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Wednesday, July 06, 2005

PayPal In China

eBay Inc. will offer its online payment service PayPal in China by the end of this year, the company said Wednesday, continuing its push to grow there.

PayPal spokeswoman Amanda Pires declined to give specific details about the launch.

With growth in the United States and Germany slowing, eBay has looked for other growth opportunities. In the past, Chief Executive Meg Whitman has pointed to several characteristics that make China an appealing market, including that its online population is expected to exceed that of the United States by 2009.

eBay, which is based in San Jose, announced in January that it would increase its investment in China this year.

eBay's Chinese site is called EachNet and offers items in both auction and fixed-price formats.

eBay purchased PayPal in October 2002. PayPal had 22.1 million active accounts as of March 31, the end of eBay's first quarter.

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