This marks the latest move in the US-based company’s strategy to expand its global payments services. The Complete Payments platform integrates various customised products and payment solutions for businesses. Its aim is to simplify global transactions for merchants by streamlining payments and receivables. The service was first made available to small and mid-sized enterprises in the UK, Canada, and over 20 European countries.
Regarding this new development, officials from PayPal highlighted the significance of the launch as a step forward in connecting Chinese businesses with global consumers.
Expanding capabilities for Chinese merchants
PayPal has plans to extend the platform’s functionality for Chinese merchants over time. Some of the most important features include:
- Access to PayPal’s network along with international consumers using card and alternative payment methods (APM).
- Quick fund settlements to provide merchants with faster access to their earnings.
- Custom products such as RMB Transfer and Vendor Payouts, aimed at facilitating secure global fund transfers and settlements between PayPal accounts and domestic banks.
- AI-powered tools designed to help merchants assess risk and manage fraud, reducing the time spent dealing with payment disputes.
WooCommerce, a key partner in the initiative, expressed its support for the launch and expressed that the collaboration would help WooCommerce merchants scale their cross-border operations more effectively using PayPal’s technology.
PayPal has maintained a presence in China’s payments industry for nearly two decades. The company has partnerships with local entities such as China UnionPay and is currently serving over 700 merchants across the country. PayPal strengthened its position in the region when it acquired Chinese payments firm GoPay in 2020, becoming the first foreign company to fully own a payments platform in China.
For more information about PayPal, please check out their detailed profile in our dedicated, industry-specific Company Database.
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