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Paypal, Chongqing team up to run e-commerce hub
By Ding Yining |
December 29, 2010, Wednesday
|
Online Edition
Online Edition
US Online payment service provider Paypal said it will set up an international e-commerce hub in Chongqing, southwest China, as they saw huge potentials in China's e-commerce sector.
Paypal and the Chongqing government will jointly set up a foreign exchange settlement platform as well as offering telesales, training, verification and other services.
"Business to Business (B2B) and Business to Consumer (B2C) transaction volume is rising at a high speed and e-commerce will eventually have similar market size as traditional import and export business," Chongqing Mayor Huang Qifan said at the signing ceremony yesterday.
Chongqing hopes its settlement volume for international e-commerce will reach US$10 billion in five years.
The foreign currency settlement service is likely to begin in the middle of next year after it gains regulatory approval from the State Administration of Foreign Exchange.
The transaction volume of China's online payment market totaled 725.5 billion yuan (US$109 billion) in the first nine months of the year, boosted by the booming e-commerce market, according to Analysys International.
Paypal is an online payment and transaction platform under US e-commerce giant eBay but has a weak market position compared with Alibaba Group's online payment unit Alipay, which has a 50 percent-plus market share.
Paypal and the Chongqing government will jointly set up a foreign exchange settlement platform as well as offering telesales, training, verification and other services.
"Business to Business (B2B) and Business to Consumer (B2C) transaction volume is rising at a high speed and e-commerce will eventually have similar market size as traditional import and export business," Chongqing Mayor Huang Qifan said at the signing ceremony yesterday.
Chongqing hopes its settlement volume for international e-commerce will reach US$10 billion in five years.
The foreign currency settlement service is likely to begin in the middle of next year after it gains regulatory approval from the State Administration of Foreign Exchange.
The transaction volume of China's online payment market totaled 725.5 billion yuan (US$109 billion) in the first nine months of the year, boosted by the booming e-commerce market, according to Analysys International.
Paypal is an online payment and transaction platform under US e-commerce giant eBay but has a weak market position compared with Alibaba Group's online payment unit Alipay, which has a 50 percent-plus market share.
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