Allows international retailers to sell to Chinese customers
PayPal and China UnionPay (CUP), China’s bankcard association, have said that CUP card members will be able to use PayPal to shop online, enabling international retailers to sell to Chinese customers, who hold 2.1 billion CUP cards.
PayPal said that the CUP card members will be able to use PayPal in the third quarter of 2010, giving 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.
Scott Thompson, president of PayPal, 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.”
“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.”
Established in 2002, China UnionPay is the national bankcard association in China. It is responsible for operating unified inter-bank clearing and settlement system in China and developing the international acceptance network for CUP card.