At the heart of Bitget’s strategy is the PayFi Flywheel, a new feature designed to transform crypto wallets from passive storage tools into active financial ecosystems of their own.
With the Flywheel, users can deposit assets such as stablecoins into flexible savings accounts with real-time yields.
In turn, they can use these yields to cover expenses such as shopping and subscription payments, with a “Buy Now, Pay Never” model allowing DeFi-generated yields to cover a portion of the costs.
Alvin Kan, Chief Operating Officer (COO) of Bitget Wallet, also mentioned the growing demand for such DeFi solutions in underbanked and remote areas, further commenting on the platform’s underlying mission:
“We’ve seen exceptional growth in some regions driven by high inflation and limited banking access. In Africa alone, user numbers grew over 1000% last year, with similar trends in the Middle East and Latin America. These figures underscore the rising demand for decentralized solutions, and with PayFi, we aim to empower underserved regions with accessible financial tools.”
– Alvin Kan, Chief Operating Officer (COO) of Bitget Wallet
Bitget Wallet Card
Another centerpiece of the strategy is the Bitget Wallet Card, a Mastercard-supported crypto card linked to a multi-currency international bank account.
The card will facilitate global transactions, and Bitget promises competitive exchange rates.
Additionally, Bitget Wallet is working on an in-app shopping ecosystem in partnership with companies such as Triple A, Bitrefill, IvendPay, PundiX, and Coinpal.
The ecosystem will allow users to use crypto for everyday transactions, be it on e-commerce platforms or in-store (via QR codes and blockchain-powered Poinst-of-Sale (PoS) systems).
Finally, Bitget Wallet plans to offer users more flexible yield options and make Peer-to-Peer (P2P) transfers more accessible for both everyday payments and global remittances.
finbold.com
