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 Shop
Smile 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 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’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.
Contact
Melissa
Tirey
melissa@shift6studios.com