A cryptocurrency wallet app is a mobile application that holds both public and private keys. Using these wallets, users can store, send and receive digital currencies. In August 2022, the number of crypto wallet users escalated to 84.02 Million, which was 76.32 Million in August 2021. With the increasing number of users, more investors are venturing into the crypto wallet segment and harnessing their potential with the assistance of crypto wallet app development companies.
Crypto wallet app trends keep changing every now and then. It is vital to be up to date with these trends and implement them to get a competitive edge over others.
#Trend 1: Introducing Loyalty Programs
The number of crypto wallet users is surging at a fast pace, so businesses are introducing enticing programs for them. One of the effective marketing approaches that generate positive results is the loyalty program. It is predicted that this strategy will be incorporated by businesses in 2024 exclusively for those associated with them for a while.
#Trend 2: Transnational Remittance
Transnational payments are used to transmit money or perform international business. The users have to pay a certain amount as gas fees to share money with their family and friends. In 2019, it was observed that numerous platforms supported migrant persons coming from different places, thereby giving them the opportunity to send money rapidly.
As per Statistica reports, The global remittance market is expected to rise by US $901.4 Bn in 2022 and will be at US 64.43 Bn in 2027. As a consequence, it will benefit the world’s economy, which in turn will increase the demand for mobile wallet app development.
#Trend 3: A Surge in the Number of Mobile Wallet Users
The worldwide acceptance of cryptocurrencies has surged over the last two years. The number of wallet users has risen from 76.32 million in 2021 to 84.02 Million in 2022, according to the reports provided by a variety of sources.
As per the analysts, mobile wallet app development technology will be used, and the number of crypto wallet users will skyrocket in the coming years.
#Trend 4: NFC Enabled Wallets
Data exchange would take place between wireless devices, and NFC technology has made all this possible. It will be a popular trend in future as it offers several advantages to those who are procuring crypto app development services.
This feature eliminates the concept of user anonymity, a prominent feature of wallets. Furthermore, You can even choose a preferred customer on the platform.
#Trend 5: Global Amalgamation of Crypto Wallet Market
The majority portion of the crypto wallet market has been taken over by Crypto Cellular wallet. The promising trends of this year state that the worldwide consolidation of the crypto wallet market will take place soon. Many wallet providers and users are eagerly waiting for it to happen.
Innovative solutions that embrace this technology will lead to the expansion of cryptos. Several analysts predict that this development will cover intricate details as well.
#Trend 6: KYC/ AML enabled Internal Checks
KYC/ AML is gaining a lot of traction in the crypto landscape.KYC/ AML carried out on a geographical basis reveals the actual identities of the users. The wallet solutions that support crypto exchanges will have this feature. As a start-up or an established firm, you can enter this segment and boost your revenue streams with it.This feature has become a gateway that verifies users with in-process withdrawals or performs other transactions using cryptocurrency mobile applications.
#Trend 7: Exchanges Replaced by Wallets
Everyone is finding ways to carry out transactions privately. The idea of using crypto wallets instead of exchanges to perform crypto transactions has been proposed by many. The goal is to have sufficient wallet platforms that introduce users to sales and purchase options. To reach this goal, more Bitcoin wallets will be developed in the coming years.
#Trend 8: Switch from Custodial to Non-Custodial Wallets
The way of managing digital assets is going to change in 2024. The private key will be placed on the server of the custodial wallet. Custodial wallets will change into non-custodial wallets, thereby giving users complete control over the keys and the currency.
The non-custodial solutions will be developed keeping several aspects like complexity, features and functionality in mind. Many have already switched from custodial to non-custodial wallet solutions, and this will happen in 2023 as well.
#Trend 9: DeFi will Occupy the Centerstage
The DeFi segment has garnered the attention of numerous crypto enthusiasts. All the accounting transactions are performed on the platform. The platform used to build DeFi apps is Smart Contract based. Even traditional payments or transfers take place without third-party intervention.
#Trend 10: Diversification
Stablecoins with a value fixed to the central bank currencies(like US Dollars and comparable currencies) will be utilised. Besides this, Wallets that simplify the token transfer and exchange process are making these currencies more user-friendly.
There are chances that these two approaches will merge together. Also, it is predicted that China’s electronic payment system will support Ethereum to some extent.
Users can buy Bitcoin from a Paypal account and make Bitcoin payments using Paypal.
It is expected that the crypto wallet trends will have a promising future in 2024. Even the number of crypto wallet users will increase if security practices become more robust and effective.
Antier is the leading crypto wallet app development agency. We have been delivering world-class solutions for almost a decade and have acquired wide domain knowledge and expertise that is used to develop robust and scalable applications. Our apps are tailored as per business requirements and backed up with high-graded security and scalability. To know more, Contact our subject matter experts today!
