Blockchain-Based Recurring Payment Platform: How to Develop One

Blockchain technology is shaking up many industries, and one area where it’s having a big impact is recurring payments. A blockchain-based recurring payment platform makes subscription services, memberships, and regular billing run smoothly and securely without the need for middlemen. With the global subscription e-commerce market expected to hit 478.2 billion dollars by 2025, it’s clear that businesses are eager for better payment solutions.

Two platforms leading the way in this space are Civic and Utrust. Civic uses blockchain to offer secure identity verification and recurring billing, which helps businesses reduce fraud and make payment processing easier. They bring in 12 million dollars a year, showing how valuable this technology can be. 

Utrust, on the other hand, helps merchants accept cryptocurrency payments with smart recurring billing systems, generating over 35 million dollars in annual revenue.

In this blog, we’ll dive into how you can build your own blockchain-based recurring payment platform. Let’s start!

Key Market Takeaways for Blockchain Recurring Payment Platforms

According to GrandViewResearch, the subscription billing market is growing fast, and there are no signs of slowing down. It is expected to be worth 7.32 billion dollars in 2024 and could reach 32.86 billion by 2034. More businesses are adopting subscription models and looking for digital solutions to make billing easier and improve customer experience. 

Source: GrandViewResearch

Blockchain recurring payment platforms are stepping in to fix the problems with traditional payment systems and offer a more secure and efficient alternative.

Blockchain payment platforms are already making waves with creative solutions and smart partnerships. Take OnChainPay, for example. It helps businesses automate cryptocurrency subscription payments across networks like Ethereum, Solana, and Binance. Merchants can easily set payment amounts and frequencies while keeping transactions secure. 

Then there is RippleNet, which is used by over 175 banks and financial platforms to make global recurring payments faster and cheaper. 

Platforms like Ccoins are also changing the game by allowing users to schedule regular payments for subscriptions or salaries without the need for middlemen. This flexibility not only saves money but also makes the whole payment process much simpler.

A Perfect Time to Invest in Developing a Blockchain Recurring Payment Platform

If you’re thinking about launching a blockchain-based recurring payment platform, it could be a really smart and profitable move. More and more businesses are looking for secure, transparent, and cost-effective payment solutions. Blockchain helps with lower transaction fees, faster processing, and the ability to handle small payments across borders without the usual banking hassles. Plus, recurring payments are huge in industries like SaaS, digital media, and e-commerce. 

A blockchain-powered platform can help businesses lock in steady and predictable revenue. It also cuts out middlemen, which reduces costs and makes the whole experience smoother for customers. Happy customers usually mean they stick around longer.

Take Uphold, for instance. This platform lets users manage recurring payments like subscriptions or automatic crypto staking. In 2020, they brought in over $50 million in revenue, showing how much demand there is for blockchain payment solutions. 

Another great example is CoinPayments. They provide recurring payment gateways for crypto and have processed over $10 billion in transactions since launching. These platforms are proof of how blockchain can open up some exciting opportunities, especially as the industry keeps growing.

Key Features of a Blockchain Recurring Payment Platform

Let’s look at five key features of blockchain recurring payment platform,

1. Customizable Payment Schedules

One of the best things about blockchain-based payment platforms is how flexible they are. Users can set up recurring payments that fit their needs, deciding how often and how much to pay. This makes it super easy for users to manage their subscriptions without any stress.

2. Multi-Currency Support

A big perk of blockchain platforms is that they can handle multiple cryptocurrencies. Users can pay with their preferred digital currency, which means they no longer have to deal with currency conversions. Whether it’s Bitcoin or any other crypto, this flexibility makes things way easier for users and merchants worldwide.

3. QR Code-Based Payments

QR codes are a game-changer for fast and secure payments. Blockchain platforms take this even further by letting users scan a QR code linked to the receiver’s wallet and make payments in seconds. This is especially handy for mobile transactions and saves users from having to enter wallet addresses or payment amounts manually.

