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In January, the US fintech company became the first foreign firm with 100% ownership of a payments platform in China. But until now, PayPal’s been quiet on its plans. 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.
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“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 said.
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