UnionPay is widely known as “the one and only” when it comes to payment cards in Mainland China. It is the only payment card operator in the country with a nation-wide network, and for many Chinese binary options traders it is the preferred payment method for funding a binary options trading account.
UnionPay works in the same way as international payment cards like Visa and MasterCard, but is often not accepted by merchants outside of China. However, international binary options brokers that wish to attract Chinese traders should always accept UnionPay to make it more convenient for these traders to deposit money. UnionPay is headquartered in Shanghai, and is regulated by the People’s Bank of China.