Crypto Adoption Boost: Chinese Payments Giant UnionPay To Support Crypto Payments With New Card
The mainstream adoption of Bitcoin and digital assets has been one of the main goals that the crypto space has set.
There have been various achievements that boosted adoption even in 2020 in the middle of the global crisis, and these continue to pop up.
UnionPay supports crypto payments with a new card
The latest great news is that Chinese payments giant UnionPay starts supporting crypto payments via a new card.
BREAKING: UnionPay — the global bank card network accepted in over 30 million stores worldwide — to launch new credit card that allows users to pay for goods and services with crypto. #Bitcoin
— Bloqport (@Bloqport) November 6, 2020
The news triggered massive enthusiasm among the Twitter community.
Someone said: “No way this is real since bitcoin is banned in China (but still totally used underground).”
A follower responded: “You are correct, #Bitcoin is banned in China, but UnionPay is accepted in over 110 counties worldwide.”
Someone else noted that “I’ve always imagined a world where my crypto was staked, and I had a credit card that I could live off and pay off every month with staked rewards … this..is…massive.”
Coindesk notes that under a freshly signed deal UnionPay has teamed up with the Korean payments firm Danal in order to offer its Paycoin crypto as an option on the card. The card is slated to launch before the end of the year.
Users can shop at more than 30 million merchants
The online publication also mentions a report coming from South China Morning Post on Wednesday in which Danal said that the prepaid virtual card would become available in the Paycoin wallet.
This will allow users to shop at more than 30 million UnionPay-accepting merchants across 179 countries and regions, including China.
It’s also important to note the fact that the card will be able to be topped up with the digital coin and fiat.
Paycoin was launched back in 2019, and it’s built on HyperLedger platform.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.