With the advancement of technology, the ways people pay for their purchases have become increasingly diverse.
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With the advancement of technology, the ways people pay for their purchases have become increasingly diverse. Emerging digital payments and mobile payments have risen and gradually integrated into people's daily lives, becoming commonly used payment options, eliminating the need to worry about insufficient cash or carrying too many coins and banknotes. As the world moves towards the Web3 era, the booming developments in decentralized finance (DeFi) and the blockchain market have also brought decentralized digital payments into the spotlight. In response to this trend, the SCF (Standard Cross Finance) Financial Public Chain, as part of its efforts to create a financial public chain ecosystem, has introduced the decentralized payment platform FinPay, which has quickly gained significant attention in the market.
Traditional cross-border payment systems often rely on centralized banks or payment institutions, which increases trust risks. In contrast, FinPAY is a decentralized international cross-border payment gateway based on the SCF Financial Public Chain, often described as a super fusion protocol of SWIFT+PALPAY+VISA. FinPAY enables low-cost and efficient circulation of various fiat currencies between countries, all while ensuring security and anonymity.
For today's market, the application scenarios for FinPAY are crucial. For example, euros can be quickly exchanged for Ax tokens on the POLYGON public chain project in just 3 seconds. Ethereum-based Bx tokens from project B can be swiftly exchanged for Indian Rupees or Russian Rubles. Large amounts of Japanese Yen from a specific bank or company can also be rapidly converted into an equivalent amount of US Dollars or other fiat currencies. Additionally, governance tokens from public chain X's project can be used to purchase goods and services at various stores, convenience stores, or online shops worldwide. Various DeFi projects on different public chains can also conduct business in any fiat currency or token supported by FinPAY.
Comparing SCF Financial Public Chain's FinPAY with SWIFT (Society for Worldwide Interbank Financial Telecommunication), one can observe several differences. FinPAY has a decentralized architecture with core principles of "consensus," "sharing," "trustlessness," and "free of charge." In contrast, SWIFT is a centralized organization with high maintenance costs, including expenses for system salaries, server clusters, and other equipment, as well as costs associated with trust communication. This results in SWIFT's consistently high operating costs and fee standards for cross-currency, cross-border, and cross-regional transactions.
Furthermore, in the FinPAY system, any currency can be freely exchanged at near-zero cost, without distinguishing between local, cross-bank, or cross-border payments. The FinPAY system also offers an option for anonymous transactions, which is crucial for Web3 finance, unlike SWIFT transactions that must expose the identities of both parties involved.
Whether it is crypto industry projects, traditional banks, internet companies, or offline entities and individuals, all can freely access FinPAY's API for full-featured gateway services without strict entry barriers or lengthy review processes. The API is also equipped with security defenses and penalties for malicious behavior based on smart contracts, and it can identify and isolate malicious merchants in a sandbox to ensure the complete operation of the system.
Comparing FinPAY to the older open payment network Ripple, FinPAY similarly boasts multiple advantages: the nearly collapsing XRP coin price in the Ripple network shows that while technology is the foundation of innovation, a fair system and a commitment to doing no harm are the fundamental basis for a platform's long-term development.
Looking ahead, SCF Financial Public Chain, actively promoting its new financial public chain ecosystem, hopes to widely promote ecosystem projects. The introduction of FinPAY is poised to significantly disrupt the public's perception of digital financial payments. With its superior technology and robust operational system, FinPAY is expected to have a certain market credit foundation and generate countless expectations for its future development across various sectors of the market.
Contact Info:
Name: Jo Connie
Email: Send Email
Organization: SCF Chain
Website: http://www.scfchain.io
Release ID: 89109204
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