Smile Shop joins Conflux PayFi ecosystem with BitUnion prepaid card

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December 3, 2024, New York, USA, Chainwire

Smile Shop, Asia’s leading e-commerce platform, has launched the BitUnion prepaid card in partnership with Conflux Network, China’s only compliant public blockchain. This partnership marks a major expansion into global digital asset payments, with cards welcomed in 183 countries and territories.

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 smooth financial transactions. Users can load funds to their cards to make online purchases, use them at point-of-sale machines, or withdraw cash at UnionPay ATMs across 183 countries. The card can also be linked to popular third-party payment platforms such as Alipay and WeChat Pay. Whether offline or online, transactions are settled at the real-time exchange rate between your local currency and USD. The account approval process is fast, and administration fees are waived during the initial launch period.

As the core product of the Conflux PayFi ecosystem, the prepaid card integrates the experienced secure authentication system of traditional finance. User data is managed by professional organizations to ensure security and compliance. Fiat assets are stored within the UnionPay account system, ensuring absolute security and reliability. BitUnion prepaid cards have achieved the highest level of financial security certifications, including 3DS and PCI-DSS, to comprehensively protect cardholders’ payment security.

The prepaid card leverages the blockchain-based PayFi system to support digital asset transactions and transfers within the Conflux Network, overcoming the limitations of existing payment infrastructure. Bringing traditional financial models (from credit cards to invoice financing to reverse factoring) to blockchain creates a more integrated value network. Conflux’s Pay Finance (PayFi) addresses the inefficiencies of traditional payment systems while keeping financial operations aligned with real-time data, creating a large-scale model for the blockchain consumer application ecosystem.

Conflux, a high-performance Layer1 blockchain, has been at the forefront of technological advancements, particularly in Stablecoin development. They are now expanding their focus to encompass a comprehensive payments infrastructure and foster the PayFi ecosystem. To become the blockchain for consumer-grade payments in the future, Conflux Foundation has committed CFX 500 million from its ecosystem fund to fuel the growth of PayFi stack components.

Introduction to Smile Shop

Smile Shop is a super e-commerce platform under Smile Shop Holdings Pte (Singapore) and is targeting the Southeast Asian market with the vision of becoming the most trusted fintech super e-commerce platform in Southeast Asia.

Conflux Network Information

Conflux Network is a permissionless layer 1 blockchain that connects the global decentralized economy. Utilizes a hybrid PoW/PoS consensus mechanism to ensure a fast, secure, and scalable blockchain environment. Conflux operates without congestion, maintains low fees, and prioritizes network security.

As China’s leading regulatory compliant public blockchain, Conflux offers an advantage to projects entering the Asian market. Through partnerships, Conflux works with global brands and government agencies, including Shanghai, China Telecom, Little Red Book (China’s Instagram), McDonald’s China and Oreo. This notable collaboration serves as a testament to Conflux’s unwavering commitment to driving blockchain and metaverse initiatives.