If you prefer to trade by making payments and send money online without compromising any of your sensitive financial information, UnionPay is an ideal solution. Today, many online brokers accept UnionPay as a funding method for trading accounts, giving you the ability to make instant, secure deposits and withdrawals at the touch of a button. If you need a forex broker that accepts UnionPay as a payment method, take a look at these brokers below.
About the payment system
The corporation was founded in 2002. The State Council of the People’s Republic of China initiated the creation of a national payment system, and the People’s Bank of China fully supported this ambitious project.
China UnionPay (CUP) is not the only one, but one of the most famous Chinese payment systems worldwide. UnionPay has a representative office in at least 150 countries and has a network of more than 1 million ATMs. UnionPay credit cards are tied to American Express, MasterCard and VISA. With UnionPay debit cards, you can quickly and conveniently pay for goods and services. Most often, people use UnionPay to obtain cash from ATMs or order goods/services from Chinese online stores.
China UnionPay has quickly become the preferred and accepted payment method for Chinese people to access international transactional markets. China UnionPay has become a central and key part of the bank card industry in China. They also played an important role in the overall development of the card industry in China.
In recent years, China UnionPay has expanded rapidly, first in Asia, and now throughout Europe and America, with Britain becoming the last market that the Chinese financial giant has set foot on. In addition, UnionPay does not need a special license for its European expansion, as its cards are issued by third parties, such as banks, and transactions are processed by payment processing groups.
Due to the lack of alternatives in China, many Chinese forex traders rely solely on UnionPay to deposit and withdraw funds. Therefore, the number of forex brokers accepting UnionPay is quite large, and we can expect that all traders who trade in China will accept UnionPay as a payment method. Traders need to remember the restrictions on UnionPay cards set by the bank, which may differ from the restrictions set by the client for transactions on the Internet. To clarify them, you must contact the bank that issued the card.