Smile Shop Joins Conflux PayFi Ecosystem with BitUnion Prepaid Card

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 (https://www.smileshop.com.kh/) 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.

This article was written by FL Contributors at www.forexlive.com.