UnionPay, the major financial services corporation of China, has partnered with the South Korean payment provider Danal to launch a cryptocurrency-supporting digital card.
It has been reported that Danal’s crypto wallet PayCoin and its crypto token of the same name will be the interface for the new, prepaid mobile card.
However, Paycoin has indicated that users will be able to use both the card and Paycoin to pay for goods and services at over 30 million UnionPay merchants across 179 countries and regions.
Danal’s PayCoin is a blockchain-based asset that has been in circulation since 2019. It has a reported 760,000 registered users, with Gdac, Upbit, Huobi Korea, Liquid, and Coinone as some of the more prominent exchanges listing it.
The prepaid mobile card will be accessible via Danal's digital asset wallet Paycoin https://t.co/UXi2BHnQmf — Cointelegraph (@Cointelegraph) November 4, 2020
The report said that for now, PayCoin’s largest user base is in South Korea, although the company has its sights on global outreach.
Park Sang Man, the CEO of Danal, highlighted the upcoming card’s benefits for foreign exchange and payments overseas.
Thus, the UnionPay-Danal card will support top-ups and payments in both fiat currency and crypto.
Source: Cointelegraph