The Ultimate Guide to Using U-Cards for Cryptocurrency Withdrawal and Payment

100% Anti-freeze and Safe Withdrawal Method in Cryptocurrency Circle Episode 10: Let’s Talk about U-card

In 2017, during the Wanxiang Conference, Mr. Gou secretly met with the founder of monaco (later renamed crypto.com) in a nearby hotel. The two came from Hong Kong, one Chinese and one foreigner. The foreigner excitedly took out their VISA card from his pocket and said that it was a metal card that could be used for cryptocurrency payment, how awesome it was. I was confused. Who in China needed this thing at that time? I just laughed it off.

Who knew that it has become a rigid demand now.

Okay, what is the withdrawal artifact that everyone often talks about: U-card, that is, this credit card that can deposit USDT and then pay online/swipe/ATM cash out? Is it so high-end? Today, Mr. Gou will explain it to you:

First of all, don’t stand from the perspective of the customer. If I also want to be a U-card project party, how should I play?

The most compliant way is to apply for the Startup Program in VISA's partner. The company only needs to have assets of more than 1 million US dollars. You can also find an intermediary to do it for you, which is more flexible.

The less compliant way is to find a card issuing company that is already a VISA partner and register under them.

After that, you can issue a VISA card with your project logo customized. Then make a front-end APP to manually/automatically collect the deposit and withdrawal information of registered users. As the central settlement party, you just need to keep the account book and handle the settlement on the VISA side.

It's not so high-end, and the threshold is not high.

So there are all kinds of U cards on the market, and the project parties are mixed. Some companies' registration information cannot be found, and they have no licenses. The contact information is telegram. When users deposit more coins or supervision comes, they are ready to run away at any time.

Mr. Gou suggested that if you have to choose a U card, it is best to choose a company with a license. In case the coins are robbed by a wave after depositing too much, you can also defend your rights on the spot, such as some U cards under Hong Kong trust companies.

By the way, some well-known exchanges also make U-cards, but Binance Card mainland KYC cannot be applied for, bybit's Palau ID can be used but can only be mailed to overseas addresses for transfer, in short, it is more troublesome.

Talk about wear and tear:

Using U-card to bind online payment or swipe the card is okay, the exchange rate + handling fee adds up to most of the 3%, ATM withdrawal is expensive, and wear and tear of 5~10% is normal. (So some agents also recommend buying a POS machine to swipe the card to cash out, I think.. . It can't cut off people's wealth, but it's very gray, and it's very criminal if the amount is large)

In general, u cards are lice hiding on the elephant of VISA. If bad elements get in, you can't freeze VISA and can only send a letter to VISA. If it's too much trouble, VISA will ask the partner to suspend the card or stop the business, but compared with C2C, the risk of good citizens is smaller, and they are more worried about the card issuer running away.

There is definitely a consumer group for u cards, that is, friends who are too lazy to open a Hong Kong card or whose information cannot open a Hong Kong card/foreign card. If you really want to use it, it is recommended to use small funds, fast in and out, and don't keep it in.

If you have any other tutorials you want to see, you can say it in the comment area. As usual, this article has exceeded 100 likes, and the 11th update: 100,000 u cards go to trust.