Uphold members can use their China UnionPay cards to load funds to their Uphold wallet, applying cloud functionality to their money. By holding money in the cloud, users can exchange it, transfer it, and even send funds internationally, bravenewcoin.com reports.
UnionPay customers need to have a Chinese Passport or Chinese National ID card in order to open an Uphold account and become a verified member. While transfers between Uphold members are free, the company makes money by charging a 3.8% fee to fund account(s) with China UnionPay. Following the acceptance of UnionPay, UpHold says that they are heading up for a new line of products, currencies, service offerings, mobile applications, payment methods, and other options in the near future.
Headquartered in South Carolina, US, Uphold has expanded its operations in UK, Portugal, China, India, Mexico, Brazil and other markets. The company currently claims to have facilitated over USD 690 million in transactions, from tens of thousands of members across 170 countries in 25 supported currencies.
Following the ascending path of China’s economy and the shift in its population’s consumption patterns, UnionPay has become the third-largest international bank card brand by its issued card base, in just 13 years. In Q1, 2015, UnionPays total transaction value exceeded USD 1.9 trillion, becoming the biggest card liquidation organisation in the world and surpassing VISA for the first time. The total transaction value of VISA was USD 1.75 trillion in the same period.
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