Cross-border e-commerce payment has become a pain point, what are the best solutions for enterprises in the Web3 era?

The flow of money is a prerequisite for creating wealth. Since the beginning of the era of globalization, cross-border trade in goods and services has become the most important driving force for the sustainable development of the world economy, and the cross-border financial transaction system has naturally become the key underlying infrastructure of modern society.

However, when ambitious companies and individuals jump on the bandwagon of globalization and use the Internet to seek fortune in the more than $30 trillion of cross-border trade each year, they often run into a high wall fence known as cross-border payments. Hundreds of billions of dollars crawl through narrow channels set up by the existing political and financial system, reminiscent of the medieval fortress guards who interrogate every passer-by.

Limited currencies of payment, limited amounts of money, limited means of transaction, complicated procedures, slow arrival, strict approval... International e-commerce business enterprises have been struggling with these problems of conventional international payment channels. What makes companies most dissatisfied is the unequal status distinction between the common payment platforms and users. Companies often find that they are not the true owners of their accounts: platforms often accuse an account of fraud in the name of risk control, and can then freeze funds already in the account, slow down transactions, or even confiscate the balance altogether. Payment platforms are also often in cahoots with e-commerce sites, sharing data on financial transactions that are highly confidential to companies and collaborating with e-commerce sites to clamp down on merchants.

In the US, Amazon and PayPal launched separate campaigns against corporate customers from East Asia starting in 2020, blocking tens of thousands of merchant accounts for alleged swiping. A large number of e-commerce enterprises lost their business achievements in Amazon for many years, and their PayPal accounts were also frozen together, causing billions of dollars in direct and indirect losses. It was hard for the affected merchants to even get a voice, and most of them had to swallow their anger.

Underlying this is the highly centralised nature of existing cross-border payment systems. The third-party payment platforms that control billions of dollars of wealth and handle tens of billions of dollars of capital flows every day are still essentially private enterprises, which naturally have the desire and ability to extract excess profits from these funds. The power of these platforms is further enhanced by the strict regulation of the foreign exchange market by the national system, which essentially acts as garrison soldiers questioning pedestrians and seizing tourists' luggage and money at will.

Fortunately, the rise of the Web3 world, represented by blockchain technology, has brought hope to enterprises and individuals suffering from exploitation and oppression by platforms. In the Web3 era, services of third-party payment platforms come from virtually every platform participant. While enjoying convenient, secure and privacy-protected payment services, they also provide resources for others to complete various transactions. Such a system completely eliminates the possibility of platform stores cheating customers, and platforms no longer have privileges such as arbitrary account banning and transaction delay. Users truly gain ownership of their money and wealth.

A revolution naturally requires pioneers, and two-year-old PeoplesPay is leading the way in the third-party payment space. Just as its name, PeoplesPay aims at "secure payment that truly belongs to the people" and builds a fully decentralized global payment service based on blockchain technology. In every corner of the earth, users can easily use the App to initiate financial transactions and manage funds in multiple currencies via the Internet, while fully guaranteeing the security and secrecy of funds and transactions, free from interference and control by specific enterprises.

Today, PeoplesPay has won the trust of nearly 20,000 merchants from all over the world and has handled more than 100 million global transaction orders. Unlike many Web3 services that are still in the experimental stage of exploration, PeoplesPay has already found a successful way for Web3 technology to be incorporated into commercial operation practices.

PeoplesPay has shown the world the ultimate solution to Web3's payment problem: decentralized payment. With the rise of PeoplesPay, Web3 is subverting the existing payment power model with unprecedented innovative energy. We are witnessing a revolution. The payment field is stepping out of the darkness and despotism of the Middle Ages and ushering in the Renaissance of the masses.