China ’s UnionPay Partners with Danal to Offer Crypto Payment Services

• UnionPay & Danal Partnering to Offer Crypto Payment Services in China.
• The new digital card enables both fiat and cryptocurrency payments in China, including 179 countries and regions.

China is getting closer to the launch of its home-based digital currency i.e., China’s CBDC, after clamping down bitcoin and other cryptocurrencies since 2017.

However, in support of other cryptocurrencies, Chinese financial services giant UnionPay (UPI) allied with South Korea’s Danal to offer crypto payment services via prepaid digital card by the end of 2020. Reportedly, the card is expected to be helpful for South Korean travelers who want to pay in crypto-assets and save themselves from the foreign exchange fees. 

The move is similar to the likes of what global crypto exchanges i.e., Coinbase and Binance are offering customers to use Visa and Mastercard crypto debit cards to power their crypto supply.

The trend of digital cards supporting crypto payment has started since Mastercard and Visa have come in support of cryptocurrency payments and offering services to crypto-friendly customers from the past year.  

Reportedly, the new digital card would offer payment services both in cryptocurrency and fiat whether it’s mobile top-ups or any payment related to goods and services. The prepaid crypto-friendly mobile card is acceptable via nearly 30 million UnionPay merchants from 179 countries and regions, including China.

Interesting to note that South China Morning Post, citing the statements of UnionPay referring to an imminent card, mentioned that the above statement, is now removed by Unionpay that quoted on 3rd Nov.

As per the information, the card is accessible through Danal’s global payment app named Paycoin Wallet. The Paycoin Wallet is also having its digital asset with the same name Paycoin (PCI). The Paycoin wallet and Paycoin token are going to be the interface for the customers to use the digital card.

To use the card, the users can top up in Paycoin token or fiat through China UnionPay-Danal digital card.

Paycoin PCI claims to have 760,000 registered users and in circulation since 2019. Reportedly, there are crypto exchanges where Paycoin is listed. Among a few others are Huobi Korea, Liquid, and Coinone. However, Upbit is the most current active market, according to CoinGecko records.