UnionPay Signs Deal to Support Crypto Payments via the Paycoin Crypto Wallet

UnionPay, a Chinese financial services firm, commonly referred to as the Chinese Visa, recently signed a deal with Danal, based in Korea. Through the deal, the two firms will launch a digital card that supports crypto payments.

Launch of the Virtual Card

The virtual card is going to launch by the end of 2020. It will be accessible via Paycoin, a virtual asset wallet created by Danal. Users of Paycoin will be able to use their crypto assets at over 30 million merchants globally that support UnionPay.

According to a statement by Danal, Paycoin users can use their crypto in Mainland China. The virtual card will offer support for fiat payments as well as Paycoin for payments and top-ups. Today, Paycoin has over 760,000 registered users. The Paycoin crypto coin is listed on various crypto exchanges including Liquid, Upbit, Coione, Gdac, and Huobi Korea.

The Paycoin crypto coin was launch in 2019 as a solution for slow cross-border payments and high fees. According to a statement by Park Sang-Man, the Danal CEO, the prepaid service will eliminate the inconvenience of currency conversions during international transactions. Additionally, it will help to eliminate concerns about credit card theft. He added that Danal planned to make the service available across the world.

Card Launched despite China’s Hostility to Crypto

The UnionPay deal with Danal was launched despite the hostile stance of China towards crypto.