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.
About PayPal
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.
Forward-Looking Statements
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.
PayPal Holdings, Inc. Contacts
Investor Relations
Contacts
Gabrielle
Rabinovitch
grabinovitch@paypal.com
Akila
Moorthy
amoorthy@paypal.com
Media Relations Contact
Chris Morse
cmorse@paypal.com
+1 914-413-3045
UnionPay International
Contacts
UPIPR@unionpayintl.com
+86 21 20265843
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SOURCE PayPal Holdings, Inc.; UnionPay International