PayPal is planning to launch a local wallet in China that will focus on cross-border payments, CNBC reported on Monday citing Hannah Qiu, the China CEO for PayPal.
Qiu told CNBC that the U.S. fintech company is planning to launch a domestic wallet in China that will not compete with the dominant local players such as Alipay and WeChat Pay for domestic payments but will focus on cross-border payments.
In January this year, the U.S. fintech company became the first foreign firm to have 100% control of a payment platform in China by acquiring a 30% stake it did not already own in GoPay. But until now, PayPal has been quiet on its plans.
