March 18, 2010

PayPal China Deal Expands Online Shopping for Hundreds of Millions

Online payment business PayPal (wholly owned by Ebay) announced that it will form a partnership with China UnionPay the number 1 electronic payment processer and ATM network of China. PayPal said the arrangment means China is open for business as an import market. There are over an estimated 100 million online shoppers in China and the number may swell to 300 million by 2013 according to PayPal's China manager Alien Tien. This is a big win for an American business over Chinese ecommerce rival Taobao and its proprietary payment system. Using PayPal will allow Chinese to buy direct from millions of online merchants from Amazon to Walmart....

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