PayPal and major Chinese e-commerce platform part ways
The partnership between PayPal and Chinese e-commerce company DHGate has officially ended this week.
On August 6, DHGate stopped accepting payments completed through PayPal. "After a thorough annual business review by PayPal, both companies have mutually agreed to part ways due to different approaches to achieve their respective business goals and standards," the company said on its Web site.
DHGate is one of the biggest e-commerce platforms of its kind in the region, and still accepts other payment methods including Visa, Mastercard, bank transfer and Western Union.
Despite the end of the partnership, PayPal is keen to emphasize it's still open for business in China, telling the Register:
We remain committed to connecting Chinese merchants to our global buyer base, be it B2B or B2C cross-border transactions. As we are available in 190 markets and support 25 currencies, many Chinese merchants of all sizes accept PayPal on their web site to grow their overseas business.
Elsewhere in Asia, PayPal recently announcing a $25 million partnership with ISP Softbank to launch PayPal Japan. The first step in the partnership is the introduction of PayPal Here for Japanese consumers, which enables them to accept PayPal payments, as well as credit and debit card transactions, through a smartphone.