Case Study: Designing A Futuristic Payment System, Improving Overall User Experience
Methodology: User Research, Wireframing, UX Design, Prototyping
Duration: 4 Days
Tools: Figma, Figjam by Figma, After Effects, Google forms, Invision Freehand
Results: Created a dynamic payment system, robust enough for crypto payments
The idea of Satoshi Nakamoto has proven to be revolutionary, making companies like Tesla, Microstrategy buy into the idea of a decentralized economy.
There are a lot of people who are now converting their fiat into tokens, having more money in their crypto portfolio than they do in banks because stable coins keep your money intact regardless of market activity.
When I visit service providers with pricing plans and payment options, they only accept cards and bank deposits, which makes me wonder if they don’t think the decentralized system is a secure means of payment, or if perhaps they just don’t know how it works.
Therefore, I examined existing brands to see how they handle payments. Of course, I was biased because all 3 brands I visited are what I use every day, from Spotify to MailChimp to Bit.ly. I noticed something, they added PayPal as an option to the ones with a robust payment system, but their competitors just stuck with cards. By 2021, with a rise in cryptocurrency use, I don’t think this is dynamic enough. As a result, I researched a bit.
I needed to make sure that I wasn't just making stuff up, that this is actually a problem that needs solving, so I conducted research with two primary objectives.
- Understanding the current method, if it is robust enough for all types of users.
- Possibilities in using crypto assets like BTC, ETH & BNB for transactions.
Understanding current payment method
After conducting my research and identifying what the problem is and the need for the best approach in solving the problem was discovered.
Regardless of the small pool of people interviewed, it was clear that there need to be provisions for people who prefer to make payments using crypto assets rather than fiats. And here is what some of them had to say.
I definitely would love to make payment using crypto assets because it is safe and secure, but most importantly the speed.
The charges from local banking transactions are very ridiculous compared to payments made with TRC20 which is just $1 on every bitcoin transaction. I would prefer bitcoin over MasterCard or visa as a payment method anyday.
Current Payment Method
The user persona was created to have a point of reference when addressing the user's needs while conducting my research.
From the interview conducted, I mapped out the thoughts of some of the users I found, and there in a bid to understand their connection to the products with respect to their emotions, environment, and current state.
Cryptocurrency platforms such as Binance and Coinbase give allowance for converting fiat currency into whatever cryptocurrency the payment recipient chooses to utilize, for example, USDT or BTC, Peer Peer transactions from wallet to wallet is also applicable and as such provides seamless transfer experiences. Simply creating a wallet and integrating it into your payment portal ensures the establishment of a very convenient and easy-to-do payment transaction. I took a step further and made designs to better represent what a payment portal with an integrated cryptocurrency payment portal would look like
WebFx Pricing Page Redesigned
Introducing Cryptocurrency as a mehod of payment
Payment Process Confirmation
Payment Success Feedback
Merits of Integrating Cryptocurrency as a means of payment
- Swift and Convenient: introducing cryptocurrency ensures that you have a payment system that is super fast and has zero hassles and can be done from virtually anywhere in the world because of the vast acceptability of cryptocurrencies like Bitcoin and USDT.
- Decentralized finances: this also leads to a more secure, more transparent, and significantly more efficient alternative to traditional financial services, by removing the need for centralized financial institutions; a more open and accessible system is created.
- Easier International Trade: organizations with international reach immediately make payments seamless for those they render to because cryptocurrencies are not subject to exchange rates, interest rates, and country-specific levies.
- Dynamic Factor: Cryptocurrency in 2021 has become a huge part of the everyday norm and is here to stay, integrating it as a means of payment is simply ‘getting with the times.
“ Cryptocurrency is money for the digital age……”, Marcus Swanpoel CEO Luno, I believe him to be astute in his assessment because times have changed and the world has heavily transcended into a big digital mesh, utilizing Cryptocurrency is simply leveraging on the technology of the digital ecosystem to create a very secure, swift and mobile mode of payment, it is in fact currently the most natural and logical step to take in the transactional space.