(20 April 2021 – China) PayPal is planning to launch a wallet in China that will focus on cross-border payments and will not directly compete with domestic players like Alipay and WeChat.
After completing its acquisition of China’s GoPay in January, PayPal became the first foreign firm that has 100 percent ownership of a payments platform in the country.
“Our future business is mainly on cross-border transaction. Our value is more from overseas. In our overseas market, there are over 377 million individual users and over 20 million corporate users,” said PayPal China CEO Hannah Qiu.
“We have a large network of such users. Thus, what we need to do is to build a bridge, bringing good Chinese products overseas and taking good overseas products back to China.”
“We don’t have direct competition with local payment companies. Instead, we have a lot of cooperation with them. I’m not listing the companies’ names, but we have very deep cooperation with some local companies,” added Qiu.