Add fast, secure and cheap payment method to your Magento 2 store. Integrate it with WAVES – one of the most popular world cryptocurrencies.
OverviewBack to top
The blockchain is the technology that has been slowly but steadily taking root in multiple spheres of businesses. It triggered the emergence of cryptocurrencies that progressively find the way into eCommerce. WAVES is the decentralized blockchain platform that focuses on custom blockchain tokens operations. It has high usability and can boast of the wallets that are securely protected to ensure that their owners are the only ones to access the crypto payments.
The Waves Crypto Currency Payments extension is the one-of-a-kind free extension that allows for integrating the Waves cryptocurrency with Magento 2. This integration ensures security, decreases transaction fees and increases processing speed.
For eCommerce, it offers a variety of advantages, such as:
Inexpensiveness. Payment processing fees when using the cryptocurrency are close to zero (0,001 WAVES – currently less than 1 cent) as opposed to PayPal fees, for instance (2.9% - 3.5% per transaction).
Speed. eCommerce payments are processed within a couple of seconds.
- Security. Shoppers’ wallets are always securely protected both by standard passwords and SEED code – in WAVES, the backup phrases of 12 words.
- Transparency. Each and every action in Blockchain gets registered thus allowing both shoppers and merchants to track every bit of info.
- Irreversibility. No transaction can be revoked, canceled, or modified unless a payment receiver agrees/decides to.
Account & Pricing
The merchants have to create an account on the WAVES platform provided that they don’t already have one. No accounts are offered to be created during the extension installation. You can either download client or use online client here. Follow this guide to easily create an account. The wallet address is what will be required to receive payments. It should be entered manually when configuring the extension (payment method). Use this guide to check the wallet address in case you forget it.
While this integration has been developed in the full compliance with the GDPR, no private customer data ever crosses over or is stored on the Magento server except for public data – for instance, transaction ID after the transaction was completed. Additionally, the Waves extension offers 2 transaction methods – either by using the Waves app or the Waves web wallet. The extension solely makes a request to the blockchain regarding the required transaction. When the needed transaction is found, its public info is stored in the Magento 2 store’s database – these data are accessible to everyone, such as any other similar info on any other transaction in the blockchain. All the transactions are securely made on the Waves side without endangering the customer’s private info.
Let's also clarify the process when merchants & customers provide their wallets details:
- The merchants don't get redirected anywhere. The only data they provide are the wallets addresses, which is required to receive payments. The question of managing the funds received depends entirely on a merchant and is accomplished manually.
- The customers get redirected to the Waves site, and all the authorization is carried out on the side of the blockchain platform.
Moreover, the Waves Crypto Payments extension doesn’t offer any custom tokens except for the official WAVES cryptocurrency.
Waves Crypto Payments
Besides adding WAVES as a method of payment to your Magento 2 store, the extension offers multiple customization options:
- payment method name,
- failure message to be displayed if specific troubles occur,
- countries you’re willing to receive the WAVES crypto payments from,
- minimum & maximum order totals,
- possibility to allow the customers to check transactions manually,
- adjust conversion & exchange rates.
With this functionality you can:
- offer the shoppers a payment mechanism that is faster and more secure,
- avoid groundless chargebacks thus avoiding any losses due to fraud – solely a receiver is entitled to grant a refund,
- decrease transaction fees to 0,001 WAVES, which currently equals 0,01 USD,
- accept payment from any location with no need to investigate whether payments from those locations are allowed.
Demo & Docs
- FREE lifetime support
- FREE lifetime functionality updates
Release NotesBack to top
- Compatible with CE: 2.1 2.2
- Compatible with EE: 2.1 2.2
- Stability: Stable Build
Version: 1.1.0 (May 23, 2018)
Adds new payment method: remote payment (on the WAVES web-wallet)
Bug fixes and general improvements
Version: 1.0.0 (May 14, 2018)