access to their financial accounts. Penetration testing using ethical hacking can assist in determining whether the application's defences are adequate and whether any security fixes are subject to compromise. The only method to strengthen an application's security infrastructure is to test it thoroughly.

It's no secret that e-commerce has exploded in popularity in recent years. As a result, the security risks and breaches linked with it have increased - something that neither customers nor merchants can ignore if they wish to sustain business levels in 2022 and beyond.

The internet isn't flawless; there will always be weaknesses in your website owing to both external (hacker) attacks and faults in its coding. To completely protect oneself from being hacked while shopping online, make sure all of the apps you'll be using are safe beforehand.

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