UnionPay to Provide Overseas Payment Through PayPal

Sina Tech, 3/17/10

eBay's online payment platform PayPal has partnered with Chinese banking network China UnionPay to enable Chinese consumers to purchase goods from overseas, reports foreign media. PayPal will also strengthen its presence in the Asia market, doubling the size of its Asia office to 2,000 employees by year-end. China UnionPay cardholders will be able to link their bank card with a PayPal account beginning in Q3 2010, providing access to nearly 8 mln merchants including Walmart and Zappos.com.

PayPal said the partnership allows users to bypass foreign-exchange restrictions regarding transnational commerce. A PayPal spokesperson said this was possible because China UnionPay has already been approved by Chinese government regulators to handle international transactions.

Keywords: eBay Internet PayPal China UnionPay online payment e-commerce HR e-payment

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