Online trading giant gets rid of transaction fees

From: China Daily | Date: January 20, 2006| Author: | Copyright information

US online trading giant eBay yesterday cancelled transaction fees for its users in China amid intensifying competition from Taobao and Tencent.

It now also requires customers to trade only using its two payment tools, Escrow or Paypal, to complete transactions.

Escrow is a payment tool that eBay designed for the Chinese market, where trust and credit information are largely absent.

Buyers pay their money into eBay's escrow; sellers can retrieve the money only when buyers receive their goods and are satisfied.

The online auction giant also said it would guarantee all transactions on is ...

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