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.