US-based online payment company PayPal is intensifying efforts to expand its footprint and accelerate localization in the Chinese market.
It is also facilitating the business expansion of Chinese merchants globally by enabling them to tap into the immense opportunities arising from the cross-border digital payment sector.
Hannah Qiu, senior vice-president of PayPal and CEO of PayPal China, said in an interview with China Daily that the rapid growth of digital trade and cross-border e-commerce is reshaping global business. "China is definitely a very important market for PayPal, and all the merchants here are in the center of the new innovation."
According to Qiu, the company empowers Chinese businesses by providing secure, compliant, and end-to-end payment solutions, enabling them to transact confidently in nearly 200 markets worldwide. PayPal is the first foreign payment institution authorized to provide online payment services in the Chinese market and the first foreign payment company with a wholly-owned subsidiary in China.
"China takes an extremely important position in PayPal's global layout, and it has the world's largest cross-border sellers group, which holds an indispensable position in cross-border e-commerce platforms. Therefore, China has always been one of our most important markets," she said.
Qiu noted that China has been an international powerhouse in digital innovation, with world-class infrastructure and a strong culture of embracing new technologies, while Chinese companies are taking the lead in new business models, from livestreaming e-commerce to direct-to-consumer brands.
"In the beginning, most Chinese merchants ride on e-commerce platforms. Now we see more and more merchants actually shifting to the direct-to-consumer mode, building their own brands, and owning their own channels and new business models," Qiu said.
They are seeing strong innovations in areas like digital products, gaming, entertainment and interest-driven commerce, she said. "I believe that China will continue to be the center of innovation in the coming years."
Recognizing this rapid innovation across the industry, Qiu said PayPal is making bold investments in cutting-edge technologies like agentic AI, which is reshaping how people and businesses shop, sell, and engage in payments, emphasizing that the company will help Chinese merchants capture emerging business opportunities and drive sustainable global growth through its advanced agentic AI capabilities.
China's cross-border e-commerce sector has seen robust growth in recent years. The sector's imports and exports reached 2.71 trillion yuan ($381.3 billion) in 2024, an increase of 14 percent year-on-year, said the General Administration of Customs. E-commerce exports stood at about 2.15 trillion yuan, up 16.9 percent year-on-year.
Qiu highlighted the company's long-term commitment to, and confidence in, the Chinese market. "At PayPal China, our priority has always been to help Chinese merchants succeed internationally. This year, through a series of platform enhancements, we are introducing more comprehensive and powerful cross-border payment solutions."
The company recently introduced PayPal Open in China, a unified solution designed to help Chinese merchants grow globally. By leveraging artificial intelligence-powered new products and enhanced consumer experience, the platform aims to enable cross-border business growth that is safer, more efficient, stable and sustainable.
It will step up efforts in research and development, and will introduce more new products and services to the Chinese market, while deepening its cooperation with local enterprises. The cooperation is not limited to local markets, but also includes digital wallets and companies in the overseas ecosystem, Qiu said.
fanfeifei@chinadaily.com.cn
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