In 2022, total global trade exceeded US $30 trillion for the first time, a year-on-year increase of more than 30 percent, showing vigorous vitality despite the pandemic. With the economic growth of Asia, the Middle East, Africa, South America and other regions, as well as China's Belt and Road initiative, global trade is gradually transitioning from growth led by Europe, the United States, Japan and Australia to growth led by emerging economies. Hundreds of billions of dollars' worth of goods and services are flowing from China, a major industrial producing area, to other parts of the world, bringing with them unparalleled opportunities and wealth.

But behind the booming industry, a growing cloud hangs over foreign traders around the world, clouding the industry's prospects. After the outbreak of the war between Russia and Ukraine, the global financial system suffered a huge shock; The confrontation between China and the United States made the main channels of cross-border capital flow face the risk of interruption at any time. International financial transaction instruments have become an important tool in the political game between major powers, and trade payment channels between different countries can be paralyzed overnight.

Even if the worst does not happen, foreign traders are already feeling the inconveniences. A large number of small and medium-sized foreign trade enterprises are using PayPal and other third-party payment platforms in Europe and the United States to complete transactions, but these platforms continue to strengthen the audit for a variety of reasons, so that the accounts of foreign trade enterprises at any time to face risk control risks. Cross-border operation of virtual services such as games can only rely on Apple and Google payment services, also need to be subject to complex terms and management system constraints. Companies wait long after they have sold goods and services to receive payment, and face risks such as currency exchange rates, requiring additional hedging and insurance to mitigate losses.

Indeed, sensitive practitioners have long been aware of these problems in the current international financial system. They are well aware that the traditional centralized payment system cannot provide solutions at the root of the problem, and that the financial world needs a decentralized transformation. Over the past few years, many enterprises have tried to build distributed cross-border financial platforms by using blockchain technology, and the results have been exciting. PeoplesPay, which is rapidly emerging in the US and Europe, offers an approach that is close to ideal.

PeoplesPay, born in the era of COVID-19, is a decentralized international payment platform built entirely based on blockchain technology. The core mechanism of PeoplesPay is that users simultaneously enjoy and provide financial transaction services. Each transaction is authenticated, calculated, stored and other technical processes through multiple users' own devices, using a distributed mechanism to ensure security, reliability and privacy. Due to the geographical proximity of the two parties to the user offering the transaction, transaction overhead and latency can be kept low.

The distributed platform mechanism means that PeoplesPay is not controlled by any private organization, or even an official body. Even if a country is kicked out of Swift overnight, PeoplesPay allows its companies to continue trading with foreign countries. Since there is no centralized platform manager, users do not need to worry about unwarranted risk control of accounts or loss of funds, and the extreme security provided by blockchain technology will nip most financial frauds in the bud.

PeoplesPay, though born in the context of Web3, is still accessible to every consumer and every merchant through a convenient mobile application. Whether it is online gaming, cross-border e-commerce, international goods trade, or ordinary people's overseas travel offline shopping needs, PeoplesPay can provide peace of mind, convenient experience. PeoplesPay enables the majority of people who are not yet familiar with Web3 to quickly enjoy the great advantages of Web3 in a way they are familiar with. Because of this, the young PeoplesPay quickly gained the trust of merchants and users, with nearly 20,000 merchants supporting the platform in the past year and more than 100 million PeoplesPay transaction orders. Well-known e-commerce platforms such as ebay, Shopee and Rakuten have all joined the PeoplesPay camp, and the decentralized payment ecosystem built around PeoplesPay is thriving.

PeoplesPay provides a strong and secure communication bridge for people affected by political turmoil in an increasingly tense international situation. The tide of globalization should not be interrupted by war and hatred, and PeoplesPay is using technology to build the financial defense of global trade. For ordinary consumers and merchants, PeoplesPay may be the ideal payment platform for international trade; For the foreign trade industry as a whole, PeoplesPay offers a glimpse of the potential for technology to triumph over politics, and even a potential route to long-term peace.