A cryptocurrency wallet is digital storage entity that is used to secure crypt tokens. It uses private and public keys for the transactions and also deliver all the benefits of blockchain technology to the token holders. As the number of crypto users is increasing globally, the usage of wallets is also growing. In the past few years, we have seen diverse solutions getting introduced in this domain and many of them made a mark in crypto sphere.
As we are gearing up to welcome 2020, there are more trends and technologies expected to emerge. We have enlisted the top 7 anticipated cryptocurrency wallet development trends that would be abuzz next year, so let’s take a look at them one by one:-
1. Growing number of crypto wallet users
For the past two years, we have seen a massive adoption of cryptocurrency that cannot be used without its dedicated wallet. As per the reports released through various sources, the total number of wallets is 36 million right now and the count continues to go up. According to the experts, the adoption of this technology is not going to stop and the number of crypto users will keep increasing no matter what.
As per crypto market expert and data aggregator Statista, the number of crypto wallet users has mushroomed in last 3 years and this growth is going to get manifold in the next coming years. If you go by the findings, the total number of wallet users has shot up to 42,290,501 in the third quarter of 2019 as compared to 8,951,582 in the same duration in 2016. Thus, you can certainly expect this number to grow even bigger in 2020.
2. NFC-enabled wallet
NFC aka Near Field Communication is a technology that allows the data to be transferred among wireless devices real-time. This is certainly going to be a massive trends in the crypto wallets as it empowers the users in many ways. This particular function has been achieved by configuring the smartcard interface into a single device which results into reduction in the distance of transfer. It was introduced and used in the UK first, but is now, spreading across the globe.
The usage of technology has given some impressive results to the buyers and sellers of cryptocurrency, it improves the efficiency of the whole exchange process. Moreover, it makes the transfer of funds very easy as compared to regular methods practised by the wallet users. All you need to do, is to tap on the NFC button on the wallet and the mechanism detects the recipient’s address automatically with the help of public address. The number of people with the preference to contactless payment is increasing this technology gives them much more than they want. This solution works from the smartphone that needs to be in the proximate area where you want to execute the payment. Since its advent, NFC wallets have been gaining popularity and it is expected that all the crypto wallets will be enabled with this technology in 2020.
3. Transnational Remittance
Transnational payment is a remittance or long-distance transaction you make in another country. Today, as the migration of skilled and unskilled professionals is on a rise, the number of these transactions is growing stupendously. There are many developing nations whose revenue’s sizable chunk comes from the remittances done by their migrant workers. However, executing such a transaction with fiat currency is not a very reasonable deal as fee is very high and it takes a considerable amount of time too.
Cryptocurrency emerges as a solution for all those people who want to send maximum money to their friends and family, and want to pay minimum for fee. In the year 2019, we saw quite few platforms that offered help to various migrant workers in different regions by making their remittances very quick and cheap. According to the data, the global remittance market is expected to reach $1.035 trillion by 2022 and $1.413 trillion by 2025. Therefore, the usage of crypto wallet is definitely going to grow as it is going to profitable for the global economy.
4. Global consolidation of crypto wallet market
In the past couple of years, mobile crypto wallets have acquired a big chunk of the overall crypto market. In this year as well, we have seen quite a few positive trends that indicate the global consolidation crypto wallet market is likely to happen very soon. There are many crypto wallet service providers and users who are hoping that this would happen. The more structural growth of crypto assets is clearly indicated by the growing number of solutions that make way for the adoption of this technology. Many experts are expecting to see the advances phases of these developments to surface which were underlying to so far.
5. Wallet are likely to replace exchanges
That’s true, as we all are eyeing new solutions towards making the transactions more private, the idea of using a crypto wallet instead of exchange for transactions has already been floated. Furthermore, we can expect to see quite a wallet platforms to offer buying and selling services to their users.
6. Induction of Loyalty Programs
Since the number of crypto wallets and their users both are increasing, service providers are definitely expected to allure the users with many indispensable offers. Loyalty program is one of the successful marketing tricks that have yielded promising results to various businesses and crypto wallet providers are much likely resort to this practices on build a potential user-based in 2020.
7. Switch to non-custodial from custodial wallets
This could lay major impact on the way are dealing with our digital assets now. Custodial wallets those which store the private keys of the users in its own server. In the last few years, a great number of hacking incidents has compelled the service providers to take this step that would be very useful for the coin holders. A study by the University of Cambridge suggests that a big number of wallets have already made their operations non-custodial and the remaining are going to this very soon.
Future of Crypto Wallets in 2020
With all these expected trends, we are hoping that the future of crypto wallets will be promising in the 2020. As the security norms are tightening and efficiency is also being increased, we all are expecting a huge growth in the number crypto wallet users. Whether you are individual or a business, it is now possible to get a multi-crypto wallet application that enables you to take the trading to the next level. Coin Developer India is a cryptocurrency wallet development company that allows you to embrace this revolution easily and affordably.
