Infini, China's most widely used crypto card payment service, has announced the cessation of all card operations, impacting several of the company's products. This decision is linked to a strategic shift.
Reasons for Shutting Down Card Services
Infini announced the shutdown of all card products, including the Global Card, Lite Card, and Tech Card, effective June 17. The company cited a strategic pivot towards financial management as the primary reason for this decision.
Fee Refunds and Services
Infini confirmed that all card application fees will be automatically refunded to users. Refunds will be processed within 10 business days and credited to user balances. The company also mentioned that any ongoing billing charges will be reimbursed within 5 to 21 business days.
Market Situation in China
This development comes as China intensifies its efforts to reduce reliance on the US dollar. Leveraging its leadership role within the Shanghai Cooperation Organization (SCO), the country is aiming to develop alternative financial systems.
Thus, the cessation of Infini's card operations marks a significant shift in the company's strategy towards developing financial management capabilities.
