PayPal Will Target Cross-Border Payments in China

In an interview with CNBC, PayPal (NASDAQ: PYPL) revealed plans to develop a digital wallet in China, the world's largest payments market. This comes after PayPal completed its acquisition of GoPay in December, making it the first and only foreign enterprise to operate a China-based payments company. Specifically, Qiu said the company won't compete against giants like Ant Group's Alipay and Tencent Holdings' WeChat Pay, which have a collective user base that exceeds 1 billion.