PayPal aims to be first foreign payments processor in China

"Cautiously optimistic"

PayPal is asking the People’s Bank of China for permission to process domestic electronic payments in the country. PayPal already processes cross-border transactions of money in and out of China. The company’s SVP for Asia, Rupert Keeley, says the company is “cautiously optimistic” it will become the first foreign operator to receive a Chinese e-payments licence. However, last year the Chinese central bank asked Chinese e-commerce firm Alibaba to offload its Alipay e-payments system to another of founder Jack Ma’s companies, to avoid US-owned Yahoo! having control over the business. Securing a licence under this condition, Alipay now holds 47% of the USD121bn Chinese e-payment market.

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