NEW YORK, United States, December 3rd, 2024/Chainwire/--Smile Shop, the premier Asian e-commerce platform, has partnered with Conflux Network, China's only regulatory-compliant public blockchain, to launch the BitUnion prepaid card.
\ This partnership signifies a major expansion into global digital asset payment with cards welcome in 183 countries and regions.
\ The BitUnion prepaid card operates on the recently launched UnionPay International USD prepaid card framework. UnionPay International, the world’s second-largest card payment processor, ensures seamless financial transactions.
\ Users can load funds onto the card to make online purchases, use it at point-of-sale machines, or withdraw cash from UnionPay ATMs across 183 countries. The card can also be linked with popular third-party payment platforms like Alipay and WeChat Pay.
\ Whether offline or online, transactions are settled at real-time exchange rates between local currencies and USD. The account approval process is quick, and management fees are waived during the initial launch period.
\ As a key product in Conflux's PayFi ecosystem, the prepaid card incorporates experienced security authentication systems from traditional finance. User data is managed by professional institutions, ensuring security and compliance.
\ Fiat assets are held within the UnionPay account system, guaranteeing absolute security and reliability. The BitUnion prepaid card has obtained the highest-level financial security certifications, including 3DS and PCI-DSS, comprehensively protecting cardholders' payment security.
\ The prepaid card will support digital asset transactions and transfers within the Conflux Network, leveraging the blockchain-based PayFi system to overcome limitations in traditional payment infrastructure.
\ Introducing traditional financial models (from credit cards to invoice financing and reverse factoring) into blockchain creates a more integrated value network.
\ Conflux’s PayFi (Pay Finance) addresses inefficiencies in traditional payment systems while keeping financial operations aligned with real-time data, creating a large-scale model for blockchain consumer application ecosystems.
\ As a high-performance Layer1 blockchain, Conflux has been at the forefront of technological advancements, particularly in the development of Stablecoins. They are now expanding their focus to encompass a comprehensive Payments infrastructure and cultivate the PayFi ecosystem.
\ Aiming to become the blockchain of choice for consumer-grade Payments in the future, Conflux Foundation has committed 500 million CFX from the ecosystem fund to fuel the growth of PayFi stack components.
About Smile ShopSmile Shop is a super e-commerce platform under Smile Shop Holdings Pte (Singapore), targeting Southeast Asian markets with the vision of becoming Southeast Asia's most trusted fintech super e-commerce platform.
About Conflux NetworkConflux Network is a permissionless Layer 1 blockchain that connects decentralized economies worldwide. It utilizes a hybrid PoW/PoS consensus mechanism, ensuring a fast, secure, and scalable blockchain environment.
\ Conflux operates without congestion, maintains low fees, and prioritizes network security. Being the leading regulatory-compliant public blockchain in China, Conflux offers advantages for projects entering the Asian market.
\ In its partnerships, Conflux collaborates with global brands and government entities including, Shanghai, China Telecom, Little Red Book (China’s Instagram), McDonald’s China, and Oreo. These noteworthy collaborations serve as a testament to Conflux’s unwavering dedication to driving blockchain and metaverse initiatives.
ContactMelissa Tirey
:::tip This story was distributed as a release by Chainwire under HackerNoon’s Business Blogging Program. Learn more about the program here
:::
\
All Rights Reserved. Copyright , Central Coast Communications, Inc.