SHANGHAI and SAN JOSE, Calif., Jan. 22, 2020 /PRNewswire/ -- UnionPay International (UPI) and PayPal (NASDAQ: PYPL), today announced a global partnership where both companies will work together to accelerate the growth of their networks. As part of the agreement, PayPal has committed to supporting UPI acceptance globally where PayPal is accepted – giving UnionPay cardholders more choice when shopping. In the future, UPI will explore opportunities to support PayPal's merchant and consumer ambitions in China.
"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," said Jim Magats, senior vice president of global payments, PayPal. "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."
UnionPay cards can now be added to PayPal wallets in Australia, Philippines, Singapore, South Korea and Thailand. During 2020, PayPal and UPI plan to add more than 30 markets, which means that once a UnionPay card is added to the PayPal wallet these cardholders will have the ability to shop at any of the 24 million merchants globally where PayPal is accepted via the PayPal wallet.
As part of the agreement, PayPal and UPI have also committed to collaborating to better serve joint customers and merchants to grow digital payments in China and globally. This will include the opportunity for PayPal customers from around the world to use PayPal at the merchants where UnionPay is accepted.
"With about 130 million UnionPay cards issued outside mainland China, UnionPay cards are becoming an important payment option of more and more global customers," said Larry Wang, vice president, UnionPay International. "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."
The global partnership also includes a commitment from both companies to create joint customer awareness campaigns to "Pay with UnionPay" at PayPal merchants worldwide.
About UnionPay International
UnionPay International (UPI) is a subsidiary of China UnionPay focused on the growth and support of UnionPay's global business. In partnership with more than 2000 institutions worldwide, UnionPay International has enabled card acceptance in 177 countries and regions with issuance in 58 countries and regions. UnionPay International provides high quality, cost effective and secure cross-border payment services to the world's largest cardholder base and ensures convenient local services to a growing number of global UnionPay cardholders and merchants.
PayPal has remained at the forefront of the digital payment revolution for more than 20 years. By leveraging technology to make financial services and commerce more convenient, affordable, and secure, the PayPal platform is empowering 300 million consumers and merchants in more than 200 markets to join and thrive in the global economy. For more information, visit paypal.com.
This announcement contains "forward-looking" statements within the meaning of applicable securities laws. Forward-looking statements and information relate to future events and future performance and reflect, among other things, the parties' expectations regarding the anticipated benefits of this agreement on their respective businesses. Forward looking statements may be identified by words such as "seek", "believe", "plan", "estimate", "anticipate", "expect", "project", "forecast", or intend", and statements that an event or result "may"" "will", "should", "could", or "might" occur or be achieved and any other similar expressions.
Forward-looking statements involve risks and uncertainties which may cause actual results to differ materially from the statements made. Factors that could cause or contribute to such differences include, but are not limited to, the possibility that the anticipated benefits of the agreement may not be realized fully or within the expected time period. More information about these and other factors can be found in PayPal Holdings, Inc.'s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the Securities and Exchange Commission (the "SEC"), and its future filings with the SEC.
The forward-looking statements contained in this announcement speak only as of the date hereof. PayPal expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
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SOURCE PayPal Holdings, Inc.; UnionPay International