The world of blockchain, cryptocurrency, and crypto transactions can be daunting to many people, especially those who are not particularly technologically savvy. Many different crypto wallets and light wallets will often boast about their ability to either provide the best prices on purchasing crypto, their non-KYC policies, or their security, which are all important aspects. But not many are focused on the user experience and user-friendliness of their product, to them, it seems like a very secondary issue.
There is no doubt that there is great potential for crypto-based companies, as there is a massive untapped market. Up to 1.7 billion people globally have no access to a traditional banking institution, of those, 500 million have access to a smartphone and an internet connection. In essence, there are 500 million potential users who can benefit from the utilization of cryptocurrency right now.
Kyiv based crypto company ‘Sapien Wallet’ have decided to focus on user-friendliness as one of the three pillars of their light wallet, the other two being decentralization of the wallet and their very own, unique Human Rating. Not only to capture this untapped market but to expand the scope of crypto transactions globally. Below are some reasons why Sapien Wallet believe user-friendliness must be focused on.
• Lowering the bar of entry •
As mentioned above, entering into the world of cryptocurrency can prove to be tricky for many, we believe that currently, it is difficult for the average person to buy, store, and spend the cryptocurrency. And that this is one of the main reasons that crypto has not been mass adopted or gone mainstream. The blame can be largely placed on the existing crypto wallets on the market as they are unable to expedite this process for the average person.
Sapien Wallet believes that creating a light wallet that is designed to be very user-friendly will result in greater adoption of cryptocurrency and crypto payments. This is because with a more user-friendly product, the bar for people to buy and spend cryptocurrency is lowered, meaning more people will be able to utilize cryptocurrency. With a user-friendly light wallet, a great number of the 500 million aforementioned potential users will be able to enter into the world of crypto with relative ease compared to now.
• Convenience in payments •
Typically when people have to make a payment, they will often use the method that is most convenient and easy for them at the given time. Often this is in the form of a credit card, cash, or an online payment method. This all depends on the environment you are in. In China, by far the most popular method of payments is online payments, from Taxi’s, street vendors to utility bills, online payments is king. In the West, card payments seem to be the most convenient way for people to spend money. At the moment, crypto payments are not the most convenient way to pay for goods, if it is, we would see a much larger percentage of crypto payments today.
Having a crypto wallet that allows its users to easily send and receive money without any hassle will be a big first step in getting people to adopt crypto payments. Very few vendors and merchants around the world are currently receiving crypto as payment for goods and services and the ones that do are often difficult for the average person to conduct the transaction. With a user-friendly design, more people will be looking to their crypto wallets as their preferred method of payment and therefore, lead to greater adoption of that crypto wallet.
• The Wallet becomes more trusted •
Frequency and reliability, that is how most people build trust in something. If you are able to do something most or all of the time with success, your trust in it will inevitably increase. Inversely, if you attempt to do something and the success rate is low, you will probably lose trust in it. This is the problem that most crypto wallets currently face. It is difficult to have a high rate of successful payments or transfers if: the counterparty is not accepting cryptocurrency or the operation of the wallet proves to be too difficult to make a successful payment every time.
A user-friendly crypto wallet will accelerate the speed of which people can conduct crypto transactions and in doing so, increase the rate of success that people have with crypto payments. Sapien Wallet believes that this will ultimately result in the increased trust of our crypto wallet, as the go-to wallet for reliability in making payments and ease of use. Moreover, trust is especially important when it comes to people’s finances, as it is a factor that can easily make or break the success of a light wallet, with a bad reputation, no one will want to rely on that light wallet for storing their hard-earned money.