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PayPal to launch local wallet in China focused on cross-border payments  

Hannah Qiu, the China CEO for PayPal, told CNBC that the company is looking to launch a domestic wallet. But instead of it competing with the dominant players Alipay and WeChat Pay for domestic payments, PayPal will focus on cross-border payments. With over a billion users between them, Tencent’s WeChat and Alipay- which is owned by Alibaba affiliate, Ant Group- dominate China’s domestic mobile payments market. These apps allow users to pay online or in stores. At physical stores, users show a bar code that the merchant scans to take a payment. Qiu said PayPal will not compete with these two services and he also stated that ‘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.’

Source: CNBC

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