The release of cryptocurrency cards of UnionPay is begun

On November 4, 2020 UnionPay, the Chinese applicant for the competition to Visa and Mastercard, announced the conclusion of the partnership agreement with the Korean payment provider Danal to provide the virtual card which offers cryptocurrency as a payment method.

The prepaid mobile map, according to the company, will be ready to use by the end of 2020. It will be available through a virtual wallet of Paycoin from Danal. The service will allow users to pay goods and services using the Paycoin cryptocurrency, at more than 30 million sellers of UnionPay in 179 countries and regions, including China.

The prepaid card supports both account replenishment, and payments using traditional money and Paycoin.

UnionPay integrated with Danal for release of cryptocurrency cards

Paycoin started by Danal in 2019 represents a virtual asset on the basis of a blockchain which offers a number of advantages, in particular lower transactions commissions and fast speed at implementation of cross-border payments.

The prepaid mobile cryptocurrency card will allow to eliminate "inconveniences with exchange of foreign currency at trips abroad" and to reduce concerns of users concerning theft of credit cards, the chief executive of Danal Pak Sangg Mang said.

In the Paycoin application there are more than 760 thousand registered users, as of the beginning of November, 2020 the Paycoin cryptocurrency is trading on several crypto - the exchanges, including Upbit, Coinone, Huobi Korea, Gdac and Liquid. Paycoin use mainly Koreans, however the company expects to attract to the solutions blockchain of users from around the world.

The Chinese company managed to conclude successfully the bargain on development of UnionPay despite drastic measures of China concerning cryptocurrencies, including prohibition on primary placement of coins (ICO) and trade in digital assets.^[1]

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