PayPal launches China Connect service with UnionPay

Tuesday 26 May 2015 00:51 CET | News

US online payment service provider PayPal has launched its PayPal China Connect service and its partnership with China`s bank card issuer UnionPay, linking Chinese consumers to PayPal`s global merchants while enabling cross-border transactions.

Cross-border transactions make up an important portion of the PayPal platform, which accounts for nearly 25% of total transactions and 79% of consumers come from the US, UK, Germany, Brazil, China and Australia, said PayPal CEO Dan Schulman, reports.

Since the Nov. 11 Singles Day annual online shopping promotion in 2014, the transaction volume from Chinese shoppers buying foreign brand products through PayPal have grown 16-fold. PayPal has around 165 million active users around the world.

The companys net total payment volume for 2014 was USD 228 billion, representing 27% year-on-year growth, and one-third of its total transactions were made on mobile devices. A subsidiary of eBay, the 18-year-old PayPal is scheduled to spin off from the parent company later in 2015.

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Keywords: PayPal, China Connect, UnionPay, Payments Gateway, payments processor, e-payments, online payments
Categories: Payments & Commerce | Online Payments
Countries: World
This article is part of category

Payments & Commerce