PayPal’s partnership with CUP will enable card members of CUP to use PayPal to shop online. CUP card members will be able to use PayPal in the third quarter of 2010. This gives merchants the opportunity to spend the coming months preparing their web stores for Chinese consumers, including adding Chinese translation and shipping methods.
Moreover, the partnership with CUP is expected to help the international retailers to sell to a large base of Chinese customers who, combined, hold 2.1 billion CUP cards.
PayPal’s two-year agreement with DBS Bank will enable 4 million DBS/POSB customers a new payment choice for their online purchases via PayPal. DBS/POSB customers can now shop online not only with their credit cards but soon by debiting their DBS/POSB bank accounts to fund their PayPal accounts.
Additionally, PayPal is planning to expand its workforce in Asia to 2,000 by the end of the year, reported Associated Press.
Scott Thompson, president of PayPal, said: “PayPal’s partnership with China UnionPay removes an important friction point that exists across borders, and we are thrilled to eliminate the payments barrier so merchants can welcome millions of new Chinese customers to their sites.
“With PayPal’s large and growing international merchant community, there is more opportunity than ever for customers to access goods and services from the global marketplace. We are very excited to partner with Singapore’s leading bank to make online payments even faster and easier for DBS customers.”
Rajan Raju, group executive and head of consumer banking group at DBS, said: “Our partnership with the leading online payment provider PayPal will enable us to enhance our online offering. It gives our customers greater choices to shop and pay online in a more convenient manner. Our two-year exclusivity deal with PayPal is certainly a Singapore first. We are also exploring how we could widen our partnership to benefit our customers in Asia.”
