⚙️Problem Statement

Traditional financial payment systems face numerous issues in global transactions, severely impacting the efficiency and reliability of cross-border payments. Despite continuous innovation in the fintech industry, the following problems remain widespread:

1. High Cross-Border Payment Fees Traditional payment systems, such as banks and remittance companies, often charge high fees for cross-border transactions, frequently accompanied by hidden costs, making global transactions expensive.

2. Lack of Transparency The fee structures of traditional payment networks are opaque, making it difficult for users to understand the breakdown of fees and hidden currency exchange rate differences during the payment process.

3. Slow Transaction Speeds Cross-border payments often take several days to complete, especially within traditional banking systems, where the process involves multiple intermediaries and approval stages.

4. Difficulty in Managing Multiple Currencies Many traditional platforms support only a limited number of currencies, and managing accounts in different currencies is complex and costly. Businesses operating in multiple countries face challenges in multi-currency management.

5. High Risk and Instability Traditional payment systems, relying on multiple financial institutions and intermediaries, are susceptible to political, economic, or technical risks, leading to instability and security concerns in the payment process.

6. Regulatory Barriers in Cross-Border Payments Different countries have varying regulations for payment services, adding complexity to global payments, particularly in the realm of cryptocurrencies and digital assets.