Cointime

Download App
iOS & Android

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

Validated Project

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.

Comments

All Comments

Recommended for you

  • Web3 AI platform ChainML completes $6.2 million seed round of financing

    Web3 AI platform ChainML has announced the completion of a $6.2 million seed round of expansion financing, led by Hack VC, with participation from Inception Capital, HTX Ventures, Figment Capital, Hypersphere Ventures, and Alumni Ventures. The platform also announced the launch of its agent-based foundation layer, Theoriq.

  • Metaverse project Baby Shark Universe completes seed round financing

    Baby Shark Universe project, a metaverse project, has completed a seed round of financing with a valuation of $34 million. Participating investors include Animoca Brands, CREDIT SCEND, Sui Foundation, Comma3 Ventures, Creditcoin, GM Ventures, Neuler, Notch Ventures, X+, and Planetarium. The specific amount has not been disclosed, and the new funds will be used for development and global marketing. According to reports, Baby Shark Universe is an open-world role-playing game where players can create their own game content (items, maps), enjoy content created by other players, and expand the game's narrative based on their choices and actions.

  • Hong Kong Stock Exchange Confirms Crypto ETFs Unavailable to Mainland Chinese Investors

    According to Coindesk, the Hong Kong Stock Exchange has confirmed that cryptocurrency ETFs are not available to mainland Chinese investors. Hong Kong's cryptocurrency ETFs will provide a means to bypass capital controls in mainland China due to their unique physical redemption model.

  • Web3 social infrastructure UXLINK completes $5 million in financing

    Web3 social infrastructure UXLINK announced the completion of a new round of $5 million financing, led by SevenX Ventures, INCE Capital, and HashKey Capital. It is reported that UXLINK's total financing has now exceeded $15 million.

  • Chinese police bust underground bank using cryptocurrency for illegal currency conversion

    Chinese police have arrested six people for running an illegal currency conversion operation that used cryptocurrency to handle around $296 million. The operation was discovered by the Public Security Bureau of Panshi City, Jilin, and involved an "underground bank" that exploited the anonymity and ease of cross-border transfers offered by crypto. The operation used domestic accounts to receive and transfer funds, and exchanged between the yuan and South Korean won. The service was used by Korean purchasing agents, e-commerce firms, and import/export companies, among others.

  • Hong Kong Securities Regulatory Commission warns the public to beware of a suspicious asset investment product called "LENA Network"

    Hong Kong Securities and Futures Commission warned the public to be wary of a suspicious virtual asset investment product called "LENA Network". The product involves pledging and lending arrangements related to virtual assets, and claims to provide high returns to investors. This investment product has not been approved by the Securities and Futures Commission for sale to the Hong Kong public. The Securities and Futures Commission notes that the Hong Kong public can access information about the product and contact the product through the Internet. The Securities and Futures Commission advises against trusting those "too good to be true" investment opportunities and remaining vigilant when making investment decisions.

  • Volume 182: Digital Asset Fund Flows Weekly Report

    First inflows in 5 weeks totalling US$130m, hesitant Ethereum investors

  • Hong Kong Securities and Futures Commission: The Anti-Money Laundering Ordinance applies to the virtual asset industry

    The "virtual currency to ETF" mechanism in Hong Kong has raised concerns about money laundering. The industry believes that the review difficulty, such as KYT (Know Your Token), is high. Some individuals with mainland backgrounds are trying to conduct small-scale "virtual currency to ETF" transactions, taking the opportunity to "whiten" their own holdings of ether and bitcoin through forms such as personal accounts. They have also deployed some virtual currencies to Hong Kong's virtual currency exchanges and will decide whether to increase capital in the future depending on the situation. When responding to relevant questions, the Hong Kong Securities and Futures Commission emphasized that in the operation of ETF products, every link in the entire virtual asset ecosystem, including fund companies, custodians, asset trading platforms, participating brokers, etc., must be licensed or recognized institutions and strictly comply with requirements such as asset custody, liquidity, valuation, information disclosure, and investor education. The "Anti-Money Laundering Ordinance" of the Securities and Futures Commission also stipulates that financial institutions and designated non-financial enterprises and industry personnel must comply with customer due diligence and record-keeping requirements, and relevant regulations apply to the virtual asset industry.

  • TON community member: Some TON wallets received virtual account NFTs starting with "888", which is a phishing project

    On May 13th, according to a member of the TON official community, a new NFT with a virtual number starting with "888" has been added to the TON wallet. However, the transaction fee for each transfer is as high as 1 TON, which is caused by the fishing project changing the Gas.

  • Swiss Crypto Bank Amina: Listing Ethereum as a Security Could Cause Many Crypto Teams to Exit the Space

    Swiss encrypted bank Amina stated in the latest "Cryptocurrency Market Monitoring" report that classifying Ethereum as a security could not only bring risks to the entire cryptocurrency market, but also lead to many cryptocurrency teams exiting the field. This determination could hinder the development of the cryptocurrency market and potentially reverse progress made over the years. In addition, the US SEC is likely to delay its decision on the status of Ethereum, putting the cryptocurrency asset in a "gray area".