“Build a Fintech App with React Native and Plaid: A Step-by-Step Guide”

Building a Fintech App with React Native and Plaid

In this article, we’ll explore how to create a mobile application that allows users to manage their financial accounts and track their spending using React Native and Plaid. We’ll cover the setup process, integration of Plaid’s APIs and features, and provide a step-by-step guide on how to get started.

Prerequisites

Before we begin, make sure you have the following:

• Node.js v16 or later installed on your system
• A React Native development environment set up
• An iOS simulator or Android emulator for testing
• A basic understanding of JavaScript, React, and React Native

Setting up the React Native Application

Create a new project folder and navigate into it. Run the following command to create a new React Native project:


npx react-native init RNPlaidExample


This will create a new React Native project for our Plaid application. Add the following dependencies to integrate the Plaid SDK with the React Native application:


npm install react-native-plaid-link-sdk


Configuring the Plaid SDK

To complete the setup for an iOS application, run the following command:


cd ios && pod install


Follow these steps to ensure the project is configured correctly in Xcode:

1. Open the ReactNativeApp file in Xcode
2. From the left navigation, select ReactNativeApp
3. Click on Signing & Capabilities
4. Deselect the Automatically manage signing checkbox
5. Click the + Capability tab, select Associated Domains from the popup, and add applinks:localhost:3000/ in the Domain field

No changes are required to configure the Plaid SDK for Android.

Setting up the Plaid Account

Create a Plaid account and obtain the client_id and secret key. These keys are required to configure the Sandbox environment for the backend.

Configuring the Backend Sandbox

Create a new folder, backend, under the RNPlaidExample project folder. Use the Plaid Quickstart repository to create a sandbox environment for the backend. Set up environment variables by making a .env file in the backend folder.

Setting up the Plaid Link Flow

Plaid Link is used to connect user financial accounts (or a sandbox) to the Plaid API. In our tutorial, we’ll use Plaid Link to set up a flow to display a wallet’s transaction history and balance.

Launching the Plaid SDK

Add the UI to our homepage and initialize the Plaid SDK flow. When you click the Launch Wallet button, the Plaid SDK opens and the payment flow is initiated.

Exchanging the Public Token

Once the user successfully completes the Payment Link flow, a new public token will be returned by PlaidLink via the onSuccess callback. This publictoken is used to exchange the accesstoken.

Using the Access Token

Use the exchanged access token to call other endpoints of the Plaid API to obtain information such as balance and transactions.

Displaying the Wallet Details

Communicate with the /api/balance API endpoint to acquire balance information and with the api/transaction API endpoint to get the last transaction history.

By following these steps, you can create a fintech app using React Native and Plaid that allows users to manage their financial accounts and track their spending.