Paypal is looking for growth in Asia as the next level for their company states a new announcement by their CEO. Infact Asia is the fastest growing market for the online payment solution provider.
PayPals buoyancy about the asian market got a thumbs up as it stated that it will work with Chinese electronic payment service provider China UnionPay Co to better cater to its Chinese customers. It also stated that it would look to to double its staff in Asia this year.
There are about 2.1 billion China UnionPay cards that let chinese transact online. This deal would definitely open doors for huge volumes of transactions via paypal in China. PayPal processed more than $6 billion of transactions in Asia in 2009, a jump of 38% from the previous year.
What About India?
So while China might be a huge part of Asia it seems like India is getting the step brotherly treatment when it comes to this announcement. Given Paypals recent run in with the regulator RBI it seems it wont be that easy to get a strong foothold in the Indian market. The regulators interest in Paypals business and modus operandi in India also points towards the brewing homegrown business in the Paypal space that are soon to be launched. We have discussed why India needs an Indian paypal before and it seems folks at Paypal too see the opportunity themselves.
Only issue is how would they be able to liaise with the Indian regulator effectively and yet make sure that all their services are freely usable without any unnecessary rules or regulations.
