UnionPay, China’s answer to Mastercard and Visa, will launch a prepaid cryptocurrency card with Korea’s Danal. The Korean firm is an established payment provider and major Korean payment gateway with more than 100,000 retail outlets and 80,000 online merchants. It also has a strategic partnership with Samsung Pay. But the point of note is that China’s UnionPay is partnering for a cryptocurrency solution, despite the ban on cryptocurrency within China.
And it appears Korean’s will even be able to use the card when traveling to mainland China. That’s the purpose of the alliance – to enable Korean’s to spend PayCoin internationally and reduce foreign exchange fees.
The currency on the card is PayCoin (PCI), a cryptocurrency issued by Danal. The company’s fintech subsidiary launched PayProtocol, which uses enterprise blockchain Hyperledger Fabric to create its own permissioned payments network. It claims it has plans to offer a variety of cryptocurrencies for payments in the future.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
