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PayPal will target cross-border payments in China



This article was originally published on All figures quoted in US dollars unless otherwise stated.

In an interview with CNBC, PayPal (NASDAQ: PYPL) revealed plans to develop a digital wallet in China, the world’s largest payments market. This comes after PayPal completed its acquisition of GoPay in December, making it the first and only foreign enterprise to operate a China-based payments company.

For the last several months, the fintech company has kept quiet about its plans in the country. But the China CEO for PayPal, Hannah Qiu, recently shed some light on the situation. Specifically, Qiu said the company won’t compete against giants like Ant Group’s Alipay and Tencent Holdings‘ WeChat Pay, which have a collective…

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