UnionPay International (UPI) and PayPal have entered into a global partnership with the latter supporting UPI acceptance globally where PayPal is accepted. UnionPay cards can now be added to PayPal wallets in Singapore, Thailand, Australia, the Philippines and South Korea, offering UnionPay cardholders more options when shopping.
This year, both parties intend to accelerate the growth of their networks by adding more than 30 markets, the press statement added. UPI and PayPal also aim to grow digital payments in China and globally, which includes the opportunity for PayPal customers from around the world to use PayPal at the merchants where UnionPay is accepted. In the future, UPI will explore opportunities to support PayPal's merchant and consumer ambitions in China.
Meanwhile, the global partnership will also include a commitment from both companies to create joint customer awareness campaigns to "Pay with UnionPay" at PayPal merchants worldwide. Marketing has reached out to UPI and PayPal for additional information on the customer awareness campaigns and markets it plans to expand their networks into.
Jim Magats, senior vice president of global payments, PayPal, said: "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 eCommerce 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's VP Larry Wang said it is very glad to deepen collaboration with PayPal. "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," he said.