Hannah Qiu, CEO in China for PayPal, told the publication her firm is avoiding competition from local players Alipay and WeChat Pay by looking abroad.
PayPal has a history of success in China, especially when it comes to breaking into its locally-dominated market.
In October 2019, it became the first overseas company to gain a Chinese payment licence. It did this through the acquisition of 70% in GoPay, a domestic online payments company. A few months later, it increased its stake to 100%, becoming the first US company to wholly-own such a subsidiary in China.