PayPal To Launch Local Wallet in China Focused on Cross-Border Payments

PayPal plans to set up a local wallet in China focused on cross-border payments. From a report: In January, the U.S. 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. In a panel session hosted by CNBC at the Boao Forum for Asia in the province of Hainan in China, Qiu elaborated on the plans. "Our future business is mainly on cross-border transaction. Our value is more from overseas. In our overseas market, there are over 377 million individual users and over 20 million corporate users," Qiu said in Mandarin remarks translated by CNBC.

Money migration.

[Ostracus]

Ah, easier to get one's billions out of China.

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[Luckyo]

So, do you think they will close this service down faster than they stopped trying floating yuan?

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[Luckyo]

What, three or four days after they tried and had trillions of USD worth of assets leave the country? I can't remember exact number of hours.

It was hilarious.

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[Wolfier]

I think I'll ignore Wumaos https://en.wikipedia.org/wiki/... [wikipedia.org] posting as Anonymous from now on.

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[Luckyo]

Why? It's important to be reminded that there are people who who are both willing and able to do what they do.

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[Luckyo]

I do, but you can't access it from behind the Great Firewall. It requires typing words in a non-censored search engine like google or bing.

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[Luckyo]

Sure. bing.com. Do you need a recommendation of a VPN to access it from Chinese internet or is yours good enough to get there to type the magical search words which are literally the "thing you can't find evidence for"?

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[Luckyo]

Yes, I'm one of those idiots, as opposed to very smart people like you who can't even use google and pretend that "evidence that can be found with a simply google search" just doesn't exist.

Also, you shouldn't use big words like "cognitive dissonance". Because they actually mean things that you appear to not understand. There's nothing internally conflicted about my world view, and in your desperate flailing, you fail to point a single contradictory point.

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[Admiral Krunch]

Ah, easier to get one's billions out of China.

Yea, good luck with that.
China capital controls [google.com]

What was the price?

[schwit1]

Who wants to bet that Paypal must deplatform any user that criticizes China?

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[Ostracus]

Your social credit will be part of every transaction.

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[boudie2]

If you don't think they're tracking people's social credit here in North America you just aren't paying attention. Haven't been making your payments or had a brush with the law and you may find yourself unemployable. Got a problem with vaccinations? How are you gonna eat?

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[Wolfier]

For you to read: a tutorial on the Communist social credit system so you'll understand the difference between that and what you see in North America. (Spoiler, the chasm is huge)

https://en.wikipedia.org/wiki/... [wikipedia.org]

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[boudie2]

That's our future. We're getting there.

Cant be a good idea.

[bumblebees]

Entering China with dreams of siphoning 4% of all the billions of online sales there? I think some American MBA's are about to get some rude awakenings to reality when they end up under the big thumb there.

Ebay

[gillbates]

eBay just moved away from PayPal and is instead handling financial transactions itself. Given that Paypal was used for just about everything on eBay, they might be able to make up the loss with the new venture in China.

Until, that is, Paypal becomes embroiled in foreign money laundering accusations...