Traditionally, banks and their branches spread across the globe have catered to all our financial requirements like loans, issue of credit cards, debit cards, opening or closing of banking accounts, insurance etc.
However, FinTech companies have emerged with fuss-free next-generation financial solutions by introducing neo-bank software. FinTech companies offer a wide range of contactless payment solutions by using money management apps and online payment software for their customers.
In 2021, the global neo-banking market size was valued at 47.39 billion according to grand view research data. Neo-Bank Solution will continue to grow rapidly at an annual CAGR of 53.4% from 2022 to 2030.
READ MORE : Things Traditional Banks can learn from Neo Banks and FinTech Companies
PayPlum is a secure and feature-rich digital wallet and payments app that allows users to send and receive money, pay bills and receive cashback.
Designed with privacy and security in mind, the PayPlum digital wallet app can be protected via fingerprint lock for protection from misuse.
Being an integrated payment solution, the app can be used by individuals to pay for utilities, products, charity or to send/receive payments from around the world.
The biggest challenge was to create a digital wallet system that offers the facility of instant payments and sending money across borders.
Further, integrating the payment app to support payments for various utilities and eCommerce websites also was a big hurdle that the team had to overcome.
Privacy, security and encryption were also critical concerns for a financial app like PayPlum.