From a press release earlier today:

YeePay, a leading payment service provider in China, announced today that it has partnered with EachNet to provide payment solutions for its newly re-launched consumer-to-consumer online marketplace. As the sole payment provider working with EachNet[NTES], YeePay manages the money flows for EachNet’s escrow payment service, which allows buyers and sellers to send and receive payments. YeePay also provides user identity verification service for EachNet.

So what does mean? Not much other than that eBay is increasingly aiming to build partnerships with local companies thus hoping to establish a better relationship with China’s market and goverment. But with Alibaba (TaoBao owner) competing with its own Chinese PayPal system, it’s hard to imagine eBay[EBAY] achieving any reasonable progress. Why? Simply put, TaoBao is the eBay/market place of China - wherever TaoBao goes, the market goes.

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Filed under: China Market