UnionPay International (UPI) announced on Thursday it has teamed up with PayPal (NASDAQ: PYPL) to accelerate the growth of their networks. According to UPI, PayPal has committed to supporting UPI acceptance globally where PayPal is accepted.
Speaking about the partnership’s benefits, Jim Magats, Senior Vice President of Global Payments at PayPal, stated:
“The partnership will give UnionPay customers more choice when shopping cross border and has the ability to contribute to the overall growth of China’s e-commerce ecosystem. It will also give PayPal the opportunity to explore the option to expand PayPal’s digital wallet to physical retail locations where UnionPay is accepted in China, or internationally.”
UPI also noted that its cards may now be added to PayPal wallets in Australia, Philippines, Singapore, South Korea, and Thailand. Larry Wang, Vice President of UPI, further claimed that with about 130 million UnionPay cards issued outside of China, the cards are now becoming an important payment option.
“We are very glad to deepen collaboration with PayPal, the global leader in e-commerce. Both parties will jointly explore and implement the application of new products and new payment modes in the field of cross-border payment, hoping to better serve our cardholders and create greater value for both sides.”
PayPal and UPI added they have also committed to collaborating to better serve joint customers and merchants to grow digital payments in China and globally.