PayPal Expands in Asia, Announces Partnership with China UnionPay
By Ina Steiner
PayPal entered into an agreement with China UnionPay, China's bankcard association, to allow Chinese consumers to use PayPal to shop online. According to PayPal's announcement, the agreement represents "a new opportunity for international retailers to sell to a large base of Chinese customers."
PayPal President Scott Thompson said, "After years of being the export hub for the world, today marks the day that China is open for business as an import e-commerce market."
China UnionPay is the national bankcard association in China and is responsible for operating the unified inter-bank clearing and settlement system and developing the international acceptance network for China UnionPay (CUP) card. To date, the total number of CUP card issued worldwide has exceeded 2.1 billion; in 2009, the number of CUP card inter-bank transactions reached 7 billion with an amount of USD 1.1 trillion; the overall merchants, POS terminals and ATMs reached 2.13 million, 2.88 million and 930 thousand respectively. China UnionPay has also established partnership with around 400 financial institutions around the world.
As of now, CUP card international acceptance network has been extended to 90 countries and regions. Over 10 of them, including Japan, Korea, Singapore, Russia, Mongolia etc, have issued CUP card.
PayPal also announced that it plans to double the number of employees in Asia Pacific from 1,000 currently to more than 2,000 by the end of the year. The company plans to add more than 100 new jobs at its international headquarters in Suntec City, Singapore.
New jobs will be located at all seven offices in the region including Australia, China, Hong Kong, India, Japan, Singapore and Taiwan. For its Singapore business headquarters and development center, PayPal will be recruiting Singapore-based professionals with expertise in technology, product development, infrastructure design, risk and engineering.
PayPal stated it processed more than $6 billion of total payment volume in Asia Pacific in 2009.
About the author:
Ina Steiner is co-founder and Editor of EcommerceBytes and has been reporting on ecommerce since 1999. She's a widely cited authority on marketplace selling and is author of "Turn eBay Data Into Dollars" (McGraw-Hill 2006). Her blog was featured in the book, "Blogging Heroes" (Wiley 2008). Follow her on Twitter at @ecommercebytes and send news tips to email@example.com.
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