Smile Shop Partners with Conflux PayFi Ecosystem with BitUnion Prepaid Card
Smile Shop, a leading player in the Asian e-commerce landscape, has joined forces with Conflux Network, the sole regulatory-compliant public blockchain in China, to unveil the BitUnion prepaid card. This collaboration marks a significant leap into the worldwide digital asset payment landscape, with card acceptance spanning 183 countries and regions.
The BitUnion prepaid card is built on the newly introduced UnionPay International USD prepaid card infrastructure. UnionPay International, recognized as the second-largest card payment processor globally, facilitates smooth and efficient financial transactions. Cardholders can top up their balance for seamless online transactions, utilize it at point-of-sale terminals, or withdraw cash from UnionPay ATMs available in 183 countries worldwide. The card integrates with leading third-party payment platforms such as Alipay and WeChat Pay. Transactions are executed offline or online at real-time exchange rates between local currencies and USD. The account approval process is streamlined, and management fees are eliminated during the initial launch phase.
The prepaid card is a pivotal element within Confluxs PayFi ecosystem, integrating robust security authentication systems drawn from tradfi. User data is handled by expert organizations, guaranteeing both security and adherence to regulations. Fiat assets are securely stored within the UnionPay account ecosystem, ensuring unparalleled security and trustworthiness. The BitUnion prepaid card boasts top-tier financial security certifications, such as 3DS and PCI-DSS, ensuring robust protection for cardholders payment security.
The prepaid card is set to facilitate digital asset transactions and transfers on the Conflux Network, utilizing the blockchain-powered PayFi system to address the shortcomings of conventional payment infrastructures. Integrating traditional financial modelsranging from credit cards to invoice financing and reverse factoringinto blockchain technology paves the way for a more cohesive value network. Confluxs PayFi revolutionizes traditional payment systems by tackling inefficiencies head-on, ensuring that financial operations are synchronized with real-time data. This innovation paves the way for a robust model tailored for blockchain consumer application ecosystems.
Conflux stands out as a high-performance Layer1 blockchain, leading the charge in technological innovations, especially in Stablecoins. They are now broadening their scope to include a robust Payments infrastructure and foster the PayFi ecosystem. With an eye on establishing itself as the go-to blockchain for consumer-grade payments, Conflux Foundation has allocated 500 million CFX from its ecosystem fund to drive the expansion of PayFi stack components.
Read more: https://zycrypto.com/smile-shop-partners-with-conflux-payfi-ecosystem-with-bitunion-prepaid-card/
Text source: ZyCrypto
