The fintech sector experiences a steady rise in customers as more people replace in-person visits to offices and cash with mobile banking and virtual payment solutions. Golang is the preferred programming language of top fintech app development companies like Paypal, Nubank, Chime, and American Express because it is so good at running distributed applications with high loads and a microservices architectural foundation. The constant emergence of new fintech players fuels fierce competition; a business can only succeed if it can guarantee the stability, security, and scalability of its digital products.
This is a significant reason why established FinTech app development companies, startups, and decision-makers in the financial services industry choose Golang development for custom mobile app development. Golang was initially developed to handle demanding tasks. It combines elements from many different languages. Your developers can use the entire language or just a portion of it, depending on the requirements of the project. It facilitates, streamlines, and meets the demands of developers and mobile app development companies. Since its debut, Go has consistently exceeded expectations. Consequently, Golang’s adaptability makes it a good choice for the FinTech sector.
What is Golang?
The widely voiced criticism of pre-existing Google-used languages led to the creation of the language Go, also referred to as Golang. All of Go’s attributes combine to produce its main benefit, stability. Static typing fosters flexibility because variables do not need to be explicitly initialized. Go’s creators have a well-known dislike for C++ due to the numerous simplifications they made with Go. By reducing runtime errors, Fintech app development increases runtime effectiveness. Of course, these factors are crucial in addition to easy-to-use and easy-to-read code. Other advantages of Go include multi-processing and high-performance networking. Additionally, this speeds up computation in general.
Benefits of Golang development for fintech app development
Many programmers with experience in C++ and Python have recently switched to Go or are thinking about learning it because of its many similarities to those languages. The type of a variable is known at compile time in statically typed languages like Go, so the compiler can check the source code and catch errors early on.
Developed to manage services with high loads.
FinTech apps frequently offer high-load services like online chats and messaging, and any requests made through them must be processed and dealt with in an effective and timely manner. Applications must function flawlessly around the clock in the fintech sector, and errors must be quickly located and fixed. Golang is ideally suited to fulfill these demands because it supports the concurrent operation of multiple applications and the separate handling of each responsibility.
When a startup decides on Fintech app developers, it’s crucial to make sure the system can handle a significant increase in the number of users. This is a crucial requirement for any business looking to increase its market share. For a startup in the active growth phase, the ability to quickly scale its business operations is essential; lose momentum and the niche could be filled by rivals.
Because each task within a given microservice is solely responsible for its functionality, it is easier and more efficient to make sure that the various application modules carry out their respective duties.
Go performs admirably even in the most demanding and complex scenarios because of its effective garbage collection (by 2005, the Golang team had reduced the time needed for the system to pause and gather unused objects to a millisecond or less) and being implemented in binary (Go operates directly with hardware without an extra layer, like the Java Virtual Machine). As Go distinguishes itself from other languages in another way thanks to its performance.
In contrast to dynamic typing, static typing programming languages are simple to learn and detect errors in the code right away rather than after they have occurred, as is the case with dynamic typing. As a result, code can be written more quickly and accurately throughout the development process
Golang provides exceptional cross-platform compatibility by allowing programs or gadgets to function on one or more hardware or operating system platforms. Fintech applications lack cross-platform interoperability features. A business using this language can reach a wider audience by providing customers with access to apps on numerous platforms and gadgets, including smartphones, tablets, and computers.
Leading Fintech Companies Use Golang To Improve Their Offerings
When a company loses its momentum, a significant backdrop might occur. Businesses must expand their operations during the growth phase while also improving their products to stay ahead of the competition. Given this, a lot of fintech companies are utilizing the best solution available to maintain their lead.
Golang-based MercadoLibre app development
The most well-known e-commerce ecosystem in Latin America is hosted by MercadoLibre. They made the decision to switch to a contemporary, scalable API platform back in 2015. MercadoLibre had a lengthy build and deployment process. MercadoLibre accomplished its goal today. A static type of language is Golang. Its system is quick and scalable and can handle 20 million requests per minute.
Monzo App Backend in Golang
Monzo is a well-known digital bank that was established in 2015 and is based in the United Kingdom. At that point, the company decided to scale the app as soon as possible after realizing the value of scalability. Monzo’s programmers use a wide range of additional tools to create an effective online banking system. Instead of using a monolithic architecture, the team preferred to create their application with the help of microservices.
American Express Systems
American Express is another finance company that has achieved outstanding results with Golang. Developers at American Express began experimenting with a variety of languages, including Java, C++, Golang, and Node.js. In the end, Golang’s performance came in second.
Due to the rise in transaction volume, American Express began looking for the ideal solution to upgrade and modernize its payment infrastructure.
The success of a company is significantly influenced by a wide range of factors. The majority of web services and mobile banking apps are used as the main form of communication between FinTech businesses and their customers. The use of Golang can provide FinTech with advantages that are unmatched. Hire Golang developers to create the best Fintech applications. Therefore, it is essential to create a strong application with unmatched stability, security, and speed.
Read more: How the Rise of DeFi Will Impact the Fintech Industry?