SINGAPORE--PayPal and China UnionPay, China’s bankcard association, today announced that China UnionPay (CUP) card members will be able to use PayPal to shop online, representing a new opportunity for international retailers to sell to a large base of Chinese customers who, combined, hold 2.1 billion CUP cards.
“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,” said Scott Thompson, president of PayPal. “PayPal’s partnership with China UnionPay removes an important friction point that exists across borders, and we are thrilled to eliminate the payments barrier so merchants can welcome millions of new Chinese customers to their sites.”
Chinese consumers have more disposable income than ever before and are starting to look for the best products the world has to offer. CUP card members will be able to use PayPal in the third quarter of 2010. This gives merchants the opportunity to spend the coming months preparing their Web stores for Chinese consumers, including adding Chinese translation and fast, cost effective shipping methods.
About China UnionPay
China UnionPay, established in 2002, is the national bankcard association in China. As the pivotal role of China’s bankcard industry, China UnionPay is responsible for operating unified inter-bank clearing and settlement system in China and developing the international acceptance network for CUP card. By collaborating with various parties, China UnionPay has greatly boosted the development of China’s bankcard industry.
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 all over 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.
Relying on China, the world’s most vibrant emerging economy and the world’s largest cardholder group, China UnionPay not only provides quality, secure and efficient payment services for hundreds of millions of cardholders all over the world, but also brings brand new choices and values for partners as well as energy and opportunities for the global bankcard industry.
China UnionPay will further enhance international cooperation in the future, work hand in hand with partners to achieve mutual development and success, to build UnionPay into a major international bankcard brand with global influence, and to make greater contribution to the overall prosperity of the global bankcard industry.
About PayPal
PayPal is the faster, safer way to pay and get paid online. The service allows members to send money without sharing financial information, with the flexibility to pay using their account balances, bank accounts, credit cards or promotional financing. With more than 81 million active accounts in 190 markets and 24 currencies around the world, PayPal enables global ecommerce. PayPal is an eBay (NASDAQ:EBAY) company and is made up of three leading online payment services: the PayPal global payment service, the Payflow Gateway and Bill Me Later. The company's open payment platform, PayPal X, allows developers to build innovative payment applications on multiple platforms and devices. More information about the company can be found at https://www.paypal.com.
PayPal is headquartered in San Jose, California and its international headquarters is located in Singapore.