"Cryptocurrencies are gradually moving beyond the role of investment tools to shape the future of payments." - In PolyFlow's second "PayFi Spotlight" series of AMAs (Ask Me Anything), experts from GatePay, Terminus Network, AEON, and Morph came together to explore the transformative potential of PayFi. The discussion revealed how blockchain technology is integrated into global commerce and everyday financial systems, and demonstrated its potential to redefine the way people and businesses interact with money.
Moderated by Chuck, CFO of PolyFlow, the AMA covered topics ranging from the practical applications of PayFi to the challenges faced in its adoption.
Expert Profile
host:
Chuck: CFO of PolyFlow, with 15 years of investment banking experience. He combines traditional finance with blockchain innovation and is an important advocate for PayFi.
Guests:
Feng: Head of GatePay, a crypto payment platform launched by Gate.io that helps merchants easily process cryptocurrency transactions.
Quinn: Head of Marketing at Terminus Network, a pioneer in QR code payment solutions focused on cross-border payment use cases.
Mike: Vice President of Research at AEON, focusing on the technical underlying development of cross-chain payment infrastructure and blockchain scalability.
CC: Business Development Manager at Morph, focusing on consumer-centric crypto payment solutions.
PayFi in action
Experts shared several real-world examples of how PayFi has changed business models:
Game Payment
Mike from AEON explains how the gaming industry is leading the adoption of cryptocurrencies. Players can use cryptocurrencies to purchase in-game items, NFTs, and subscription services. AEON's cross-chain technology ensures that players can seamlessly trade between different blockchains, reducing complexity for users and developers.
QR code payment
Quinn highlighted how QR code payment systems are making cryptocurrencies more accessible to local merchants in places like the Asia Pacific region. In Bangkok, for example, travelers can pay street vendors directly with cryptocurrency by scanning a QR code. 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 have the stability of traditional currencies and the efficiency and speed of blockchain transactions, providing an effective alternative to the traditional banking system.
Crypto Debit Cards
Feng introduced GatePay’s crypto debit cards, which allow users to spend cryptocurrencies like traditional currencies. These cards support a variety of consumption scenarios from daily shopping to hotel reservations, making crypto payments more practical.
Challenges in PayFi adoption
Despite PayFi’s huge potential, experts cited several barriers to widespread adoption:
Building trust and awareness
Cryptocurrency is still unfamiliar to many consumers and merchants. Quinn stressed that education and trust-building are crucial to popularization. Merchants and users need to have confidence in the security and reliability of crypto payments.
Technical Difficulties
PayFi often needs to connect multiple blockchain systems to enable seamless transactions. Mike pointed out that ensuring scalability, speed, and security between different networks is a major technical challenge, but it is crucial to success.
Simplify the user experience
Feng pointed out that the PayFi solution needs to be as 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 cryptocurrencies remains unclear in many regions. PayFi platforms need to find a balance between innovation and compliance with local laws as they pursue globalization.
Innovation driving PayFi forward
Despite the challenges, experts are optimistic about the future of PayFi and discuss some key points that will drive innovation:
Stablecoins for everyday payments
Stablecoins, which are pegged to fiat currencies such as the U.S. dollar, are already used for cross-border payments and trade. Their stability makes them a practical option for everyday transactions.
Crypto Cards That Generate Income
CC proposes to launch a crypto debit card that generates interest for holding funds. This would provide additional value to users while encouraging wider adoption.
Cross-chain payment solutions
AEON is committed to developing cross-chain infrastructure to enable seamless payments across multiple blockchains. This will allow users to conduct transactions without worrying about compatibility issues.
Decentralized Payment Network
Feng envisions a future where crypto debit cards will break away from reliance on traditional networks like Visa or MasterCard. Instead, transactions will be settled directly in stablecoins or cryptocurrencies, reducing costs and increasing efficiency.
The future of PayFi
PayFi is an important step towards making cryptocurrency more practical and accessible. It has the potential to revolutionize the way we transact by reducing costs, simplifying cross-border payments, and expanding financial inclusion.
Experts shared their common vision for the future:
Global accessibility: PayFi can provide financial tools to underserved populations.
Cost efficiency: Lower fees are attractive to both businesses and consumers.
A new standard: Decentralized payment systems could one day rival Visa and MasterCard in scope and functionality.
Conclusion
PolyFlow’s second AMA highlighted the transformative potential of PayFi and the innovation driving its growth. From QR code payments to gaming solutions and crypto debit cards, the discussion showcased how blockchain is moving beyond speculation and into real-world applications.
Driven by companies like AEON, Terminus Network, Morph, and GatePay, the future of PayFi is faster, more efficient, and more inclusive. Stay tuned to PolyFlow as we continue to drive this revolution and redefine how the world thinks about payments.
As always, PolyFlow calls on the community to work together to build a better future through PayFi.
