PayPal and UPI will work together to serve joint customers and merchants in China and around the world to enhance the digital payments

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Jim Magats, senior vice president of global payments at PayPal, and Larry Wang, vice president at UnionPay International. (Credit: PayPal Holdings, Inc., UnionPay International.)

UnionPay International (UPI), a subsidiary of a subsidiary of China-based UnionPay, and digital and mobile payments firm PayPal have partnered to accelerate the growth of their networks.

Under the partnership agreement, PayPal will support global acceptance for UPI where PayPal is accepted, facilitating additional choice for UnionPay cardholders during shopping, while UPI will explore opportunities in the future to support PayPal’s merchant and consumer plans in China.

PayPal global payments senior vice president Jim Magats said: “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.

“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. 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.”

PayPal and UPI will work together to serve joint customers and merchants in China

Under the collaboration, PayPal and UPI will work together to serve joint customers and merchants in China and around the world to enhance digital payments.

The collaboration is said to enable UnionPay cardholders in Australia, Philippines, Singapore, South Korea, and Thailand, to add their cards to PayPal wallets.

Both PayPal and UPI intend to add more than 30 markets during 2020, enabling UnionPay cardholders to shop at 24 million merchants across the world, where PayPal is accepted, by adding their UnionPay card to the PayPal wallet.

Also, the collaboration also includes conducting a joint customer awareness campaign, dubbed Pay with UnionPay, at PayPal merchants worldwide.

UnionPay International vice president Larry Wang said: “With about 130 million UnionPay cards issued outside mainland China, UnionPay cards are becoming an important payment option of more and more global customers.

“We are very glad to deepen collaboration with PayPal, the global leader in e-commerce. 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.”