UnionPay Crackdown on PoS Terminals May Turn into Bitcoin's Gain
China has been known for its strict control over capital outflow; the government has introduced regulations that limits capital outflow to 50,000 yuan per year per individual. However, the Chinese have been innovative at finding different ways to move money out of the mainland to invest in overseas assets. In the wake of the recent devaluation of yuan, the Chinese government has woken up and tightened the screws around illegal overseas transactions. As the Chinese government is trying to stabilize the economy by devaluing the currency and liquidating its foreign exchange reserves,....
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Australia's big four bank, the Australia and New Zealand Banking Group (ANZ), has announced it will implement China's UnionPay contactless payment feature QuickPass to ANZ electronic funds transfer at point of sale (EFTPOS) terminals and ATMs throughout the Austrasia region. China's UnionPay is moving forward with its global expansion plans, announcing yesterday it had concluded a deal with ANZ that would find the bank implementing UnionPay's QuickPass contactless capability to 90,000 ANZ EFTPOS terminals across Australia. The feature will be deployed to New Zealand by the end of 2015,....
Uphold Inc., a platform that provides various financial services and encourages fintech innovation, now allows customers in Greater China and Hong Kong to use their China UnionPay card to load funds to their Uphold wallet. Uphold is partnering with China UnionPay, the largest bank card association in China. Uphold offers China UnionPay customers a safe, secure, and transparent suite of financial services. In announcing the China UnionPay partnership, Anthony Watson, Uphold president and CEO, said Uphold becomes the first U.S.-based financial services company to provide services in Greater....
The new card will support crypto payments using Paycoin at over 30 million UnionPay merchants. Major financial services corporation China UnionPay, an analog to card providers like Visa and Mastercard, has partnered with the South Korean payment provider Danal to launch a cryptocurrency-supporting digital card.Danal’s crypto wallet Paycoin and its crypto token of the same name will be the interface for the new, prepaid mobile card. 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....
Bitcoin is now available at 874 self-service payment terminals across Romania, thanks to a partnership between ATM operator Bitcoin Romania and terminal network operator ZebraPay. The ZebraPay terminals will allow customers to buy bitcoin at a 4% commission on prices taken from the Cointrader exchange. The terminals are one-way, so customers can only trade their Romanian leu for bitcoin. The terminals do not require customers to hand over identification documents when buying bitcoin. The service has been available for two days but it has already sold 7.2 BTC, underscoring bitcoin's growing....
Chinese residents who value their financial freedom need to consider obtaining Bitcoin. China’s capital controls are slowly getting out of hand as of late. A new move will see UnionPay bank card holders withdrawal limits cut in half. This is another move to fight the Macau gaming industry, which is often seen as a “safe’ way to avoid capital control. All of this will highlight the value and viability of Bitcoin even further. With multiple billions of yuan flowing out of the Chinese economy every year, stemming the tide is of the utmost importance. Doing so is not an easy feat by any means,....