PayPal and UnionPay partner to expand their global consumer base
Category: #retail  By Pankaj Singh  Date: 2020-01-24
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PayPal and UnionPay partner to expand their global consumer base

Digital payment applications have simplified cashless transactions by offering payment options in both offline and online mode. Within a short span of time, the digital payment industry has seen significant growth, with various prominent players constantly expanding their presence by means of collaborations and acquisitions. 

Recently, PayPal and UnionPay International (UPI) inked a global partnership deal to boost the reach of their network. As part of this deal, PayPal will now support UPI globally, giving UnionPay cardholders a plethora of payment choices while shopping. UPI is also planning to support PayPal's consumer and merchant demands in China.

Apparently, both these firms are utilizing their resources to expand their market and consumer base in China. This agreement would also allow PayPal customers to make payments through UnionPay platforms.

Speaking on the move, Larry Wang, Vice President, UnionPay International, said that with nearly 130 million UnionPay cards allotted outside mainland China, they are gaining massive traction among the most used payment option around the world. The company is pleased to deepen its partnership with PayPal, the front runners in global e-commerce payment platforms.

Wang claims that both firms would jointly implement and explore the application of new payment modes and latest products in the cross-border payment sector, yearning to create more value for both sides as well as better serve its cardholders.

As for Jim Magats, Senior Vice President of PayPal’s global payments, the company is delighted to sign this landmark deal with UnionPay International and is thrilled to see the global impact this venture would create for its joint users.

The deal would diversify the payment choices of UPI cardholders while shopping cross border, which in turn could contribute to China’s overall e-commerce ecosystem growth.

Magats added that the partnership would enable the company to explore various growth avenues, furthering its goal to expand its digital wallet to those retail locations in China where UnionPay is accepted.
 

Source Credit: https://markets.businessinsider.com/news/stocks/unionpay-international-and-paypal-enter-global-partnership-agreement-to-accelerate-growth-of-digital-payments-1028837604



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Pankaj Singh

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Pankaj Singh

Pankaj Singh Develops content for Market Size Forecasters, Algosonline, and a couple of other platforms. A Post Graduate in Management by qualification, he worked as an underwriter in the UK insurance domain before deciding to switch his field of profession. With exp...

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