Background and Trend
Pandemic, inflation, energy shortage, wars are calling stress around the world.
According to the indexes released by the World Bank, digital payment has spread rapidly around the world in the past two years, which expands the utilization of financial services by the public in developing countries and changes the way people pay, receive, deposit and loan.
With 1.7 billion people currently unbanked, percentage of adults in developing economies who adopt digital payments has already grown from 35% in 2014 to 57% in 2021. This group has directly jumped over bank card mediums and embrace digital payments.
However current average cost of oversea remittance is 7%, which doubles the "sustainable goal" set by the United Nations. Meanwhile, the number of correspondent banks agencies which support remittance services fell by 22% compared to 2011.
High cost and slow speed have proven to be the opportunities for the globalization of digital payments.
Hence, we decide to bring out XPay as a solution to bridge cryptos, fiats and CBDCs.
XPay solutions
- XPay app: support purchasing of crypto with bank cards (visa/master and accepted platforms and accepted bank debit card) + integration of dapp ecosystem + quick link to merchants which accept crypto payments + Finance functions
- Purchase POS NFTs and get revenue from tunnel profits
- XPay API/SDK: embed in web 3 products so that traditional users can play with their accesses + embed traditional POS machines to accept crypto payments
- CBDC acceptance: cooperate with governments to provide CBDC solutions (stable currencies + private chain establishment + accept CBDC currencies once it’s established)
- More is coming…
Why is this important?
- to increase the globalization of crypto currencies
- to reduce the cost and time of global remittance (normally need 2–30 days to process, however with XPay within mins to hours)
- deeper bound of global currencies (once their CBDC digital currency systems are established) with less interest rate decoupling cases
Our Partners
In the end
We do believe XPay mission would be beneficial for the globalization of the economy and more bounds means less unilateral fiscal policies for any countries. XPay will be the first service provider which bridges among cryptos, fiats and CDBCs globally and expands the application border for digital currencies in the world.
