Industry News

China supports a new virtual card

  • The countries UnionPay will assist in payments with developments for a virtual card.
  • UnionPay is the world’s most significant debit and credit card organization, and it will partner with South Korean cryptocurrency to launch the card.
  • The new deal for Danal to be an option on the crypto card will set off towards the end of the year.

China supports a new crypto card


The countries UnionPay will assist in payments with developments for a virtual card. UnionPay is the world’s most outstanding debit and credit card organization, and it will partner with South Korean cryptocurrency to launch the card.


The new deal for Danal to be an option on the crypto card will set off towards the end of the year. South China Morning Post said the pre-pay digital card will be accessible through the Paycoin wallet.


The wallet will allow access to 30 million merchants that span 179 regions, encompassing China.

How the card works


The card can be topped up with both cryptocurrency and fiat currency. Paycoin is created on the Linux Foundation-led blockchain server Hyperledger.


The new invention is based in South Korea but can be accessed through exchanges like UpBit, Huobi, and CoinOne. China has prohibited cryptocurrency platforms from running, but owning and making purchases with crypto is legal in the country.

The purpose of the card


The UnionPay card had announced in 2017 it wanted its card to act as an integrating tool between blockchain ATMs. The information came from files put out in summer 2017 by the State Intellectual Property Office.


The project was designed to ensure that transactions of information were safe and secure instead of based on a limited amount of data prone to be attacked. China’s Union pay runs the globe’s most excellent payment card network.

This post was last modified on January 5, 2021 11:33 am

Camomile Shumba

I am a freelance journalist that is always learning and investigating. I explore how current issues affect you. My training in journalism has enabled me to write thorough and compelling content.

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