PayPal, the online payment subsidiary of Net auction giant eBay, on Monday launched a new payment service for Internet users in China. PayPal China will deal in the local currency, the company said. The payment service is integrated with 15 Chinese banks and more than 20 different debit cards. PayPal is offering buyer protection on purchases made on popular Chinese portals NetEase and TOM Online, and will offer the same on eBay's own Chinese auction site, eBay EachNet, starting Sept. 1.
PayPal's entry into the Chinese market is part of the online auctioneer's aggressive campaign in the country. eBay said in January it would invest $100 million in China this year.