PayPal increases reach in China
Wednesday September 21 2016
European merchants can now accept Chinese cards on PayPal in a deal which helps western sellers reach Chinese shoppers
It represents the latest act from PayPal in its global push for international customers and cross-border ecommerce.
Merchants in European countries will be able to accept payments from UnionPay credit and debit cards through PayPal’s Braintree platform designed for mobile commerce.
The company said in a statement: “As China’s most dominant card, the addition of UnionPay will help us unlock the access to this segment of consumers for Braintree merchants. Our offering of UnionPay is unique to the industry, designed to remove friction in the checkout process without complex re-direction of pages. Accepting UnionPay card consists of an easy one-time enrolment, and from then on, the experience is seamless.”
Adding a familiar payment option is seen as a key step to enabling cross-border ecommerce.
PayPal expects the amount Chinese shoppers spend on cross-broader transactions to increase by more than 30% this year to $118 billion.