AuctionBytes.com reports that PayPal has entered into an agreement with China UnionPay to allow Chinese cardholders to use PayPal to shop online. The deal is "a new opportunity for international retailers to sell to a large base of Chinese customers," PayPal says.
"After years of being the export hub for the world, today marks the day that China is open for business as an import e-commerce market," PayPal president Scott Thompson said.
China UnionPay is the national bankcard association in China and is responsible for operating the unified inter-bank clearing and settlement system and developing the international acceptance network for the China UnionPay card.
CUP has more than 2.1 billion cardholders worldwide. In 2009, according to AuctionBytes.com, the number of POS and ATMs transactions reached 2.13 million.
PayPal has announced plans to double its employee base in Asia-Pacific to more than 2,000 people by the end of the year.
