UnionPay Partners with Korea’s Danal to Roll Out Crypto-Supporting Digital Card
China UnionPay, one of the renowned financial service providers, has joined hands with Danal, a South Korean payment processor, to introduce a digital card supporting cryptocurrency. Notably, China UnionPay is the equivalent of credit and debit card providers such as MasterCard and Visa.
Paycoin, the crypto wallet offered by Danal, and its namesake cryptocurrency, will act as the frontend of the unique prepaid mobile card. Paycoin has mentioned that its card and namesake crypto token can be used to make payments for products and services bought at more than 30 million vendors supporting UnionPay in 179 countries and regions.
The blockchain technology based PayCoin came into existence in 2019 and has registered users totaling 760. The crypto token is listed in top exchanges such as Gdac, Upbit, Coinone, Huobi Korea, and Liquid. Currently, Korea boasts of having the largest user base of PayCoin, even though the company intends to serve customers across the globe.
Park Sang Man, Danal CEO has underlined the advantages of the upcoming card with respect to overseas payments and foreign exchange. The UnionPay-Danal card will allow top-ups and settlements in both crypto and fiat money.
The news of UnionPay card has come at a time when China is gearing up to roll out its central bank digital currency, the digital yuan, and poses an unfriendly stance towards private cryptos.