eBay Introduces PayPal in China
eBay, the world’s largest online auction marketplace has launched its secure payment service, PayPal, in China to help its plans for growth in the country.
Mathias Entenmann, vice-president of PayPal’s international business is reported as saying, ‘This is a very special and important moment since we started to introduce PayPal to non-US markets in 2003.’
PayPal has partnered with China Pay, which is an official online payment processor in China, now estimated to be the world's second largest Internet market.
The teaming deal follows announcements earlier this year by eBay president Meg Whitman in Beijing who said, 'China could be eBay's largest local market in a five to ten year period' - provided the current growth strategy comes to fruition.
As we reported in June, one of the keys to eBay’s future success in China is PayPal, because the system is a major factor in helping to remove the financial risk for buyers and sellers in online auctions, particularly for international transactions.
This further move in the globalisation of eBay will allow sellers in low-cost countries including China to sell their goods to the US and Western European countries. But that development could be bad news for eBay shops and stores on ebay.co.uk and ebay.com since they will face more competition.
Mathias Entenmann, vice-president of PayPal’s international business is reported as saying, ‘This is a very special and important moment since we started to introduce PayPal to non-US markets in 2003.’
PayPal has partnered with China Pay, which is an official online payment processor in China, now estimated to be the world's second largest Internet market.
The teaming deal follows announcements earlier this year by eBay president Meg Whitman in Beijing who said, 'China could be eBay's largest local market in a five to ten year period' - provided the current growth strategy comes to fruition.
As we reported in June, one of the keys to eBay’s future success in China is PayPal, because the system is a major factor in helping to remove the financial risk for buyers and sellers in online auctions, particularly for international transactions.
This further move in the globalisation of eBay will allow sellers in low-cost countries including China to sell their goods to the US and Western European countries. But that development could be bad news for eBay shops and stores on ebay.co.uk and ebay.com since they will face more competition.