4. Smart Contract Automation

Smart contracts automate recurring payments by making sure the agreed conditions are met between parties. For users, this means payments happen automatically with no manual effort. It ensures subscriptions or services are paid on time and gives users peace of mind.

5. Wallet Integration and Management

Blockchain platforms often support integration with different digital wallets, which is great for users. They can link their preferred wallets for smooth transactions, manage wallet balances, track transaction history, and keep tabs on their cryptocurrency holdings.

Development Steps for a Blockchain-Based Recurring Payment Platform

Here are the steps to develop a blockchain-based payment platform,

1. Start with a Clear Plan

So, the first thing you need to do is figure out what the platform is for. Are you building it for businesses, freelancers, or subscription services? Also, think about whether it will support multiple cryptocurrencies. Having a clear plan right from the start makes everything much easier later on.

2. Choose the Right Blockchain

Now, it’s time to pick the blockchain. Ethereum is great for smart contracts, but it can get expensive. Solana and Binance Smart Chain are cheaper and faster options. You need to choose one that fits what you’re trying to do.

3. Set Up Smart Contracts

Smart contracts handle payments automatically, making sure they happen on time. Just make sure they’re secure and properly tested before launch.

4. Integrate Digital Wallets

Smart contracts are what will make the payments happen automatically and on time. But before you launch, you want to make sure they’re secure and fully tested. You don’t want any surprises down the road.

5. Offer Flexible Payment Scheduling

Not everyone likes to pay on the same schedule. Some people prefer paying monthly, while others might want to pay daily. Letting users choose when and how they want to pay makes the platform way more flexible and user-friendly.

6. Focus on Security and Compliance

Security is a big deal. You don’t want to deal with fraud or hacks. So make sure to use encryption and two-factor authentication and stay compliant with KYC and AML regulations. This will keep everything safe.

7. Keep It User-Friendly

The last thing you want is a complicated interface. Users should be able to easily navigate the platform, check their payment history, get reminders, and see notifications without any hassle.

8. Optimize Transaction Costs

Gas fees can be a pain, but you can keep them low. Choose a blockchain with lower fees or use layer-2 solutions to make transactions faster and cheaper.

9. Test Everything Before Launching

Before going live, test everything thoroughly. Make sure there are no bugs, security issues, or performance problems. And don’t forget to audit your smart contracts to make sure everything is secure before you launch.

Cost of Developing a Blockchain-Based Recurring Payment Platform

Stage	Task	Cost Range ($)	Notes
1. Research & Planning (5-10%)	Market Research & Feasibility Study	500 – 2,000	Analyzing existing solutions, target audience, and market demand.
	Legal & Regulatory Research	1,000 – 3,000	Understanding KYC/AML requirements, data privacy, and financial regulations.
	Technical Architecture Design	1,000 – 5,000	Choosing a blockchain platform and designing smart contract architecture.
2. Smart Contract Development (20-30%)	Payment Agreement Contract	1,000 – 10,000	Core contract for managing recurring payments.
	Escrow/Wallet Contract	500 – 7,000	Secure wallet functionality for fund management.
	Tokenization (Optional)	500 – 13,000	Developing custom tokens or integrating stablecoins.
	Smart Contract Audits	1,000 – 10,000	Security audit of smart contracts by independent experts.
3. Frontend Development (20-30%)	UI/UX Design	1,000 – 8,000	Creating intuitive and user-friendly interfaces.
	Web Application Development	1,000 – 15,000	Developing frontend using React, Angular, or Vue.js.
	Mobile Application Development (Optional)	1,000 – 15,000	Native or cross-platform app development.
	Wallet Integration	500 – 2,000	Enabling cryptocurrency transactions.
4. Backend Development (20-30%)	API Development	1,000 – 10,000	Interacting with blockchain and managing user data.
	Database Integration	500 – 5,000	Storing user data and transaction history.
	Payment Gateway Integration (if applicable)	500 – 5,000	Connecting with traditional payment providers.
	Server Infrastructure	500 – 10,000	Setting up backend servers and cloud services.
5. Testing & Quality Assurance (10-15%)	Unit Testing	500 – 3,000	Testing smart contracts and backend functions.
	Integration Testing	500 – 4,000	Ensuring smooth interaction between components.
	Security Testing	500 – 8,000	Penetration testing and vulnerability assessments.
	User Acceptance Testing (UAT)	500 – 3,000	Ensuring system readiness before launch.
6. Deployment & Maintenance (5-10%)	Deployment to Testnet & Mainnet	200 – 2,000	Launching on blockchain networks.
	Ongoing Maintenance & Updates	Ongoing Cost	Bug fixes, feature updates, and customer support.

