As the adoption of crypto payments continues to grow, both consumers and companies are looking for safe and easy-to-use wallet solutions.
However, building a digital wallet system from scratch can be a complicated and costly process, especially for organisations without blockchain expertise. Wallet-as-a-Service (WaaS) offers a practical and efficient alternative.
Understanding Digital Wallets
A digital wallet is an application or software that stores the public and private keys required for blockchain interactions, enabling users to send, receive, and store digital assets like cryptocurrencies. Digital wallets vary in their levels of convenience and security:
● Hot wallets are connected to the internet, making them ideal for everyday transactions but more vulnerable to online attacks.
● Cold wallets are stored offline, offering a higher level of security for long-term asset storage, though less convenient for frequent use.
What Is Wallet-as-a-Service?
WaaS is a service that enables businesses to integrate digital wallet functionality into their platforms without having to create or maintain the underlying infrastructure themselves. Through WaaS, businesses can offer digital wallets for storing cryptocurrencies, NFTs, or even digital rewards.
These solutions are often cloud-based or delivered through APIs. Companies can add wallet capabilities to their platforms without requiring deep technical knowledge of blockchain.
Business Benefits of WaaS
Adopting Wallet-as-a-Service can offer several key advantages for businesses:
● Simple Implementation: With WaaS, businesses don’t have to build their own wallet infrastructure. The service provider manages the technology, making it easier for companies to introduce wallets into their platforms quickly.
● Security and Compliance: WaaS providers offer robust security features, including encryption and multi-factor authentication (2FA), while ensuring compliance with regulatory standards. This helps businesses avoid the complexities of managing crypto security and legal requirements.
● Reduced Risk: By outsourcing wallet management to a WaaS provider, businesses shift the responsibility of securing and maintaining wallets, reducing potential risks associated with digital assets.
Industries That Can Benefit from WaaS
WaaS can be applied across a wide range of industries:
● E-commerce: Retailers can integrate digital wallets to accept cryptocurrency payments or offer digital loyalty programs.
● Fintech: Financial platforms can leverage WaaS to allow users to store and manage multiple cryptocurrencies.
● Crypto Exchanges: Exchanges can use WaaS to handle large transaction volumes and securely manage wallets.
● Gaming and NFTs: WaaS supports secure storage and trading of in-game tokens or NFTs within gaming platforms and digital marketplaces.
What to Consider When Choosing a WaaS Provider?
When selecting a WaaS provider, businesses should assess several factors to ensure they choose the right partner. These include ease of integration, support for multiple blockchains, security features, customisation options, and pricing models.
Wallet-as-a-Service provides an efficient way for businesses to enter the cryptocurrency space.
Disclaimer:
CBD:
Qrius does not provide medical advice.
The Narcotic Drugs and Psychotropic Substances Act, 1985 (NDPS Act) outlaws the recreational use of cannabis products in India. CBD oil, manufactured under a license issued by the Drugs and Cosmetics Act, 1940, can be legally used in India for medicinal purposes only with a prescription, subject to specific conditions. Kindly refer to the legalities here.
The information on this website is for informational purposes only and is not a substitute for professional medical advice, diagnosis, or treatment. Always seek the advice of your physician or another qualified health provider with any questions regarding a medical condition or treatment. Never disregard professional medical advice or delay seeking it because of something you have read on this website.
Gambling:
As per the Public Gambling Act of 1867, all Indian states, except Goa, Daman, and Sikkim, prohibit gambling. Land-based casinos are legalized in Goa and Daman under the Goa, Daman and Diu Public Gambling Act 1976. In Sikkim, land-based casinos, online gambling, and e-gaming (games of chance) are legalized under the Sikkim Online Gaming (Regulation) Rules 2009. Only some Indian states have legalized online/regular lotteries, subject to state laws. Refer to the legalities here. Horse racing and betting on horse racing, including online betting, is permitted only in licensed premises in select states. Refer to the 1996 Supreme Court judgment for more information.
This article does not endorse or express the views of Qrius and/or its staff.
Stay updated with all the insights.
Navigate news, 1 email day.
Subscribe to Qrius
