Major financial services company China UnionPay, a counterparty to card providers such as Visa and Mastercard, has partnered with South Korean payment provider Danal to launch a digital cryptocurrency support card.

Danal cryptocurrency wallet and cryptocurrency wallet of the same name will be the interface for the new prepaid mobile card. Paycoin indicated that users will be able to use both the card and Paycoin to pay for goods and services with over 30 million UnionPay merchants in 179 countries and territories.

Danals PayCoin is a blockchain-based asset that has been in circulation since 2019. There are reported 760,000 registered users, with Gdac, Upbit, Huobi Korea, Liquid and Coinone being some of the most famous exchanges on the list. It is currently the largest PayCoin user base in South Korea, although the company is targeting global reach.

In a statement to the South China Morning Post, Danal CEO Pak Sang Man highlighted the benefits of the new card for currency exchange and payments. UnionPay-Danal card supports debiting and payment in fiat and cryptocurrency.

The news of the new UnionPay card has surfaced despite the much-publicized Chinese roadmap for a central bank-backed digital currency and ambivalence or hostility towards private cryptocurrencies.

Source: CoinTelegraph

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