The PayPal utility on an Apple iPhone.
Andrew Harrer | Bloomberg | Getty Images
BOAO, China — PayPal plans to arrange a local wallet in China focused on cross-border payments.
In January, the U.S. fintech firm grew to become the primary international agency with 100% possession of a payments platform in China. But till now, PayPal’s been quiet on its plans.
Hannah Qiu, the China CEO for PayPal, advised CNBC that the corporate is trying to launch a home wallet. But as a substitute of it competing with the dominant gamers Alipay and WeChat Pay for home payments, PayPal will focus on cross-border payments.
In a panel session hosted by CNBC on the Boao Forum for Asia in the province of Hainan in China, Qiu elaborated on the plans.
“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,” Qiu mentioned in Mandarin remarks translated by CNBC.
“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.”
With over a billion customers between them, Tencent‘s WeChat and Alipay — which is owned by Alibaba affiliate, Ant Group — dominate China’s home cellular payments market. These apps permit customers to pay on-line or in shops. At bodily shops, customers present a barcode that the service provider scans to take a fee.
Qiu mentioned PayPal is not going to compete with these two companies.
“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,” Qiu mentioned.