PayPal to Facilitate Cross-Border Trade in China – Finovate

• PayPal is launching its PayPal Complete Payments platform in China, offering seamless cross-border payment solutions.
• The platform, which initially launched in the U.K., Canada, and Europe, helps merchants settle funds quickly and manage international payments.
• PayPal estimates the new tool will help Chinese merchants to reach over 400 million PayPal users globally.

PayPal, which just released its stackable in-store and online rewards system PayPal Everywhere earlier this month, has a new take on what it means to be “everywhere.” The California-based company is launching PayPal Complete Payments in China this week.

Originally debuted in the spring of this year, the PayPal Complete Payments platform integrates customized products and solutions to help merchants sell globally, streamlining payments and receivables. Upon launch, the platform was available to small and mid-sized enterprises in the U.K., Canada, and more than 20 European markets.

“We are excited to bring PayPal’s Complete Payments solution to China, empowering businesses with secure, seamless cross-border transactions and helping them tap into global markets,” said PayPal President, Global Markets Suzan Kereere. “This launch marks a significant milestone in PayPal’s mission to revolutionize commerce globally, bridging Chinese businesses with consumers around the world in a more efficient and transparent way.”

Over time, PayPal plans to add multiple capabilities to PayPal Complete Payments in China. The company will:

• Use its network to enable Chinese merchants to reach over 400 million active PayPal users and billions of international consumers who use card and APM payments.
• Settle funds quickly to allow merchants to get quick and easy access to their funds.
• Offer tailored products– including RMB Transfer and Vendor Payouts– for Chinese merchants to enable fast and secure global fund management and facilitate settlements from PayPal accounts to domestic bank accounts.
• Help merchants analyze risk and protect against fraud with AI-powered tools that can reduce time spent managing disputes.

“As one of the first e-commerce platforms to bring PayPal Complete Payments to China’s merchants, we are thrilled to support their expansion into global markets,” WooCommerce Chief Marketing Officer said Tamara Niesen. “This partnership delivers a tailored user experience for WooCommerce merchants, enabling cross-border businesses to confidently scale with PayPal’s advanced solutions.”

PayPal has offered its payments capabilities in China for almost two decades. By partnering with China UnionPay, along with other key players in the region, PayPal is currently engaged with over 700 merchants from across the country. Despite help from partners, PayPal is also able to hold its own in the region. In 2020, the company acquired a 100% stake in Chinese payments firm GoPay, becoming the first foreign company to fully own a Chinese payments platform.

Photo by Aleksandar Pasaric

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