China Union Pay (CUP) is the only domestic bank card organization in China. Union Pay Card is the banking method of choice for the majority of Chinese traders. CUP is the primary network for most of China’s banks and it represents the only interbank network in the country – it connects all banks and ATMs.
Simply put, Bank of China Union Pay is the Visa or Mastercard of the Chinese market. Due to Chinese regulations, payment methods are heavily restricted, with Union Pay being the only legal method that can be used on this market.
Traders can find a list of forex brokers that accept deposits made via Union Pay below.