PayPal reaches deeper into China with Union Pay part­ner­ship

China Daily (USA) - - ACROSS AMERICA - By BLOOMBERG

PayPal Hold­ings Inc. said it’s join­ing with China Union Pay Co. in the dig­i­tal pay­ments com­pany’s lat­est global push to find more cus­tomers and bet­ter po­si­tion it­self in cross-bor­der e-com­merce.

Mer­chants in Euro­pean coun­tries will be able to ac­cept pay­ments from Union Pay credit and debit cards through PayPal’s Brain­tree plat­form de­signed for mo­bile com­merce, PayPal said Thurs­day. Adding a fa­mil­iar pay­ment op­tion is a key step to en­abling cross-bor­der e-com­merce, so the part­ner­ship will in­crease PayPal’s ap­peal to Euro­pean mer­chants look­ing to reach Chi­nese shop­pers.

Alibaba Group Hold­ing Ltd. uses a sim­i­lar strat­egy to in­tro­duce for­eign goods to Chi­nese shop­pers.

To en­able pay­ments from the largest card net­work in China is quite ma­te­rial.” Bill Ready, PayPal se­nior vi­cepres­i­dent

“To en­able pay­ments from the largest card net­work in China is quite ma­te­rial in terms of help­ing our mer­chants go con­nect with Chi­nese con­sumers,” Bill Ready, a PayPal se­nior vice pres­i­dent.

PayPal ex­pects Chi­nese shop­pers to spend $118 bil­lion on cross-broader trans­ac­tions this year, an in­crease of 31.4 per­cent from 2015.

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