PolyFLOW PayFi Spotlight AMA: Exploring the future path of encryption payments

"Cryptocurrency is gradually transcending the role of investment vehicles and shaping the future of payments." - In the second "PayFi Spotlight" AMA (Ask Me Anything) series at PolyFlow, experts from gatePay, Terminus Network, AEON, and Morph gathered to explore the transformative potential of PayFi (Financial Payments). The discussion revealed how blockchain technology is integrating into global business and daily financial systems, demonstrating its potential in redefining the way individuals and enterprises interact with funds.

Hosted by CFO Chuck of PolyFlow, this AMA covers multiple topics ranging from the practical application of PayFi to the challenges faced in its adoption process.

Expert Introduction

Host:

Chuck: CFO of PolyFlow, with 15 years of investment banking experience. He combines traditional finance with blockchain innovation and is a key advocate for driving PayFi.

Guest:

Feng: GatePay responsible person, this is the encryption payment platform launched by Gate.io, helping merchants easily handle Crypto Assets transactions.

Quinn: Terminus Network's marketing director, a pioneer in QR code payment solutions for cross-border payment use cases.

Mike: AEON's Vice President of Research, focusing on the technical underlying development of cross-chain payment infrastructure and blockchain scalability.

CC: Morph's Business Development Manager, focusing on consumer-centric encryption payment solutions.

The actual application of PayFi

Experts shared multiple practical cases where PayFi has changed business models:

Game Payment

Mike from AEON explained how the gaming industry is leading the adoption of Cryptocurrency. Players can use Cryptocurrency to purchase in-game items, NFTs, and subscription services. AEON's cross-chain technology ensures that players can seamlessly transact across different blockchains, reducing complexity for users and developers.

QR code payment

Quinn emphasized how the QR code payment system makes Cryptocurrency more popular among local merchants in the Asia-Pacific region and other places. For example, in Bangkok, travelers can directly pay street vendors with Cryptocurrency by scanning QR codes. This innovation eliminates the need for additional hardware and simplifies the payment process for merchants and customers.

Cross-border trade

CC shared how merchants in Yiwu, China, use stablecoins such as USDT and USDC for international trade. Stablecoins provide the stability of traditional currencies and the efficiency and speed of blockchain transactions, offering an effective alternative to traditional banking systems.

encryption Debit Card

Feng introduced the gatePay encryption debit card, allowing users to spend cryptocurrency just like traditional currency. These cards support a variety of spending scenarios from daily shopping to hotel reservations, making encryption payments more practical.

PayFi Challenges in 中

Despite the huge potential of PayFi, experts have mentioned some obstacles to widespread adoption:

Build trust and cognition

Cryptocurrency is still unfamiliar to many consumers and merchants. Quinn emphasizes that education and trust building are crucial for popularization. Merchants and users need to have full confidence in the security and reliability of encryption payments.

Technical challenges

PayFi typically needs to connect multiple blockchain systems to achieve seamless transactions. Mike pointed out that ensuring scalability, speed, and security between different networks is a major technical challenge, but it is crucial for success.

Simplified user experience

Feng pointed out that the PayFi solution needs to be as simple and easy to use as existing payment systems such as Google Pay or Apple Pay. Complex operations will scare off users, so optimizing design and functionality is key.

Compliance challenges

The regulatory environment for cryptocurrency in many areas is still unclear. The PayFi platform needs to find a balance between innovation and compliance with local laws while pursuing globalization.

Innovation Driving PayFi Forward

Despite the challenges, experts are optimistic about the future development trends of PayFi and have discussed some key points driving innovation:

Stablecoins in daily payments

Stablecoins pegged to fiat currencies such as the US dollar have been used for cross-border payments and trade. Their stability makes them a practical choice for everyday transactions.

Generating revenue encryption card

CC proposes to introduce an encryption debit card that can generate returns for holders of funds. This will provide additional value to users while encouraging wider adoption.

Cross-chain payment solution

AEON is committed to developing cross-chain infrastructure to achieve seamless payments across multiple blockchains. This will allow users to transact without worrying about compatibility issues.

Decentralized Payment Network

Feng looks to a future where debit cards will break free from reliance on traditional networks like Visa or MasterCard. Instead, transactions will settle directly in stablecoins or Crypto Assets, lowering costs and increasing efficiency.

The future of PayFi

PayFi is an important step towards making cryptocurrency more practical and popular. By reducing costs, simplifying cross-border payments, and expanding financial inclusivity, it has the potential to completely change the way we transact.

Experts shared a common vision for the future:

Global accessibility: PayFi can provide financial tools for underserved populations.

Cost efficiency: Lower costs are attractive to both businesses and consumers.

New Standard: Decentralized payment systems may one day rival Visa and MasterCard in scope and functionality.

Conclusion

The second AMA of PolyFLOW emphasized the transformation potential of PayFi and the innovation driving its development. The discussion showcased how blockchain transcends speculation and enters real-world applications, from QR code payments to gaming solutions and encryption debit cards.

Driven by companies such as AEON, Terminus Network, Morph, and gatePay, the future of PayFi will be faster, more efficient, and inclusive. Stay tuned to PolyFlow as we continue to drive this revolution and redefine the world's understanding of payments.

As usual, PolyFlow calls on the community to work together with PayFi to build a better future.