Total Estimated Cost: $10,000 – $100,000+

Factors Affecting the Development Cost

When you’re figuring out the cost of building a blockchain-based recurring payment platform, it’s important to separate general software costs from the blockchain-specific ones. Here are the key things to keep in mind:

Blockchain Platform Selection

You’ll need to pick between a public blockchain like Ethereum or a private one like Hyperledger. Public blockchains have transaction fees that can change, which will affect your costs.

Smart Contract Development and Auditing

Smart contracts handle the payment logic, so they need to be secure and efficient. Developing them requires specialized skills, which can raise the costs. You’ll also need experts to do security audits, which adds to the price.

Wallet Integration and Security

Your platform needs to support different cryptocurrency wallets and keep user keys safe. If you add features like multi-signature wallets for extra security, it will take more time and cost more.

Decentralized Nature Complexities

Since blockchain data and smart contracts can’t be changed once they’re deployed, thorough testing is a must. This extra testing takes more time and costs more, but it’s key to making sure your platform is secure and reliable.

Most Successful Business Models

Blockchain is changing the game for recurring payment platforms by making them more transparent and decentralized. Let’s see some business models that are really killing it in this space.

1. Subscription-Based Revenue Model

This model is super popular in industries like SaaS, media streaming, and fitness. The idea is to use blockchain’s smart contracts to automate recurring payments without middlemen. This cuts costs and errors and makes everything super transparent since blockchain records can’t be changed.

Take Cardknox, for example. They use blockchain-based recurring payment APIs to make automatic billing smooth and easy for businesses. 

2. Token Economy Model

This model uses utility tokens as currency within a blockchain ecosystem for services or subscriptions. The best part is that tokens not only handle payments but also boost liquidity and network functionality. Businesses can even make an extra profit if token values go up.

Look at Ripple (XRP) and Stellar (XLM). They use tokens for cross-border payments, which cuts fees and speeds up transactions. Some decentralized platforms use tokens to give users access to exclusive content or services.

3. Peer-to-Peer Payment Model

P2P cuts out the middleman and lets users pay each other directly using blockchain. It’s perfect for saving on transaction fees, keeping things private, and giving users more flexibility with payment terms. Take Filecoin for example. They use this model for decentralized storage services where users pay based on usage with recurring billing, so they only pay for what they actually use. 

Top 5 Blockchain Recurring Payment Platforms in the USA

Here are the top five blockchain-based recurring payment platforms in the USA, 

1. Coinbase Commerce

Coinbase Commerce is a well-known platform that helps businesses accept cryptocurrency payments, including recurring ones.

• Users can pay with over 200 cryptocurrencies, including Bitcoin and Ethereum, making it an excellent choice for users around the globe.
• It easily works with platforms like Shopify and WooCommerce, making setup straightforward for businesses.
• The platform charges just a 1% transaction fee with no hidden costs, which is great for keeping expenses predictable.

With over 110 million users worldwide, Coinbase Commerce has built a reputation for secure and efficient blockchain-based recurring payments.

2. BitPay

BitPay is a top blockchain payment gateway that offers solutions tailored for recurring payments.

