The new card will support payments in crypto currency using Paycoin at over 30 million UnionPay merchants.
Chinese UnionPay and South Korean Danal will launch digital card supporting cryptomoedasNOTICS
The major financial services company, China UnionPay, an analogue of card providers such as Visa and Mastercard, has partnered with South Korean payment provider Danal to launch a cryptoma-compatible digital card.
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Danal’s encrypted Paycoin wallet and its token of the same name will be the interface to the new prepaid mobile card. Paycoin has indicated that users will be able to use the card and Paycoin to pay for products and services at over 30 million UnionPay merchants in 179 countries and regions.
Danal’s PayCoin is a blockchain-based asset that has been in circulation since 2019. It has 760,000 registered users, with Gdac, Upbit, Huobi Korea, Liquid and Coinone as some of the most prominent exchanges listing it. For now, the largest PayCoin user base is in South Korea, although the company aims for a global reach.
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In a statement to the South China Morning Post, Danal CEO Park Sang Man highlighted the future benefits of the card for foreign exchange and payments abroad. The UnionPay-Danal card offers support for currency recharges and payments in fiduciary and crypto currency.
The news of the new UnionPay card comes despite China’s much heralded roadmap to a central bank-supported digital currency and its alternately ambivalent or hostile stance toward private cryptomorphs.