US fintech giant PayPal plans to set up a local wallet in China, focusing on cross-border payments instead of competing with dominant domestic players, said the firm’s China CEO Hannah Qiu.
Qiu told a panel session at the Boao Forum for Asia that PayPal's overseas market has a large network with more than 20 million enterprises and over 377 million individual users.
She added that the company's main business at the moment is to help small and medium-sized Chinese firms sell goods overseas more efficiently and conveniently, and then help those sellers get the money back.
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PayPal will not compete with Alipay and WeChat Pay (which account for a combined 94% of China's domestic mobile payment market) but will cooperate with them instead, the CEO said, adding: “Our future business is mainly on cross-border transaction.”
In January, PayPal finished its acquisition of China's payment gateway GoPay with 100% ownership. It thus became the first foreign company licensed to provide online payment services in China.
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