Big financial services company China UnionPay, an analog of card providers like Visa and Mastercard, has partnered with South Korean payment provider Danal to develop a digital card that supports cryptocurrency.
The Paycoin crypto wallet from Danal and the crypto token of the same name form the interface for the new prepaid mobile card. Paycoin has stated that users can use both the card and Paycoin to pay for goods 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. 760,000 registered users have been reported, with Gdac, Upbit, Huobi Korea, Liquid, and Coinone being some of the most famous exchanges. PayCoin’s largest user base is currently in South Korea, although the company has its sights set on global reach.
In a statement to the South China Morning Post, Park Sang Man CEO Dan Sang highlighted the benefits of the upcoming card for foreign exchange and payments overseas. The UnionPay Danal card supports top-ups and payments in both fiat currency and crypto.
The news of the new UnionPay card comes despite China’s much-advertised roadmap for a central bank-backed digital currency and an alternately ambivalent or hostile attitude towards private cryptocurrencies.