PayPal courts cross-border merchants in Shenzhen with expanded services in China

The financial tech firm launched PayPal Complete Payments on Thursday, allowing merchants to accept foreign credit cards and mobile wallets

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PayPal is looking to expand in China with a new service catering to cross-border sellers. Photo: Getty Images

Published: 9:00pm, 26 Sep 2024Updated: 10:31pm, 26 Sep 2024

US digital payments platform PayPal is stepping up efforts to support Chinese cross-border merchants with the launch of new services in Shenzhen, tapping into booming exports from the country despite economic headwinds.

PayPal’s China business recorded double-digit growth in the past year, Hannah Qiu, senior vice-president and China CEO of PayPal, said at a company event in the country’s southern tech hub on Thursday.

“This is impressive growth considering the pressure and challenges facing the global and Chinese economy,” Qiu said.

The San Jose, California-based company launched PayPal Complete Payments for China on Thursday, with the aim of helping merchants sell abroad by allowing them to accept payments from global customers using credit cards and foreign digital wallets.

While PayPal has long supported cross-border payments, the new service is meant to broaden support for a variety of newer platforms such as Apple Pay and Google Pay while providing additional services such as risk management. PayPal Complete Payments is currently available in more than 30 markets, including the US and multiple European countries.

PayPal’s China expansion comes as it tries to find new growth opportunities in the country’s booming export market amid rising cross-border e-commerce, despite uncertainties in the global macroeconomic environment.