• Users maintain full control over their funds, offering peace of mind and security.
• It is ideal for businesses with SaaS models, memberships, or any subscription-based services, providing flexibility and convenience.
• Users can pay with over 100 cryptocurrencies, with the option to convert payments to fiat if needed.

BitPay’s competitive fees, starting at just 0.5% per transaction, make it an attractive option for businesses of all sizes.

3. B2BinPay

B2BinPay specializes in blockchain payment processing for merchants and enterprises, providing robust solutions for recurring payments.

• Users get detailed transaction reports, helping businesses manage their finances more effectively.
• Timely payouts for recurring payments are handled automatically, reducing delays and ensuring smooth operations.
• The platform supports over 250 cryptocurrencies across multiple blockchains, giving users plenty of options.

With low transaction fees starting at 0.5% and strong API integration, B2BinPay is a fantastic choice for businesses looking to scale their payment systems.

4. Coingate

Coingate offers a blockchain-based subscription program designed for businesses that rely on recurring payments.

• Businesses can create personalized checkout experiences, enhancing the user experience.
• Transactions are quick and secure, ensuring users don’t experience unnecessary delays.
• A flat 1% fee per transaction with no hidden costs, helping businesses keep their expenses clear and manageable.

Supporting over 70 cryptocurrencies, Coingate is perfect for businesses aiming to serve a diverse user base.

5. SpicePay

SpicePay offers a simple and efficient blockchain-based recurring payment system designed for global merchants.

• Users can pay with major cryptocurrencies like Bitcoin, Ethereum, and Litecoin, providing flexibility and convenience.
• With just a 1% transaction fee and no setup or monthly charges, it keeps costs low for businesses and users alike.
• SpicePay offers APIs that make integration with e-commerce platforms smooth and hassle-free.

Conclusion

Building a blockchain-based recurring payment platform is a total game-changer because it offers better security transparency and automation than traditional systems. It makes payments smoother, more reliable and way more efficient. For businesses, this is a huge opportunity. You can create your own platform and make money in all sorts of ways. Whether it’s through transaction fees, subscription plans for premium features, or even offering white-label solutions to other companies, the possibilities are endless.

Looking to Develop a Blockchain Recurring Payment Platform?

We’ve got you covered at Idea Usher! With over 500,000 hours of coding experience, our expert team knows exactly what it takes to create a secure, transparent, and efficient payment system. We’ll work with you every step of the way to build a platform that automates payments, cuts costs, and builds trust with your users. Let’s bring your vision to life and take your payment system to the next level.

FAQs

Q1: How do you develop a blockchain payment platform?

A1: Building a blockchain payment platform starts with choosing the right blockchain network and setting up smart contracts to handle transactions securely and automatically. You’ll also need to integrate cryptocurrency wallets, create a user-friendly interface, and make sure security is top-notch. It might sound complicated, but with the right team supporting you, the process becomes a lot easier and more manageable.

Q2: What does it cost to develop a blockchain payment platform?

A2: The cost of building a blockchain payment platform really depends on what you need. Things like how complex the system is, which blockchain you choose, and the features you want all play a role. Smart contract development wallet integration and security measures can add to the price. It’s best to chat with your development team to get a clearer idea of the budget based on your specific needs

Q3: What features does a blockchain payment platform have?

A3: A blockchain payment platform usually offers secure peer-to-peer payments, real-time transaction processing, and automated smart contracts for transparency. You’ll also want cryptocurrency wallet integration, low transaction fees, and strong data privacy. Some platforms go further with features like multi-signature security and real-time payment tracking to give users peace of mind.

Q4: How long does it take to develop a blockchain payment platform?

A4: The timeline really depends on how complex your platform is and the features you need. In general, it can take a few months to plan and launch. Things like smart contract development, wallet integration, and thorough security testing take time, so it’s important to stay in close contact with your development team to keep everything on track and make sure the launch goes smoothly.