UPay Card
UPay · Visa/Mastercard
UPay is a custodial crypto card issued by UPay Financial Technology Co., Ltd (Dubai-based), operating under a Hong Kong MSO license, a Lithuanian VASP registration, and US and Canada MSB registrations. It runs on Visa and Mastercard rails and is available in 150+ countries. It offers virtual cards (Stellar, Platinum) and physical cards (Euro Card, Precious) with differing fees: the issuance fee reported here (10 EUR-equivalent, i.e. 10 USDT) refers to the Platinum virtual card, while physical cards cost around 100 USDT. The cross-border FX markup ranges from 1% to 3% depending on tier (2% shown here as a documented mid value). The up-to-3% cashback is reported by third-party sources (todey) but not clearly confirmed on the official site: treat with caution. Full KYC is mandatory for all cards.
The number that matters
The banner cashback isn't what you pocket.
After FX markup, fees and withdrawals, on an average profile of €1,000/mo (20% abroad).
Data & conditions
§ Amounts in USD/GBP are shown in the service's native currency.
| Network | Visa/Mastercard |
|---|---|
| Fund custody | Custodial (platform holds funds) |
| Issuance fee | €10 |
| Annual fee | Free |
| Free ATM limit | 2000 USDT (carta fisica); le carte virtuali non consentono prelievi ATM |
| ATM withdrawal | Free |
| FX markup | 1% |
| Cashback | 3% in USDT · Nessuno |
| Contactless | Yes |
| Virtual card | Yes |
| KYC | Full |
| Privacy | 2/10 |
| Supported countries | EEA, UK, US, APAC, LATAM · 160+ countries |
| Funding / solidity | UPay Financial Technology Co., Ltd, societa privata con sede a Dubai (Emirati Arabi Uniti), emittente di carte crypto custodial operanti su circuiti Visa e Mastercard in oltre 160 paesi. |
| Estimated net annual cost | €10/year |
| Regulator | Hong Kong Customs and Excise Department (MSO); Lietuvos Bankas (VASP); FinCEN (US MSB); FINTRAC (Canada MSB) |
| Segment | B2C |
| Funding / solidity | UPay Financial Technology Co., Ltd, a private company headquartered in Dubai (UAE), issuer of custodial crypto cards running on Visa and Mastercard rails in 160+ countries. |
| MiCA / License status | Hong Kong MSOLithuania VASPUS MSB (#31000257909666)Canada MSB (#M24993747) Operates under a Hong Kong MSO license, a Lithuanian VASP registration and MSB registrations in the US (#31000257909666) and Canada (#M24993747). No banking authorization; custodial model. |
Plans & pricing
Strengths
- Broad global coverage (150+ countries) on Visa and Mastercard rails, with Apple Pay and Google Pay.
- Multiple virtual and physical card tiers with low issuance fees (from 10 USDT) and no annual fee on most cards.
- Multi-jurisdiction regulatory footprint (Hong Kong MSO, Lithuania VASP, US/Canada MSB).
- No notable sovereignty advantage documented.
Weaknesses
- Custodial model: assets are held by the platform, the user does not control the keys.
- Cross-border FX markup up to 3% and cashback not clearly confirmed on the official site.
- Full KYC mandatory; virtual cards do not allow ATM withdrawals.
- Custodial: the platform holds your funds and can freeze or lose them.
- Full KYC required: verified identity, zero pseudonymity.
- Subject to regulation (Operates under a Hong Kong MSO license, a Lithuanian VASP registration and MSB registrations in the US (#31000257909666) and Canada (#M24993747). No banking authorization; custodial model.): reporting to authorities and freezes on order.
Verdict
Weak protection: custodial model with assets held by the platform and mandatory full KYC. The regulatory footprint is multi-jurisdictional (Hong Kong MSO, Lithuania VASP, US/Canada MSB) but fragmented and lacks a strong prudential supervisor; no deposit guarantee comparable to banking.
Very low sovereignty: the card is fully custodial, the user does not control private keys and depends on the platform for crypto-to-fiat conversion. Mandatory full KYC removes any privacy component.
Promp's editorial rating based on real fees and net annual cost. Promp reviews third-party products independently.
"Sovereignty" rating: score computed on privacy/anonymity (30%), fund control (20%), censorship resistance (20%), trustless/auditability (20%) and costs (10%). Same data, different weights.
FAQ
Is the UPay card custodial or non-custodial?
It is custodial: crypto assets are held by the UPay platform, and the user does not directly control the private keys.
How much does it cost to issue a UPay card?
The Platinum virtual card has an issuance fee of about 10 USDT with no annual fee; physical cards (Euro Card, Precious) cost around 100 USDT. The cross-border FX markup ranges from 1% to 3% depending on tier.
Sources
- Official service page Url ufficiale · Licenses & registrations · Payment network · Virtual card · +3 Data verified on Jun 23, 2026
- en.cryptonomist.ch Licenses & registrations · Issuer · Payment network · Card issuance fee · +10 Data verified on Jun 23, 2026
- todey.xyz Categoria · Payment network · Custodial · Card issuance fee · +5 Data verified on Jun 22, 2026