Paymate cashes in on China Business
Julian Bajkowski
The Australian Financial Review | 21 Feb 2008 | Page: 52 | Information
It might be small, but a privately held Australian online commerce upstart has scored a big victory in its tussle with eBay to get onto the silk road to China.
Paymate, which has just six employees, yesterday confirmed that it had been handed an exclusive deal to provide the gateway for local exporters to sell into China through AliPay, the online transactions arm of Hong Kong-listed Chinese internet auction house Alibaba.
To be announced today as a part of the China Australia Business Summit, the deal will hand
Paymate the rights to have payments made in Australian dollars directly from the bank accounts of about 62 million registered Chinese buyers, in the same way PayPal transactions have carved out a lucrative niche connecting buyers and sellers on eBay.
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Check out the following links:
Paymate
Alibaba
Q1. What is significant about Paymate making the deal with Alibaba?
Q2. What are some of this issues in doing business in China?
Q3. What is Alibaba?
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