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Paypal Partners With Chinese Firm

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Mar 17 2010 10:00am EDT

PayPal Partners With Chinese Firm

PayPal says it will partner with China UnionPay Co. to ease purchases by Chinese consumers from overseas merchants.

The electronic payment unit of eBay Inc. also plans to double its workforce in Asia to 2,000 by the end of the year.

PayPal says the new partnership helps users get around a foreign-exchange regulation that limits cross-border transactions.

Much of PayPal's current business in China comes from transactions by China-based eBay.com merchants. Now it will include international purchases made by China's massive consumer market.

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