• Home
  • News
  • PayPal announces plan to launch local wallet in China
Image

PayPal announces plan to launch local wallet in China

American fintech company PayPal has announced its plan to launch a local wallet in China.

This comes after the company became the first foreign firm with 100% ownership of a payments platform in China in January.The fintech giant’s centre of interest is believed to be cross-border payments, as opposed to competing Alipay and WeChat Pay who focus on domestic payments.

Hannah Qiu, the China CEO for PayPal said their future business is mainly on cross-border transactions.

“Our value is more from overseas. In our overseas market, there are over 377 million individual users and over 20 million corporate users, 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,” said Qiu.

“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.”

The two leading companies within China’s domestic mobile payments market, namely WeChat and Alipay with a billion users between the two of them, allow users to pay online or in stores. At physical stores, users show a barcode that the merchant scans to take a payment.

Last year, PayPal Holdings Inc joined the cryptocurrency market which is allowing customers to buy, sell and hold bitcoin and other virtual coins using the U.S. digital payments company’s online wallets.

Related Posts

Genesis Energy,Desert Tech. announce clean energy alliance

Genesis Energy Holding, a Pan-African leader in clean energy infrastructure, and Desert Technologies Industries Factory CJSC, a Saudi-based…

Mouka reaffirms raw material leadership in Africa

Mouka, Nigeria’s leading manufacturer of quality sleep solutions and a proud member of the Dolidol International group, has…

Agboola advocates stronger cross-border infrastructure

Flutterwave CEO and Founder, Olugbenga “GB” Agboola , has called for accelerated investment in Africa’s cross-border payment infrastructure…

Munga increases stake in Equity Group by over $1.2m

Equity Group founder, Peter Munga, has made a strong return to the lender’s shareholder register, purchasing 3.64 million…

Nigerian Breweries gains N383bn revenue in Q1 2025

Nigerian Breweries Plc (NB) has posted a strong financial turnaround, recording a 69 per cent increase in net…

IHS Brazil expands Amazon coffee initiative

IHS Brazil has planted approximately 20,000 new seedlings across 10 hectares as part of its ongoing support for…

Ogunlesi leads BlackRock’s takeover of key Panama Canal ports

Nigerian mogul and the Founding Partner, Chairman, and Chief Executive Officer of Global Infrastructure Partners (GIP), Adebayo Ogunlesi,…

Access Bank supports Green Africa aircraft acquisition

Access Bank has reinforced its commitment to supporting emerging businesses by providing a Naira debt facility to Green…

FirstBank earmarks N1trn SME funding

FirstBank has announced its commitment to disbursing over N1 trillion in funding to support the growth of small…