QUICK HIT: Braintree Opens Up to China

Payment gateway Braintree, which is owned by PayPal, indicated this week that it will now enable merchants in European countries to accept purchases via UnionPay, China's state-run card network.

The development could prove to be a big boost for PayPal and its European subsidiaries, as Chinese shoppers are expected to spend $118 billion on cross-border transactions this year according to Bloomberg.

Braintree reported that beauty company Escentual was one of the first merchants to integrate UnionPay via Braintree's SDK.

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