Velas Technologies: One-Click Payments

Online sales volumes are growing exponentially, and in this regard, experts predict that by the end of 2022, profits in this area may exceed 4 trillion US dollars, given global economic uncertainty. Of particular note is the fact that more than 30% of all transactions are carried out through mobile devices. Thus, the key point of e-commerce is not a product or service, but the availability of a payment method convenient for the client.

Motivation

In our time, the payment system has made it possible to simplify making payments as much as possible while maintaining a fairly high level of security. Thus, flexible functionality and the ability to integrate payments in one click on any website contribute to the rapid development of e-commerce.

The main task of the crypto sphere is to create alternatives that would be convenient for each user while including the highest level of privacy security and decentralization. At the moment, the main leader of the centralized market is PayPal. The technical features of the blockchain services make you think that there are many more points in the One-Click payments segment that should be worked out more carefully.

An example of such a solution is the Metamask crypto wallet, which supports integration with any website and allows transactions in ETH and ERC20 tokens using the Metamask browser extension. Also, a mobile version of the Metamask crypto wallet is available for users, which integrates with other applications through the In-App Dapp Browser.

The main disadvantage of such payment methods is that in order to make a transaction with ETH and ERC20 tokens, you need to make not one but two transactions: Approve Sender and Transfer. In this case, the first transfer must be confirmed, and only after that, you can complete the transaction. At the same time, such a limitation of implementation is not a whim of UX design.

Such inconveniences significantly worsen the overall user experience and that is why users prefer services that facilitate the process of paying for services and goods, even if their own privacy suffers. Based on this crypto processing product, those who want to attract a large audience should bring their level of interaction quality closer to that of Google Pay or Apple Pay, which makes payments intuitively simple and fast.

BitOrbit aims to bridge the gap between the crypto industry and traditional payment solutions.

Solution

At the moment we are developing passwordless authentication and the next steps on our way will be the introduction of the ability to make payments using the Velas account. Thus, interaction with cryptocurrency will be simplified to the convenience of PayPal while maintaining the speed and security of our users:

All these improvements will allow users to get the most comfortable experience using blockchain technology. And the user-friendly interface will facilitate the transition from centralized to decentralized solutions, leaving all the technical details out of the view of the end user.