PayPal Expands Its Footprint in China
Late on Wednesday, PayPal (NASDAQ: PYPL) announced a global partnership with China's government-backed UnionPay, which will further expand the company's network in the country. In a press release, the companies said the move would grant UnionPay customers access to PayPal's payments network, and that it lays the groundwork for PayPal to be an accepted payment method at locations in China that take UnionPay.
UnionPay is the world's largest credit card company in terms of payment volume. The collaboration allows its customers to link UnionPay cards to their PayPal accounts and use them in cross-border transactions, as well as in a number of countries outside of China where PayPal is accepted.
Late last year, PayPal became the first foreign company to be granted a license as an online payment provider in China. This latest move will no doubt expand the company's footprint in the world's most populous country.
Source Fool.com
