Under the agreement, the Chinese company’s 100 million mobile wallet users will make payments to PayPal’s 17 million merchants through the Baidu service.
PayPal will work with Baidus financial services group under the new agreement to target cross-border payments between Chinese consumers and online businesses based outside of China.
PayPal has entered into new partnerships with Bank of America and Apple this month. It has also targeted Southeast Asian markets recently through local partnerships, but earlier attempts to enter the Chinese market directly have been unsuccessful due to tight regulation and strong local players.
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