The largest financial services company UnionPay from China, an analogue to card providers such as Visa and Mastercard, has teamed up with the South Korean payment provider Danal to bring a cryptocompatible digital card to the market.
Paycoin, Danal’s crypto wallet and his crypto token of the same name will be 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 more than 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 being some of the most famous exchanges that list it. For now, PayCoin’s largest user base is in South Korea, though the company has its sights set on global reach.
In a statement to the South China Morning Post, Park Sang Man, Danal’s CEO, highlighted the benefits of the upcoming card for foreign exchange and payments. The UnionPay-Danal card supports top-up and payment in both fiat currency and cryptocurrency.
The news of the new UnionPay card comes despite China’s much-noticed roadmap for a digital currency supported by the central bank and the alternatively ambivalent or hostile attitude towards private cryptocurrencies.