PayPal Moves Further Into China With UnionPay Partnership

PayPal Holdings Inc. is taking another step into the giant Chinese payments market, partnering with state-backed China UnionPay Co. in a move that could expand PayPal’s network in the country. The partnership will allow some UnionPay cardholders access to PayPal’s network, and eventually, could pave the way for PayPal to be accepted at Chinese locations that take UnionPay.

Users of Shanghai-based UnionPay, the world’s largest card company by payment volume, will be able to add their UnionPay cards to PayPal accounts and use them in a number of countries where PayPal is accepted outside of China. “There is a lot of room for us to help people visiting from China find a way to pay while traveling,” Jim Magats, senior vice president of global payments at PayPal, said in an interview.