UnionPay

Union Pay logoUnionPay is also known as CUP or UPI, and it was founded in 2002.

The network operates under the approval of the central bank of China (PBOC) and is owned by the state. It has significantly grown over the years and is now even bigger than Visa and MasterCard.

This payment method has proven to be one of the most convenient for people living in China. If youre planning to buy Bitcoin or other cryptocurrencies online, you should consider signing up for UnionPay in order to do smooth deposits.

Top 2 sites for buying, selling and trading crypto with UnionPay

This is the toplist with the best sites to buy, sell or trade cryptocurrencies through UnionPay. To learn more why a certain site is ranked the way it is, you can read our review by clicking the review button. We generally recommend using an exchange or platform with good track record, great reputation and positive feedback from its customers. The better option for you as customer, the better ranking we give them.

KuCoin
One of the exchanges available in most places around the world, with among the lowest fees and among the best compatibility for transfers between various blockchains.
Gate
Gate IO can be your gateway to everything related to crypto – with over 1400 cryptocurrencies to trade in a safe, quick and easy manner.

Above are the best crypto exchanges, platforms and brokers offering funding with UnionPay.

Summary

UnionPay is used in more than 180 countries around the world, but it is still mostly used by Chinese people in or outside China. While it is commonly used for online payments, this banking option is mostly used in stores and other physical establishments.

This UnionPay card is known for being highly secure and quite fast. It has also been adopted widely around the world, which makes it highly convenient. Below are some of most positive and negative sides of Union Pay, along with how to get started and all potential costs involved.

Advantages

Advantage - logo+There are many crypto sites that accept this payment method.
+It is extremely fast.
+The payment system is safe to use.
+Its customer support can be accessed internationally.
+It is easy to sign up with this payment method.

Disadvantages

disadvantage logo-It is not convenient for use outside China.
-You may have to pay transfer fees, like with other cards.
-The payment method is managed by the Chinese government.
-Union Pay has an annual fee.
-It may be inconvenient for larger transactions.

What is Union Pay?

UnionPay works like other debit and credit cards, and it is even affiliated with international cards like MasterCard and American Express. The card is linked to your bank account and draws funds from your bank balance. You can also get UnionPay credit cards, which means you will be able to draw more than the available balance in your account.

Union Pay Costs

When using Union Pay to buy Bitcoin and other cryptocurrencies, you will have to pay a transaction fee of 2.50 USD. You may also have to pay a forex fee of 1.50%, as well as a cross border fee of 1%. Your chosen crypto exchange may also have charges for the deposits, so you should go through their terms and conditions.

Transaction speed for Union Pay

When funding your account with this deposit method, your payment will always reflect in the crypto exchange immediately. The payment system has been tested adequately and is currently used by millions of people around the world. Historically, the network has been highly reliable, so you should use it if your main interest is in the payment speed.

Union Pay Deposits – How does it work?

Most crypto exchanges accept Union Pay as it is currently one of the largest payment systems in the world. However, the payment process is a little different depending on the crypto exchange. Generally, you will need to follow these steps to make payments with this deposit method:

1. Log into your crypto exchange account
2. Navigate to the payment section and choose Deposit
3. Select the payment method from the menu provided
4. Add the amount you want to deposit and complete the verification process

Which are the main countries where Union Pay is used?

This deposit method is mostly used in China. In fact, more than 95.5% of the usage of the payment system is in China. The company has expanded its coverage to more than 180 countries, and it is mostly used by Chinese shoppers on international sites. The network is also becoming popular in Russia.

Can you withdraw with Union Pay?

Crypto sites that accept Union Pay for deposits will also allow customers to withdraw funds to this payment method. In cases where you will not be able to use this payment method, the crypto exchange may ask you to withdraw the funds to your bank account.

Reputation of Union Pay

This option stands out from other deposit methods in that it is almost entirely used by people in China. Given that almost all businesses in the country accept this payment method, it is no surprise that it has gained a positive reputation among users. Over the past few years, the payment system has greatly replaced Visa and Mastercard among Chinese residents. The main alternatives to this deposit method are Visa and Apple mobile payments, so you can consider using it if you live outside China.

FAQ

Below are some of the most frequently asked questions about Union Pay.

Is it safe to use Union Pay for cryptocurrencies?
UnionSafe is a secure method of purchasing cryptocurrencies in online crypto exchanges. Transactions made with this banking method are secured with UnionPay 3-D Seure, and this enables a frictionless mode and challenge mode.

How do I set up Union Pay?
Various banks and fintech companies around the world issue UnionPay cards. Each company has its own procedure for getting a UnionPay card, but you will usually have to provide a photo ID and proof of address first.

Is Union Pay instant?
Yes, this payment option is extremely fast, and it almost always transfers funds instantly.

When was Union Pay founded?
This company was created in 2002, but plans for its establishment had been breeding since the 1990s.

Where is the mother company based?
The mother company of UnionPay is based in Shanghai, China.

Does Union Pay only work in China and Russia?
UnionPay mainly works in China, but it is quickly expanding to accommodate Russian institutions and residents. Businesses across the world accept the card.

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