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Blog — Wallet Development

Essential Tips to Consider During Wallet Development

Apr 27, '19

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Technology is growing faster than ever, and there is always a demand for competent solutions when it is related to financial transactions. In the present age, every individual and institute are more app-oriented even when they are considering ways to complete and manage their payments. Paytm is one such application that provides services that accommodates its users and their payment. The app is recorded to house 7 million exchanges. Care to think about what amount of time it takes Paytm to enroll 7 million transfers? The appropriate response is one day. That’s right, Paytm is where 7 million exchanges happen day by day.

The above points make it clear why so many developers want to replicate that success and integrate a new payment application. Paytm, PayPal, Apple pay, etc. are some of the examples of the wallet app that are developed on the mobile app. With the emergence of blockchain technology, this application can be used for the transaction of cryptocurrencies like Bitcoin and Ethereum as well. In this article, we will see the essential features that should be a part of your wallet development applications. The elements are sorted into three main categories:

Security – Any financial app must be trustworthy and safe

Usability – Easy user interface is the second most important feature of a payment app

Functionality – After the look and feel, functionality is the core of any application.

For a crypto wallet development, it is necessary to consider every aspect of the product and start with a heavy dose of planning.



Security Features

When you are dealing with cryptocurrencies, security must be a top priority for any development company and their users. Some of the essential security features are as under:



Two-Factor Authentication

The truth about passwords is that they are no longer enough for security. The access to users should be gated with two-factor or multi-factor authentication. The authentication can be through text message, one of the existing apps, or your scheme. The speed at which blockchain technology is blooming, it won’t be long till all lay users are involved in cryptocurrency.



Timed Logout

Timed logout is one of the essential features for a successful mobile cryptocurrency wallet. Similar to banking websites, users should be automatically logged out of the system after a small period of inactivity, or locked device. Users are accustomed to session timeouts on the website, but they prefer convenience over security. So, for mobile applications, the admin can give them an option to timed log out. Thus, users can select that the app will log out after the pre-defined time.



Client-side Private Key

The best advantage of creating a crypto wallet is that the owner can easily change the third-party applications and APIs. But, it is essential that the third-party applications should not store your user’s information, especially the private key. So, even if the third-party servers provide more usability features and improve the speed for storing private keys outside the app, you should resist the temptation. By keeping the private key locally on your user’s device, there’s no chance to lose it. The security of your user’s private key is worth any inconvenience that it might cause.



Deny Repeat Payments

Even though a bitcoin wallet is not a bank, you should still offer similar security. When any user makes a transaction to a new place or transacts an unusual amount of money, they will receive a call or text from the bank to confirm the payment. If the user denies making the payment, the transaction is canceled.

Such advanced analytics might not be possible for many cryptocurrency wallet development budget, but you can implement a crypto-specific version quickly. When a user makes a transaction and then request for a repeat transaction, the application should ask for a confirmation. This is a simple and easy to stop one of the most common forms of bitcoin frauds.



Usability Features

Usability is the next most crucial feature of crypto wallet app after security. Usability makes using your app a convenient, pleasant, and above all, fast experience.



Robust Backups

It is pretty common to lose a mobile phone, and the first step the user has to do at that time is to do a remote wipe. The process can be made a lot less painful by facilitating the backups of the wallet. The most secure path will be to integrate cloud storage apps like Google Drive or Dropbox.



Solid UI

While developing a high-tech app, it is essential to remember that you are at the end, making an app. The look and feel of the application are equally crucial. Also, to make an impression, you need to set your application apart from other similar apps. If your application has all the security features, but it is complicated to use, then your users won’t stick around. So, make sure that you are not making any mistakes that will set your app apart in the wrong way.



Push Notifications

Another must-have feature in a mobile application is push notifications. The user wants to know when things happen to their coins. So, whether it is a successful sale into fiat, request for payment or massive change user should receive a notification with that information. Moreover, the user should have the flexibility to customize their alerts. For example, users may want to know if the USD to BTC conversion rate hits a certain low or high point. Just ensure that you offer granular control of which notifications are pushed, or you might risk alienating users.



Functionality Features

Finally, some features will make your app stand out from the competition. These might not make or break your entire product, but they will contribute to its utility and sizzle.



Transaction Categories

Bitcoin represents a new paradigm for money. But in the end it is still money, and money needs to be budgeted. Integrating some basic bank-style features to keep track of their coins will improve the functionality of the mobile application.



Smart QR Scanner

Most in-person cryptocurrency transaction happens via QR code. Wallet addresses are complicated and lengthy. So, to expect people to type them is inconvenient and unreliable. Every cryptocurrency wallet development app needs a QR scanner. Ideally, an app should have three scanners: public keys, payment requests, and private keys.



Seamless Conversion to Fiat

Cryptocurrency is still gaining traction, but most people still think in fiat. You can allow users to enter transactions in either fiat or BTC.



Outsource

If you’re hoping to build your blockchain wallet development, you’re already thinking about all of these features. But you need to consider something else as well, especially, if you’re new to the field. Who will code all this for you?

Developing an app is a grueling process. Developing one that leverages complex new technology like blockchain is incredibly tricky. You can shortcut all of that by outsourcing the project to a company. Codezeros is a blockchain and mobile wallet development company with particular expertise in blockchain technology. Offloading the designing and coding to a team that’s done it before can cut years off your development cycle.