Chinese Payments Giant UnionPay to Support Crypto Spending With New Virtual Card

The world's biggest credit and debit card company will support payments with a South Korea-developed cryptocurrency for an upcoming virtual card offering.

AccessTimeIconNov 4, 2020 at 1:23 p.m. UTC
Updated May 9, 2023 at 3:13 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

China's UnionPay, the world's biggest credit and debit card company, will support payments with a South Korea-developed cryptocurrency for an upcoming virtual card offering.

  • Under a freshly inked deal, UnionPay has teamed up with Korean payments firm Danal to offer its Paycoin cryptocurrency as an option on the card, slated to launch later this year.
  • According a report from the South China Morning Post on Wednesday, Danal said the prepaid virtual card will be available in the Paycoin wallet, allowing users to shop at over 30 million UnionPay-accepting merchants across 179 countries and regions, including China.
  • The card will be able to be topped up with the digital coin and fiat currency.
  • Launched last year, Paycoin is built on the Linux Foundation-led blockchain platform HyperLedger.
  • It's primarily used in South Korea and is available on exchanges such as Huobi, UpBit and CoinOne, according to the Paycoin website.
  • While China has banned crypto trading platforms, owning and transacting with cryptocurrencies is not illegal in the country.
  • What OnlyFans Stopping Sex Acts and Politicizing Payments Means for Crypto
    08:42
    What OnlyFans Stopping Sex Acts and Politicizing Payments Means for Crypto
  • Federal Reserve Proposes Guidelines for ‘Novel’ Banks to Access Fed Payments
    03:26
    Federal Reserve Proposes Guidelines for ‘Novel’ Banks to Access Fed Payments
  • You Can Buy a Tesla With Bitcoin, But It’s Not Easy
    06:35
    You Can Buy a Tesla With Bitcoin, But It’s Not Easy
  • Mastercard to Allow Payments With Cryptocurrencies
    04:56
    Mastercard to Allow Payments With Cryptocurrencies
  • Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.