To connect to DeFi platforms, users are required to use one of the Web3 wallets. Often these wallets become MetaMask or TrustWallet, but in fact, their choice is many times greater, thanks to the WalletConnect protocol. However, the protocol can be helpful not only in the DeFi space. WalletConnect can be successfully used by users to significantly ease the payment process.
Key Points:
- WalletConnect is a bridge between various Web3 wallets and decentralized applications.
- The protocol allows you to set up a secure connection to ensure the transaction flow.
- NOWPayments provides a WalletConnect feature that is advantageous for users paying with crypto.
What is WalletConnect?
Indeed, interacting with various decentralized applications, you have already stumbled upon WalletConnect in the section of available wallets. However, WalletConnect is not a wallet by nature. It is rather an intermediary with which you can connect your wallet to an application or another wallet.
WalletConnect is an open-source protocol whose function is to establish an encrypted connection between wallets. The connection is established using a QR code or a link. The protocol can be used to communicate with decentralized applications. Moreover, developers can easily integrate WalletConnect by deploying the lightweight WalletConnect SDK.
Why do you need WalletConnect?
General needs
Developers of decentralized applications widely use WalletConnect to provide users with a wide choice of wallets to interact with the dapp. With this protocol, there is no need to configure operations with a specific wallet and restrict users. In addition, WalletConnect supports more than 100 leading Web3 wallets, giving DeFi users the opportunity to choose their favorite.
Using WallletConnect, developers can set up a secure connection between the user’s wallet and the platform. In addition, this connection does not require repetitive actions. In simple words, users request and confirm a connection only once and can use it for an infinite number of sessions.
This allows users to easily link their mobile wallet to a decentralized application without having to install a browser extension.
When working with a decentralized application, WalletConnect pushes notifications over established connections to the users’ wallets. That is, it is enough for the users to simply confirm the transaction in their wallets.
For payments
Merchants can also benefit from using the WalletConnect protocol. NOWPayments provides an opportunity for merchants to create crypto invoices that customers can pay using their Web3 wallets, for example, MetaMask, Guarda, Atomic Wallet, etc.
The flow for the customer:
- Receive the invoice from the store.
- Scan the QR code—it will redirect you to your wallet. The information about the payment will be copied automatically.
- Once the connection is established, you can pay for purchases smoothly.
- NB! To date, this feature is available for ERC20 tokens: for example, ETH, USDT, SHIB, UNI, and other ones that are available on NOWPayments to make quick payments.
Given that the payment process is greatly facilitated, this motivates customers to make purchases. If the client used to have to copy the merchant’s wallet address, the amount, and so on manually, now with NOWPayments’ WalletConnect feature, it could be done automatically. Users just need to authorize the service, thereby enabling it to track the balance and request transactions.
The clients add products to the cart, proceeds to payment, select one of the supported ERC20 tokens, click the payment button, and receive a notification directly to their wallets. It is enough for the client to simply confirm the payment, and voila, you accept the payment, and the customer receives the goods or services.
Conclusion
WalletConnect helps to significantly expand the flexibility and capabilities in the financial services sector. The vast and regularly updated list of supported wallets makes the solution universal for any type of service. In addition, the service can significantly simplify interaction with the store. In fact, the client connects in two clicks and can easily and quickly pay with ERC-20 tokens supported by NOWPayments for the goods and services provided.