PayPal all in on cross-border digital services

Rapid growth of e-commerce driving demand for better payment solutions

United States-based online payment company PayPal is doubling down on the cross-border digital payment sector in China, and will bring more advanced global products and services to the Chinese market to help Chinese merchants expand their presence in overseas markets.

"Over the past few years, cross-border e-commerce has experienced rapid growth globally, with consumers' shopping habits quickly shifting toward online purchases, and this shift has created tremendous opportunities for merchants to expand globally," said Hannah Qiu, senior vice-president of PayPal and CEO of PayPal China, in a recent interview with China Daily.

The rapid growth of China's cross-border e-commerce has driven market demand for cross-border payment solutions, Qiu said. PayPal is the first foreign platform to enter China's online third-party payments market and the first foreign payment company with a wholly owned subsidiary in China.