SAN FRANCISCO & LONDON & SHANGHAI--(BUSINESS WIRE)--Uphold, the world's fastest growing cloud-based financial services platform, today announces the immediate acceptance of China UnionPay, the largest association for China's banking card industry. The availability of a local bank card provider places Uphold at the vanguard of U.S.-based financial services companies successfully entering and operating in Greater China and Hong Kong since the country opened its $7 trillion bank card market to foreign players on June 1, 2015.
Starting today, Uphold allows China UnionPay cardholders with an advanced suite to apply cloud functionality to their money by allowing its members to hold and move funds in their Uphold wallet. Holding money in the cloud enables users to transact instantly and securely.
“Opening operations in Greater China and Hong Kong allows for Uphold to bring the benefits of cloud money - instant, secure and free transactions and payments. - to more than 1.35 billion people. The opportunities are immense,” said Anthony Watson, Uphold’s President & CEO. “China UnionPay is an ideal channel to bring cloud money services to the Chinese people. They are established and forward thinking, and we are thrilled to offer their customers a secure, safe and transparent suite of world class financial services to make their lives easier.”
Uphold bridges the financial services gap to operations in Greater China and Hong Kong. By building on top of Uphold’s open API, Uphold Connect, individuals and businesses can create applications, products and services that accept China UnionPay to deliver innovative and secure financial services.
Welcome to Uphold. The Internet of Money.™. Uphold™ is the fastest growing money platform in the world and since launching in November 2014, has powered over $690 million in transactions by tens of thousands of members across 170 countries in 25 supported currencies - including two crypto currencies - and four precious metals. By integrating with Uphold’s open API Uphold Connect™, developers can leverage free and instant value storage, exchange and transfer for their customers. Uphold is headquartered in Charleston with operations in London, Los Angeles, Portland, Braga, Shanghai, Mumbai, Mexico City, Sao Paulo and San Francisco. For more information, visit www.uphold.com or on social media at: @UpholdInc on Twitter, Facebook and Instagram).
Notes to editors:
Membership, Eligibility & Fees
- Uphold membership is FREE
- Uphold members transfer to and between other Uphold members for FREE, with no minimum or maximum obligation amounts or transaction volume restrictions.
Pricing & Fees
- 3.8% fee to fund Uphold account(s) with China UnionPay (per transaction, daily transaction limitations apply)
- For more details, see Uphold’s FAQ.
- To be eligible to open an Uphold account and become a verified member, China UnionPay customers must present a Chinese Passport or Chinese National ID card.
China Capital Controls
- Onboard of any funds to Uphold is in full compliance with China’s Capital Controls and requirements.