UnionPay is the main payment card operator in China, and is often the only payment card that is accepted by merchants in the country. Because of this, most Chinese people don’t use payment cards that are popular in other countries, such as VISA and MasterCard. CFD forex brokers that are targeting Chinese traders therefore need to accept UnionPay as a way to fund trading accounts.
UnionPay can be used to pay for goods and services online in just the same way as for example a VISA card. The card also works with the popular Chinese mobile payment methods WeChat Pay and AliPay, which makes funding a trading account even more convenient for Chinese traders.