Posted in:

Cryptocurrency Payments and User Experience: Optimization Strategies

© by Shutterstock

Digital currency and crypto trading is all set to take over the global financial ecosystem. And, as we start to live with this reality, the usually neglected aspect of UX design and interface optimization in cryptocurrency is another big thing that needs to be fine-tuned and refined to satisfy user needs. An exemplary user experience can make a huge difference between a successful product and a failed one. The same applies for cryptocurrency trading, digital currencies and crypto transactions through crypto exchanges, and via digital wallets.

How UX Design & User-Experience is Shaping Crypto Payments?

One of the leading US-based cryptocurrency exchanges CoinBase is working towards achieving a stellar CSAT index, by focusing on the UX perspective of crypto payments. It now offers an extremely sleek and easy-to-use interface for traders and users that want an improved user experience in the form of easy payment options, fast transactions and secure trading, with the aspect of anonymity and complete transparency.

Modern crypto user interfaces will get past necessity, and this is the main reason why a majority of private financial institutions and merchants seek to incorporate or integrate new technology for keeping pace with the digital currency era. One thing is for sure that UX design is definitely the next big thing, apart from enhanced functionality and cost-effectiveness. The better the user-experience for customers, the higher the volume of payments, trade and crypto transactions.

Today, designers of cryptocurrency exchanges and digital wallets are more focused towards the UX aspect of interfaces, and they leave no stone unturned in creating a visual impact that helps increase subscribers and retain existing customers. In fact, it is a part of user-interface optimization strategy, whereby a digital payment method is made user-friendly, interactive, engaging and easy-to-understand for all

User-Experience Can be Customized to Instill Trust

In the exclusive domain of cryptocurrency payment & crypto trading, customer trust and transaction security are the two most vital aspects. Let’s shed some light, as to how UX can be customized to instill faith and security among the new generation of consumers and users.

  1. Transparent Dealings – it is because of transparency, users are provided with detailed transaction history, including addresses, payment confirmations and timestamps. It is to ensure that users can easily, track, trace and verify their digital transactions.
  2. Security Warnings – When crypto exchanges provide adequate security warnings for potentially risky cryptocurrency transactions, such as transferring money to an unknown or unverified address, the system is said to be properly optimized for an improved user experience.
  3. Two-Factor Authentication – In order to increase the UX quotient of crypto payment users, crypto exchanges must incorporate 2FA standards to enhance security levels. This automatically generates trust among digital wallet users, as it provides an additional layer of protection to merchants and customers, when making payments, both in a B2B and B2C environment.

Streamlining Wallet Management

This is a great step forward in optimizing the user-experience of cryptocurrency payments for attracting new prospects and retaining existing customers across the board. Therefore, it is UX design of interfaces and wallets that aim to streamline digital wallet management. The user-interface of digital wallets must be intuitive in design and easy-to-navigate, even for a ‘technologically handicapped’ person. The wallet design must be compatible, accessible and the layout should be extremely well-organized. Let’s understand some other aspects.

  • User-Friendly Onboarding Process – When you simplify the wallet set-up process for your users with easy-to-follow steps and proper instructions, it automatically increases the UX quotient of all crypto transactions. This is like a feather in the cap for all digital currency trading platforms and exchanges that want to improve upon their crypto payment user experience quotient to many folds.
  • Visual Aesthetics Improvement – You need to collaborate with UI/UX designers for creating crystal clear and visually engaging graphics that help provide users with all the information about their recent transactions and digital wallet balances. It also helps to differentiate between miscellaneous cryptocurrencies like Bitcoin (BTC), USDT Tether (Stablecoin), Dogecoin (DOGE), Litecoin (LTC), Ethereum (ETH), Cardano (ADA), Solana (SOL), etc.
  • Fund Recovery Features – You need to explain the fund recovery methods and options in simplest terms to users for increasing the UX quotient. In fact, users must be aware, as to how to regain access to their funds in the event of forgotten passwords or lost keys. This is how you optimize user-interfaces for achieving a better customer experience.
  • Integration with Traditional PaymentsAs time progresses, cryptocurrency payment mechanisms, digital wallets, and transactions are increasingly integrating with traditional financial systems. This integration offers unprecedented flexibility and convenience to consumers, especially when it involves instant conversion between cryptocurrencies and fiat money. For instance, the crypto payment gateway UniPayment plays a significant role in this regard. It provides users with seamless conversion services, enabling them to effortlessly convert received cryptocurrencies into specific coins of their choice or into fiat currency. This flexibility not only enhances the user experience but also supports the modernization of traditional payment systems, offering more options to users. With advanced tools like UniPayment, merchants and consumers can easily switch between digital and traditional currencies, achieving true payment freedom.
  • Mainstream Acceptance – With increased awareness among a new generation of users, cryptocurrency and blockchain based payments will usher in a new era of financial revolution, wherein more and more users would adopt crypto payment options via easy-to-operate digital wallets.

Ways to Optimize UX Quotient in Cryptocurrency Payment

  • Streamlining Know-your-Customer (KYC) Process
  • Incorporating smart contract wallets
  • Next-generation hardware & hybrid wallets
  • Gasless transactions
  • Payment process simplification
  • Installing trustworthy payment gateway for E-Commerce stores
  • Optimizing checkout options, and more.

As cryptocurrency platforms have their own set of challenges, it is essential to have a robust UI/UX rich interface that allows users to carry out transactions efficiently and make payments with ease, apart from receiving payments from customers. So, you need to analyze end-user needs, and thereafter strategize a UX strategy for easing out the crypto payments processes.

Best UX Practices for Cryptocurrency Payment Checkout Pages

First and foremost, a simplified transaction process is key for enhancing user-experience quotient and streamlining a digital payment procedure. Secondly, it is the aspect of visual appeal and user-interface, all blended with colors, uncluttered features and layouts provides a welcoming feel to users. Thirdly and most importantly, the layout of the page should be 100% mobile optimized, as a majority of merchants perform transactions and make payments via their Android devices. Then comes that aspect of transparency and clarity which is quintessential for any crypto trader. 

Last but not the least, a crypto exchange, crypto payment gateway or a crypto wallet must be compatible with different cryptocurrencies, and users can choose any currency of their liking. Moreover, it should provide clear instructions about refund and cancellation policies. This is how enhanced UX levels result in improved customer satisfaction in all forms of cryptocurrency payments.