UnionPay is the main payment card operator in China, and the only such operator with a truly nationwide network. Because of the widespread use in Mainland China, all crypto & forex brokers that target Chinese traders will usually accept UnionPay as a payment method for funding trading accounts.
UnionPay cards are commonly used for both online purchases as well as in physical stores and ATMs. These transactions are normally processed free of charge in China, but various crypto brokers and others may charge their own fee for processing the payments. UnionPay was founded in 2002 and is currently headquartered in Shanghai, China. It is authorized and regulated by China’s central bank, the People’s Bank of China.