U card ruined by agents
U card: a virtual bank card that can be topped up with U to consume or withdraw cash in China. It has been very popular in the circle in recent years. But the handling fee is quite high.
U card is originally easy to use. In fact, U card is very good for retail investors, and it is not afraid of being frozen. You can change as much as you want. It is not a lot of money, and there is no handling fee.
But these agents are really promoting it on Douyin. If you are not regulated, who will be regulated?
Take Paywiser as an example. It finally stopped service last month and issued a statement this month:
(Strategy Free Sharing Homepage)
Dear partners and cardholders:
Based on the UK regional card issuance rules, paywiser will stop card services for cardholders in non-UK and EU regions on April 15, 2024. Therefore, we plan to suspend the recharge function on April 10.
Please make sure to withdraw or consume the balance on the card before April 15!
Please make sure to withdraw or spend the balance on the card before April 15!
Most people don’t understand the core logic of the U card:
The U card is just a code name. Its true nature is a prepaid consumption card issued by the UK. Its biggest function is to recharge the card with US dollars (no CNY) in advance, and then go to any (most) regions to swipe the card for consumption, ATM withdrawal, etc., and automatically convert it into local currency. If you don’t have US dollars pre-charged, some digital asset compliant regions (countries) can convert digital assets into US dollars through third-party platforms (websites, mini-programs), and then entrust a third party to help you recharge the US dollars.
It’s because the agents can’t promote it, so they go to places like Douyin to promote it, and some people use it to deceive people. Like virtual currency, there is no problem, but some people use it to launder money and some people use it to deceive people, so it has problems.
