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PayPal to avoid Chinese competition with new cross-border wallet

April 22, 2021


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.

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