Source: Benzinga Feeds
SHANGHAI and SAN JOSE, Calif. , Jan. 22, 2020 /PRNewswire/ — UnionPay International (UPI) and PayPal (NASDAQ: PYPL ), today announced a global partnership where both companies will work together to accelerate the growth of their networks. As part of the agreement, PayPal has committed to supporting UPI acceptance globally where PayPal is accepted – giving UnionPay cardholders more choice when shopping. In the future, UPI will explore opportunities to support PayPal’s merchant and consumer ambitions in China . “At PayPal, we are proud of this landmark agreement with UnionPay International and the global impact that this creates for our joint customers, building on our status as the first foreign payments platform licensed to process online payments in China ,” said Jim Magats , senior vice president of global payments, PayPal. “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.