UnionPay, the world's biggest card network with more than 7 billion cards issued, has signed a collaboration with Korean crypto provider Danal, the South China Morning Post (the Post) has learned.
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With the partnership, UnionPay will launch a new virtual pre-paid card for travelers in China on the Paycoin Wallet architecture. While Paycoin Wallet, mainly, focused on cryptocurrencies, a UnionPay representative told the Post via that 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. UnionPay’s partnership with Danal does not involve any digital currency transactions," the representative added.
Blockchain-based Paycoin Wallet allows merchants and consumers to connect directly thanks to smart contracts.
Meanwhile, the People’s Bank of China (PBoC), China's central bank, processed over $300 million via digital yuan so far, according to the bank's governor Yi Gang.
Yi said at the Hong Kong Fintech Week conference there had been over 4 million transactions, totaling over $300 million in the national virtual currency. According to PBoC's governor, fintech companies already have key advantages over financial institutions, in terms of growing a customer base and managing risk.
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