Source: Business Insider
This story was delivered to Business Insider Intelligence Payments & Commerce subscribers earlier this morning. To get this story plus others to your inbox each day, hours before they’re published on Business Insider, click here. The payment firms will work together to boost each company’s acceptance around the world, per a press release . PayPal has enabled consumers in Australia, the Philippines, Singapore, South Korea, and Thailand to add UnionPay cards to PayPal’s wallet, and it plans to add the capability in over 30 markets in 2020. These efforts are meant to ensure the cards are accepted by its global network of 24 million merchants. On top of this, the firms will look into building up PayPal’s penetration with merchants that already accept the Chinese card network, including physical stores in China. The firms will also collaborate on new cross-border payment products, potentially leveraging PayPal’s global position and UnionPay’s dominance in China . This partnership should further UnionPay’s international expansion efforts, bolstering its appeal to Chinese and foreign consumers.