China has been in the lime lights for many reasons, from growing exports to Google fiasco. Earlier we talked here about the future plans of Paypal to enter into the different markets and that included the emerging markets of trade. China becoming the second largest economy of the world is, in itself a huge market to be capitalized by Paypal. Paypal has joined hands with UnionPay to enter into this new market. According to the deal the customers of UnionPay would be able to use the UnionPay card for online shopping. This has also opened a large customer base to the international retailers who can now capitalize on this newly opened market. Paypal president marked this as a great success saying, “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. As the Chinese economy has been thriving, Chinese customer is amongst the very few who can still spends on luxury items.
It is now dependent on the international merchants how they prepare themselves for this big wave. This not only includes product sorting in Chinese language but also other challenges like low shipping costs and prompt delivery to this newly explored customer base. Paypal has been providing its services to many nations. It is one of the safest and fastest modes of transacting online with the different customers who look forward to Paypal for sending or receiving money online. Paypal is an E-bay company which has changed the trends in ecommerce by negating the problems of cross border transactional difficulties. China’s UnionPay has been established in 2002. It is the start of the Chinese bank industry and has also revolutionized the way in which transactions can be done inside as well as outside China. It has an estimated 2.1 billion users. The partnership seems to benefit both of the partners and is also going to generate more jobs and business opportunities.