PayPal plans to set up a local wallet in China focused on cross-border payments, users can buy and sell cryptocurrency as little as $1

PayPal is planning to launch a wallet in China that will focus on cross-border payments and will not compete directly with local firms Alipay and WeChat, and Hannah Qiu, CEO of PayPal in China.

PayPal has expanded crypto trading to its Venmo payments app, users buy and sell crypto for a fee starting from $1

PayPal is the first foreign company to have 100% ownership of the payment platform in China. As such, with the expansion of cryptocurrency transactions to the Venmo payment app, PayPal has shown new signs of crypto ambitions. Payment sending / receiving app customers will be able to buy, sell and transact as $ 1 cryptocurrency on Venmo. The app has more than 70 million customers.

Qiu discussed his plans for a domestic digital wallet during a session hosted by CNBC at the Boao for Asia Forum in Hainan, China.

Qiu said:

“The company’s future business is targeting cross-border payments since the value primarily comes from overseas.”

PayPal’s overseas markets have an extensive network of more than 20 million businesses and more than 377 million individual users.

He added:

“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.”

China’s mobile payments space is dominated by Tencent’s WeChat and Ant Group’s Alipay. Both FinTech offers billions of users the ability to pay digitally with their phones, tablets, or desktops, or at physical stores using scanned barcodes.

Qiu said:

“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.”

PayPal completed China’s acquisition of GoPay in January, giving it 100% ownership of the payments platform. It is also the first foreign company licensed to provide online payment services in China. Silicon Valley-based US-based FinTech has a 70% interest in GoPay. The GoPay platform works like PayPal and is licensed for digital and mobile transactions.

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