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The Evolution of Exchange Payment: The Transformation Brought by Gate Pay from 1.0 to 2.0
How can encryption exchanges enter the payment track?
Cryptocurrency exchanges, as the largest players in the encryption ecosystem, have built a strong infrastructure based on encrypted assets, achieving a closed-loop logic for the value exchange of encrypted assets. On the other hand, encrypted payments use cryptocurrency as the payment counterpart to purchase goods or services in real life.
Cryptocurrency exchanges and encryption payment systems form a symbiotic relationship: exchanges serve as the "entry point" for encryption payments, providing asset acquisition and liquidity support; encryption payments are the "exit point" for exchanges, expanding the actual application scenarios of cryptocurrencies. This "exit point" of encryption payments can effectively address the issues of user stickiness, retention, and conversion for exchanges, while also forming B-end capabilities that extend to scenarios beyond exchanges.
exchange payment 1.0: service internal users
The core essence of exchange payment 1.0 is the B2C business, competing for users. The goal is to meet the real consumption needs of the large-scale C-end users of the exchange itself, maintain user retention, and promote user activity and loyalty through incentive measures.
This relatively centralized encryption payment method involves settling with merchants after users withdraw their encrypted assets from the exchange through the acceptance of exchange currencies. Recently, several leading exchanges have announced the launch of payment products, and most of the newly entered exchanges are starting with centralized products.
Exchange Payment 2.0: Expanding External Business
The core essence of exchange payment 2.0 is B2B business, competing for merchants. It can integrate the exchange infrastructure and form B-end capabilities externally. Gate Pay is such a B-end oriented, multi-chain and multi-currency compatible, enterprise-level processing capable encryption payment product.
Compared to general encryption payment companies, exchange payment 2.0 has the following advantages:
The larger purpose of exchange payment 2.0 is to serve users outside the exchange. On the one hand, it can leverage the various mature modules that the exchange has already built to better expand its B2B business. On the other hand, it can also indirectly convert some B2C users, maximizing the advantages of both ends of B2B and B2C.
Future Development of Exchange Payments
On-chain trend
Exchange payments are developing towards on-chain. Coinbase is continuously increasing its investment in the Base chain, and CZ has recently been promoting BNB Chain, while Hashkey Chain is also making every effort to expand. Gate Pay has stated that it will start laying out on-chain in the second half of the year.
PayFi concept
PayFi is a product form that combines payment and various decentralized financial services. One appealing product direction is to move traditional financial credit and interest-earning services onto the blockchain. If individual credit systems can be transferred to a more transparent and decentralized blockchain, it can greatly activate lending services on the blockchain, while also giving rise to a series of ecological products such as blockchain personal insurance.
The combination of AI and payment
AI Agent can interact with Web3 payment products to provide users with more intelligent services. For example, AI Agent can assist users with restaurant reservations, online shopping, etc., while Web3 payment can bridge the subsequent payment process, allowing users to directly manage their funds and use them, bypassing the cumbersome process of requesting from banks.
In the future, AI Agents may also help users find the most suitable investment portfolios and directly invest in various DeFi products through smart contracts on the blockchain network.
Conclusion
The blockchain itself brings a decentralized equal rights era. Web3 payment products are committed to realizing the vision of inclusiveness for the public, allowing everyone to conveniently use encryption for payments without the restrictions of geography and identity. In the future, Web3 payment is expected to become an important tool connecting "everyone, every point", bringing convenience to more people.