The Good Tech Companies - Smile Shop Joins Conflux PayFi Ecosystem With BitUnion Prepaid Card

Episode Date: December 3, 2024

This story was originally published on HackerNoon at: https://hackernoon.com/smile-shop-joins-conflux-payfi-ecosystem-with-bitunion-prepaid-card. This partnership signifies a major expansion into global digital asset payment with cards welcome in 183 countries and regions. Check more stories related to web3 at: https://hackernoon.com/c/web3. You can also check exclusive content about #web3, #conflux-network, #chainwire, #press-release, #conflux-network-announcement, #blockchain-development, #crypto-adoption, #good-company, and more. This story was written by: @chainwire. Learn more about this writer by checking @chainwire's about page, and for more stories, please visit hackernoon.com. The BitUnion prepaid card operates on the recently launched __UnionPay International USD prepaid card framework. 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 prepaid card will support digital asset transactions and transfers within the Conflux Network.

This audio is presented by Hacker Noon, where anyone can learn anything about any technology. SmileShop joins Conflux Pay FI ecosystem with BitUnion prepaid card. By Chainwire, New York, United States, December 3, 2024, Chainwire, SmileShop, 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-lar 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 union pay 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 Conflex's PayFi ecosystem, the prepaid card incorporates

experienced security authentication systems from traditional finance. User data managed by professional institutions, ensuring security and compliance. Fiat assets are held within the UnionPay account system, guaranteeing absolute security and reliability. The BitUnion PrepaidCard 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 pay-fi, 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 layer 1 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 SmileShop SmileShop is a super e-commerce platform under SmileShop Holdings Private, Singapore, targeting Southeast Asian markets with the vision of becoming Southeast Asia's most trusted fintech super e-commerce platform. About Conflux Network Conflux 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 Instagram, McDonald's China, and Oreo. These noteworthy collaborations serve ASA testament to Conflux's unwavering dedication to driving blockchain and metaverse initiatives. Contact Melissa Tyree Melissa at Shift6Studios.com. Tip This story was distributed as a release by Chainwire under HackerNoon's business blogging program. Learn more about the program here. Thank you for listening to this HackerNoon story,

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