The globalization of the economy has lead to the need of fast payment methods beyond the western hemisphere, as consumers and bettors have emerged from numerous previously closed markets. One of the largest card payment solution providers are China Union Pay (CUP), who are located in Shanghai, China and have the backing of the wealthy banking institution of the People's Bank of China. Unionpay was established in 2002, primarily as a means of unifying the various bank cards found in China and is now accepted as a virtual pre paid card on countless vendors and online betting firms in more than 160 countries. They have managed to grow to such an extent, that they now rank as the third most used card worldwide, surpassed only by VISA and Mastercard.
Why you should choose UnionPay while betting
Using CUP is actually quite easy and offers many advantages to the everyday bettor. You can make a deposit fast and simply on any betting firm that accepts Unionpay, in the same way as any other credit or debit card. You can also take advantage of the added safety, as Unionpay utilizes the latest encryption technologies on every online transaction. This means that your financial details will under no circumstances be leaked to a third party. You should however make sure to never share your Unionpay card number and PIN, to illegitimate vendors or bookies.
You can claim any first deposit bonus if you opt for Unionpay, which may not be the case with other payment methods. Additionally the charges are quite low, with deposits being completed instantly with no added fees (some bookies may charge transactions regardless of the method). Withdrawals usually take around 2-5 working days, for a 1-2% fee.
The fact that they are based in China, means that primarily bookmakers originating from Asia, such as Dafabet, tend to accept Unionpay. It is a good alternative to VISA or Mastercard, if you bet in these regions, however, European and American punters can seldom take advantage of their services. This is due to the fact that CUP deals mostly with the Chinese Renmibi (RMB ¥) as currency, so you are likely to find your bookie choices being limited.
Top bookmakers that accept Union Pay
How to get the card
Chinese citizens can easily get a Union Pay debit card, by applying at almost any bank located in the People's Republic of China. The card is issued immediately and can be used on any ATM, vendor or online bookmaker instantly. Non Chinese bettors and customers can also get a CUP card, by applying at any UnionPay cooperating bank. UnionPay can be issued in 30 countries and is accepted in 160 regions & countries around the world. You can find whether UnionPay is accepted in your country by visiting www.unionpayintl.com/en/servicesProducts/.
The Global UnionPay Card can be used on online vendors everywhere around the world, the same way as with a regular pre paid card. The only drawbacks, are that it can't be used to withdraw money and is currently only issued to residents of a few selected countries, in collaboration with local banks. To view the list of countries and banks, you can visit http://www.unionpayintl.com/jfimg/2016-44/card_application_en.pdf.
Making a deposit
Using the Union Pay card is really easy, especially if you are familiar with making deposits through other credit cards. You simply have to go to the payments section of your chosen betting site and find the CUP logo. Following that, you must enter your desired amount and the card's info. This information includes the card's number, the expiration date and the security code, located on the back of your card. You should make sure that your bookmaker accepts Chinese Yuan (Renminbi) as currency, before you decide to make a deposit.
Making a withdrawal
If you wish to withdraw money from your bookie account, you have to make a few simple steps. First of all, you have to add your card to your betting site's database. You can do so by finding the "add card" banner/button, usually located on the bookie's payment methods. You have to fill in your card's info on the according spaces and confirm this action. Following that, you simply have to request a withdrawal, by entering Chinese UnionPay as your selected method, enter the required amount, your password and hit confirm. Some bookmakers may require a deposit through your card, before they allow you to withdraw your money through Union Pay.
Finally, remember that bookmakers based in a European Union regulatory authority (MGA, UKGC, GLA), require that you use the same withdrawal method as your last deposit.
Pros & Cons of using UnionPay
UnionPay is rapidly expanding and an icreasing number of bookmakers and bettors alike, are willing to try out their services. The main positive and negative aspects of using CUP, can be summed up to the following:
+Instant deposits, in most cases free of charge
+Quick withdrawals with low charges
+Easy to use
+Accepted on 160 countries
+Customer service available via phone at 00-800-4414-9913
-Mainly Asian bookies accept Union Pay