Chinese payment company UnionPay has entered a partnership with Korean payment company Danal to launch a virtual prepaid card that supports cryptocurrency. As noted in a report by South China Morning Post, the new virtual card will be accessible through Danal’s crypto wallet PayCoin and its token PayCoin.
According to the report, the prepaid card will be available by the end of 2020. Upon successful launch of the card, users will be able to pay UnionPay’s 30 million merchants in 179 countries and regions using the virtual prepaid card.
Speaking to South China Morning Post, a UnionPay representative revealed that the cardholders could top up the digital coin or fiat currency.
“Danal users will top up the virtual card using South Korean Won and pay with local currency. The clearing between Danal and UnionPay will be in US dollars.”
The representative buttressed that the partnership between the two companies “doesn’t involve any digital currency transactions.”
The UnionPay-Danal partnership occurred as China continues in the testing stages for its central bank digital currency. Recently, the People’s Bank of China announced that the bank had conducted 4 million transactions with China’s digital currency.
PayCoin was launched last year and built on the HyperLedger blockchain. Since the launch, PayCoin has reported 760 registered users. As highlighted by Cointelegraph, some users of Danal PayCoin include Gdac, Upbit, Liquid, Coinone, and Huobi Korea.
Image Credits: Pixabay
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