Understanding the Concept of Wallet as a Service for Crypto Exchanges

By Suffescom Solutions

August 22, 2022

Today, blockchain technology has made great advancements in every sector. Blockchain helps in the proper management of cloud-based networks. Having said this, implementing necessary programs for any organization requires seamless operational tasks. There is the need to frame specific solutions to block the unauthenticated intrusion of malicious activities.  Blockchain has paved the way for asset tokenization and framing fantastic business models.

Besides this, many arbitrators will likely grab a certain amount from the main share. There is the usage of the own created cryptocurrency that is set up on Ethereum as an ERC20 token. There is a massive discontinuity existing between various digital systems. Many technical aspects, such as Smart Contracts, Nodes, and Consensus, have diverse qualities and functioning. Wallet as a service emphasizes bridging the gaps between these digital entities. Every issue linked with the blockchain is solved, and in addition to that, a smooth interface is provided to make its base stronger.

Suffescom Solutions Inc is the top Crypto Wallet Development Company that makes the smooth launching of the crypto launchpads. Our highly experienced team will help you develop an exceptional white label digital wallet for your organization.

Just go through this article as it will give you an insight into the development process and the various features.

But before moving further, it's important to compare the blockchain as a service (BaaS)  and wallet as a service (WaaS).

So, here we go!

BaaS vs. WaaS


Difference
BaaS
WaaS
Blockchain category
Private blockchain
Public blockchain
Personalization
B2B
B2B & B2C
Business Targets
High
Low
Technical assistance
Large
Small & Mid-Sized
Assimilation assistance
High
High
Decentralization Evaluation
Extremely High
High
Data Storage
Cloud
High-grade
Customer Independence
Low-level
Cloud
Cost of consultation
higher
High-level

There is a great significance of the WaaS Platform development as it fulfills all the requirements of the clients. From the business point of view, the large organizations that are B2C-centric are expected to obtain an advantage from this. The above difference shows the greatest aspects of the wallet as an undervalued service. Hopefully, with this distinction, people will be able to gauge its scope in the upcoming market industry.

Wallet as a Service in detail

WaaS is a broad solution to integrate e-wallet for all the digital money transactions on a common platform. This is done via banks, membership, functionalities, loyalty, and cards. The main job is to provide all the services hassle-free at the same place. The other characteristic is to provide a highly secure payment system.

WaaS follows a business model that allows large firms to give digitized outlooks to their counterparts. This can be done by incorporating the  business operations via highly digital financial services. There are numerous prototypes for the software suites, but they are not capable of providing mind-blowing solutions. On the contrary, a WaaS model allows financial institutions to launch B2B or B2C finance projects online very effectively.

Read More: White Label Crypto Exchange Development Company In USA

Types of Online Payment Utilities in Wallet-as-a-Service

  • Digital Cards
  • Gifts and Vouchers
  • Cloud-based reward programs
  • Mobile point of sale (mPOS)
  • In-built loan management tools

If there is an already built infrastructure, then also the WaaS can be merged with it smoothly. Now, it’s upto the firms which facilities should be provided to the clients according to their needs. Its necessity is felt in contemporary businesses that are customer-centered over digital channels.

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Features of WaaS Platform Development

An all-in-one payment solution for your business has a list of features illustrated as under;

  • Diverse top-up mediums: 

There are hefty transactions among the various financial organizations. So, in today’s world, when everything is digitized, there is no need to fear money. This is because every transaction is cashless, and the funds are transferred virtually. 

There are numerous ways by which the resettlement of the capital takes place. This is done with the help of credit cards, debit cards, popular e-wallets, payment gateways, and so on. There is the availability of all the options so that no hindrance is faced while transacting the big amount.

  • Scalable Platform: 

This kind of platform is exceedingly expandable in terms of providing services and solutions. Mostly, a cloud-based platform is adopted to make everything self-reliant and adaptable. Another thing that works in its favor is the cost-saving ability. It works according to the latest business demand. 

If, by any chance, the business needs auto-scaling, then there is the provision for the scaling of the assets and, similarly, the scaling down in case of diminished traffic. During this procedure, there is no resistance faced in the day-to-day functioning.

  • User database development:

There are times when the important information regarding the client’s data vanishes. Thus, a robust and fully secure user database is developed to eliminate situations like these. This helps in the structured tracking of the data, eventually leading to managing engagements.

All the other details corresponding to the rewards, loyalty programs, upsell-push, cross-sell, and certain membership solutions are kept safe. This is due to the proper record maintenance of the above mentioned specifics.

  • Low transactional fees:

The most innovative feature that makes it the best among its contemporaries is the low transaction fees. Several platforms deal in cryptocurrencies, and WaaS as a podium is very easy to use and can handle transactions continuously.

More clients, more will be congestion available. Nevertheless, the other reason that adds up to the usage of this platform is the reduced fees it charges from the clients.

  • Grants transactions: 

The astounding attribute that makes the utilization of WaaS amazing is the transaction allowance at any time. There is no blockade faced in the transactions, irrespective of location. The geographical setting has zero effect on the money proceedings.

