The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
SAN FRANCISCO, United States – PayPal Holdings Inc. said it is joining with China UnionPay Co. in the digital-payments company's latest global push to find more customers and better position itself in cross-border e-commerce.
Merchants in European countries will be able to accept payments from UnionPay credit and debit cards through PayPal’s Braintree platform designed for mobile commerce, San Jose, California-based PayPal said Thursday in a statement. Adding a familiar payment option is a key step to enabling cross-border e-commerce, so the partnership will increase PayPal’s appeal to European merchants looking to reach Chinese shoppers. Alibaba Group Holding Ltd. uses a similar strategy to introduce foreign goods to Chinese shoppers through it has payments service.
“To enable payments from the largest card network in China is quite material in terms of helping our merchants go connect with Chinese consumers,” Bill Ready, a PayPal senior vice president, said in an interview.
PayPal expects Chinese shoppers to spend $118 billion on cross-broader transactions this year, an increase of 31.4 percent from 2015.
By Spencer Soper; Editors: Jillian Ward, Andrew Pollack and Dan Reichl.
From analysis of the global fashion and beauty industries to career and personal advice, BoF’s founder and CEO, Imran Amed, will be answering your questions on Sunday, February 18, 2024 during London Fashion Week.
The State of Fashion 2024 breaks down the 10 themes that will define the industry in the year ahead.
Imran Amed reviews the most important fashion stories of the year and shares his predictions on what this means for the industry in 2024.
After three days of inspiring talks, guests closed out BoF’s gathering for big thinkers with a black tie gala followed by an intimate performance from Rita Ora — guest starring Billy Porter.