New tie-up gives European e-tailers access to Chinese consumers

In a move that could ultimately be a boost for PayPal and its subsidiaries in Europe, PayPay has partnered with China UnionPay to make it easier for European e-commerce merchants to draw Chinese customers.

PayPal-owned payment gateway Braintree announced that it will enable its European merchants to begin accepting purchases via China UnionPay, China’s state-run card network. Most Braintree European merchants will now be able to seamlessly enable UnionPay acceptance through the Braintree software development kit (SDK).

"With just a few lines of code, merchants can quickly integrate both UnionPay credit and debit cards into their checkout process," states the Braintree announcement "Accepting UnionPay card consists of an easy one-time enrollment, and from then on, the experience is seamless.

A win – win play
PayPal expects Chinese consumers to spend US$118mn through cross-border transactions this year, an increase of more than 31% on last year. Enabling a familiar payment method will both encourage Chinese shoppers to spend money on European e-commerce sites and increase PayPal’s appeal to European merchants.

“As China’s most dominant card, the addition of UnionPay will help us unlock the access to this segment of consumers for Braintree merchants,” states the Braintree announcement.

Chasing Chinese domestic transactions

This latest tie-up is yet another step in PayPal’s efforts towards its ultimate goal of a license to offer electronic payment services for domestic transactions in China. Apple became the first foreign company to offer such services earlier this year using its Apple Pay, and was followed a short time later by South Korea’s Samsung Pay. Both companies also offered their new service through partnerships with UnionPay.

Tags: china, cross-border payments, PayPal

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