There are transactions corresponding to the different cryptocurrencies. This also takes place very logically and coherently. There are uncomplicated currency conversions that take place under this service.

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Benefits of WaaS Platform Development

The financial firms seem keen on using the WaaS platform. It wouldn’t be wrong to state that this service enjoys huge popularity among enterprises. This is merely due to the perks that it provides to the organizations. There is a wonderful thing associated with WaaS and, i.e., the pay-as-you-grow strategy. Here, what happens is that the amount is paid in accordance with the services that are employed. The idea is that one needs to pay for the services of their choice.

Let’s have a glimpse at the favorable opportunities that the WaaS delivery model puts forward.

Straight forward setup: The most fundamental basis of this service platform is that it is easily launched. There are no complications faced by the user in setting up the platform. This means that it follows a tremendous method and goes all out to hit in full swing to hit the market.

Customization: In the cryptocurrency industry, there is an option to either pick a single substitute or enormous WaaS substitutes to test their efficacy in the specific industry. There are also the amenities for the tailor-made solutions. Whatever changes or inclusions are required in the system, everything is handled steadily and effortlessly. The supplementary services that differ in some way or another are also connected with the actual software.

White label solution:

Two methods are available for creating a wallet as a service platform. One is to build it from scratch, which requires all the coding from the initial phase. The other way is to have a white label solution in which the entire coding is already done. It is a ready-made software solution that most probably goes with the brand name giving limited opportunities to promote their own company. It takes lesser time to build and gives an excellent solution to the user.

KYC compliance:

 As we know, in terms of pre-built software with fixed architecture, certain rules are associated with it. It becomes probably difficult to stick to those rules. This is seen in the various policies related to some service-based models. But in the case of WaaS, the compliance rules and regulations are followed without any hindrance. This makes the entire working mechanism extremely flexible.

Various Use Cases of WaaS

WaaS have the utmost potential in attaining financial gains. It has worked immensely in favor of business corporations, specifically in the financial domain. It has the ability to reach out to most of the clients, which could add up to the business growth. Digital transactions have become the favorite of corporations. Therefore, it is amazing to utilize a wallet as a service to satisfy the needs of the people working on various projects or fields.

Below are some of the use cases of WaaS in numerous fields;

  • Cashless transactions: 

Some several merchants and customers prefer self-check-in services in terms of financial services. Various big financial institutions are all in for cashless transactions. Digital transactions have made things very easier for the overall people around.

  • Building engagement:

The WaaS is used in different applications, be it customer apps or business apps. There are a lot of gift programs and merchant rewards that are responsible for the continued retention and engagement of the users. 

  • Neo Banking: 

Initiating neo banking which is a form of a digital bank, does not have any physical presence. There is only the online availability of such financial institutions. These services are accessible to agents, retailers, users, wallet operators, and so on. Their prime focus is to target technology-friendly users for various payments related to lending, payments, and money transference.

  • Secure Tokenization:

Another use case of the WaaS Platform development is to issue secure tokenization to financial institutions. The proprietary cards are digitalized and issued under an agreement signed by third parties and the financial institutions. Here the third parties are mostly the retailers that help the customers in transacting business with that institution.

Software Development Kit (SDKs)

The SDKs are the essential elements of the software. These are a set of tools that help build distinct platforms and applications. This tool kit is provided by the vendors to the developers to integrate them into their apps along with the services.

Node.js: It is a cross-platform tool used to develop scalable applications. There are asynchronous primitives in its standard library, which prevent the JavaScript code from blocking. 

Java: It is an oop that has limited dependancies and follows the WORA(write once run everywhere). The Java syntax is similar to C/C++. and are written in the form of objects and classes.

.NET: It is an open-source  platform used for building various applications. .NET allows the usage of diverse languages and adequate libraries to develop mobile/web apps,  IoT, and so on.

Python: A programming language that helps in building softwares and websites to monitor data analysis together with automated tasks. Many programs are created by using this language, and there is an integration of modules, classes, and very high-level dynamic data types.

PHP: It is an open-source programming language used to create apps, websites, and customer relationship management systems. Moreover, it is used as a  general-purpose language embedded in HTML.

Golang: Also known as GO programming language, is open source, and there is complete experimentation with the code to fix the bugs. This is easy to use and provides transparency, making it easy for the programmers to comprehend the language.

Erlang: A programming language used for developing highly scalable and real-time systems. It enables the programmers to build a system component irrespective of the data handling.

Rust: It is a language that has the potential to run upto two times as faster as Python. It is directly compiled in the machine code without using any interpreter. Every program has a shared memory that keeps track of the reference data.

Ruby: A dynamic programming language that emphasizes providing productivity and simplicity. It is best for building websites, desktop apps, automation tools, etc. It provides dynamic block attributes with ultimate flexibility and creativity.

Read More: OTC Crypto Exchange Development Company In USA

Conclusion:

Blockchain has proved its worth in every domain and looking at its current prominence, it’s not going anywhere. So, it’s better to be a part of the relevant business model and take advantage of its subsidiary services. Depending upon the requirements, one can make the right choice for their business organization.

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