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PayPal Makes More Inroads into China

PayPal
PayPal Makes More Inroads in China

PayPal made more inroads in China, announcing on Wednesday a partnership with UnionPay International. The companies said they will work together to accelerate the growth of their mutual networks.

PayPal has committed to supporting UPI acceptance globally where PayPal is accepted – giving UnionPay cardholders more choice when shopping.

“UnionPay cards can now be added to PayPal wallets in Australia, Philippines, Singapore, South Korea and Thailand,” according to the announcement. “During 2020, PayPal and UPI plan to add more than 30 markets, which means that once a UnionPay card is added to the PayPal wallet these cardholders will have the ability to shop at any of the 24 million merchants globally where PayPal is accepted via the PayPal wallet.”

And in the future, UPI will explore opportunities to support PayPal’s merchant and consumer ambitions in China.

PayPal executive Jim Magats said the deal would give PayPal the opportunity to explore the option to expand PayPal’s digital wallet to physical retail locations where UnionPay is accepted in China or internationally.

Last month, PayPal completed the acquisition of a 70% equity interest in Guofubao Information Technology Co., Ltd. (GoPay), which made PayPal the first foreign payments platform licensed to provide online payment services in China.

Wednesday’s announcement can be found on PRNewswire.com.

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Ina Steiner
Ina Steiner
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 ina@ecommercebytes.com.