Velas Technologies: One-Click Payments
Internet commerce is growing quickly and experts predict that it could reach $4.13 trillion USD by the end of 2020, despite the global economic uncertainty. Of particular interest is the fact that more than 30% of transactions have been done via mobile devices. The key point of e-commerce is not a product or service, but the convenience payment.
The payment systems that have simplified the possibility of making payments by one click and keeping a sufficient level of security are the main engine of digital commerce. Fast growing e-commerce is facilitated by flexible functionality of typical solutions and the ability to integrate One-Click payments into any website, sometimes by just one single line of code.
The cryptosphere is developing alternatives that focus on greater security, privacy and, of course, decentralization, while PayPal is the undisputed leader on the traditional market. But with the factor of user UI/UX crypto solutions in the One-Click payments segment, there’s still work to be done, namely due to technical features of blockchain services.
For example, the Metamask crypto wallet supports integration with any website and allows you to make payments in ETH and ERC20 tokens through the Metamask Browser Extension. Recently, a mobile version of Metamask Mobile became available, where integration with other applications is implemented through In-App Dapp Browser.
However, to make a payment for a service or goods in tokens ERC20, you need to perform not only one, but two transactions: Approve Spender and Transfer. The first transaction ‘Approve’ must be confirmed, and after that you can make a Transfer transaction — and this limitation of the basic implementation isn’t a whim of UX design.
These moments significantly worsen the overall user experience, as such it’s not surprising that users would prefer services that make the payment process more convenient, even at the expense of their own privacy. If crypto-processing products want to attract an audience, they should approach the level of interaction quality seen with Apple Pay or Google Pay. Fast, simple and intuitive.
The BitOrbit solution seeks to bridge the gap between the worlds of crypto industry and traditional payment solutions.
As we are developing Passwordless Authentication, the next step in this journey will be the ability to make payment with the Velas Account Module. Interaction with cryptocurrencies is facilitated to the level of Paypal convenience without sacrificing on our user security:
- Any transaction is devoid of unnecessary technical details, providing only the necessary and verifiable information to the user.
- Any ERC 20 sending doesn’t require two transactions to complete it. Fast and simple.
- The ability to set limits for payments without the necessity to request additional user confirmations, which makes it convenient to send tips.
As a result of these improvements, the user will not feel any discomfort because of the difficulties of using blockchain technologies. The interface will facilitate easy migration from centralized to decentralized solutions, leaving all technical details under the hood and convenient UX.
This is one of a series of articles outlining the complete package of Velas products on offer, and what the team has been working hard on over the past year. We’re covering everything from AIDPOS to Integrated Crypto Wallets and everything in between. You don’t want to miss it!