Chinese users now can withdraw their paypal USD balances to local bank accounts by wire transfer. PayPal charges $20 for each transaction and wipes off withdrawal limit for verified users as a promotion. Fund transfers will be processed in three to seven days.

INICIS has announced that it has entered into an alliance with ChinaPay and eContext of Japan to provide online global payment processing services to merchants from around the world. This strategic alliance will provide online payment processing services to many global merchants conducting or wishing to conduct online business in China, Japan and Korea.

The Industrial and Commercial Bank of China (ICBC) and Alibaba Group has teamed up to further promote the development of e-commerce and e-banking. An overall strategic co-operation deal was signed on Tuesday, which is an expansion of the two companies’ existing online payment partnership formed a year ago.

Capinfo announced that on Dec 30, 2005, the company had entered into an assets transfer agreement to sell its online payment assets at USD2.5m. The purchaser, PayEase Corp, is a company incorporated in the US principally engaged in the research and development of electronic payment services includes payment via mobile phone and internet in the PRC as well as Hong Kong and the United States. And Capinfo obtained a 25% stake in PayEase.