Exploring the Surge of U-Payment and BlockATM’s Impact on International Payments

As global economic integration accelerates, the cross-border payment sector is undergoing profound changes. U-pay, an innovative payment method, has emerged as a new industry favorite. BlockATM, a leader in this field, is reshaping the cross-border payment landscape with its unique advantages.

Traditional cross-border payment systems urgently need a breakthrough.

Traditional cross-border payments have long been criticized. The correspondent banking model relies on a complex, multi-layered intermediary structure. From the remitting bank to the intermediary bank to the receiving bank, funds flow through multiple links, each of which incurs fees, leading to high transaction costs, which can reach 30%-50%. Furthermore, the SWIFT system is slow in information transmission and fund clearing. A cross-border remittance often takes two to three business days, and delays are even more common during holidays or special circumstances. Furthermore, the traditional payment system lacks transparency, making it difficult to track the flow of funds in real time during transactions. Foreign exchange spreads are also volatile, especially for emerging market currencies, causing significant challenges for both parties involved in the transaction. The rise of U-payment is leading a payment revolution.

U-payment, primarily based on digital currencies such as stablecoins, is revolutionizing cross-border payments with its significant advantages. Firstly, U-payment leverages blockchain technology to establish a peer-to-peer transaction model, bypassing the cumbersome intermediaries in the traditional payment system and significantly shortening the payment chain. For example, a remittance from China to London can be settled in seconds using the blockchain technology underpinned by stablecoins, while it might take three months using the traditional SWIFT system. Secondly, U-payment offers a more optimized cost structure. Its blockchain-based structure minimizes transaction costs, requiring only predictable network fees. This offers significant advantages over the traditional system's SWIFT-based messaging fees, foreign exchange arbitrage costs, and liquidity reserve requirements. Furthermore, U-payment is particularly effective in optimizing foreign exchange spreads. For example, for remittances from overseas Chinese in Africa, fees can be reduced by 60%.

BlockATM's Advantages in the U-payment Sector

Amid the booming U-payment sector, BlockATM has emerged as a key driver of change. It is a decentralized payment gateway based on blockchain smart contract technology, dedicated to creating a payment solution completely independent of centralized control.

Asset Control and Security

BlockATM disrupts the traditional asset custody model in the payment industry. Under this traditional model, corporate assets are held by centralized institutions, limiting control and exposing risks such as theft and misappropriation. BlockATM, on the other hand, stores funds in smart contracts on the blockchain. Businesses can independently create smart contracts, which are owned by the administrator's wallet address. Cryptocurrency paid by businesses is held in a dedicated receiving contract. Only the authorized signature address written into the contract has permission to withdraw assets to the designated receiving address. Once deployed on the blockchain, the smart contract is tamper-proof, ensuring 100% security of corporate assets.

Convenient and Diverse Payment Functions

Linking the Cashier to a Coin Receipt Contract: The BlockATM cashier can be linked to a user's coin receipt contract, supporting simultaneous connection to multiple networks and different types of coin receipt contracts, providing diverse payment methods. In the wallet-linked payment mode, users connect their wallet to the cashier DApp and authorize the contract to execute transactions. In the scan-to-transfer payment mode, users scan the QR code of the payment address to complete the transfer transaction, greatly facilitating merchant payment collection.

Efficient and fast batch payment: To meet the bulk payment needs of businesses, BlockATM supports batch payments to multiple addresses and currencies, and can also pay network fees on behalf of businesses, eliminating the need to prepare native blockchain tokens in advance. Users can upload up to 1,000 payment orders at a time via local upload or API upload. The authorized signature address of the payment contract is responsible for auditing and confirming the order. This is not only secure but also reduces network fees by up to 70%.

Significant cost and efficiency advantages

Transparent and reasonable fees: BlockATM's fees are clearly defined. The smart contract deployment service fee is 200 units per transaction, the wallet-linked payment fee is 2 units per transaction, the scan-to-transfer payment fee is 0.4% per transaction, and the payment fee is 1 unit per transaction. With no hidden fees, businesses can clearly understand their payment costs. Fast Integration and Deployment: Businesses can easily integrate BlockATM into their operations in just 10 minutes by copying and embedding the widget code with a single click. They receive notifications of every transaction via webhooks, quickly upgrading payment functionality and significantly shortening deployment cycles and improving operational efficiency.

Although cryptocurrency payments face regulatory challenges globally, BlockATM, as a decentralized application (DApp) running on the blockchain, eliminates the need for KYB and KYC verification for businesses. Assets are self-custodied in smart contracts, free from centralized control. Withdrawals are permissionless and have no limits on amount or time, providing businesses with a highly flexible payment solution within a compliant framework.