E.Sun Commercial Bank (玉山銀行) yesterday entered an exclusive partnership with US payment provider PayPal to further grow its e-commerce business and increase its fee income.
The two firms launched a new service that enables merchants to capitalize on cross-border trade.
‘INNOVATE AND EXPAND’
“The new proposition comes in line with our effort to innovate and expand,” E.Sun Bank chairman Gary Tseng (曾國烈) told a news conference.
The bank, which is a subsidiary of E.Sun Financial Holding Co (玉山金控), and PayPal, a subsidiary of US-based EBay, said the number of online shoppers has reached more than 94 million globally, making total purchases of US$105 billion.
The amount is expected to rise to US$307 billion by 2018.
“Now is the perfect time for Taiwanese merchants to grab the global commerce opportunity and we are confident this partnership will help more businesses to do just that,” said Kores James, head of PayPal business for Taiwan and Hong Kong.
PayPal accepts 26 currencies and support businesses across 193 markets, he said.
The E.Sun Global Pass allows Taiwanese merchants to withdraw funds in local currency or US dollars and enables them to receive payments in three to five days, he added.
The US firm is the latest e-commerce partner E.Sun Bank gained after AllPay Financial Information Service Co (歐付寶), which has business ties with 8,000 stores and 120,000 clients.