Now Chinese consumers are accustomed to using tools such as Alipay and WeChat Pay when they settle online and offline shopping, and few people use cash. According to Internet data, with the vigorous development of cross-border e-commerce and the recovery of C-end consumption, the size of the third-party cross-border payment market will exceed one trillion yuan in the future. With the rapid development of China’s Internet finance industry, China has formed the world’s leading mobile payment system and the world’s largest mobile payment market . It is estimated that the scale of China’s third-party cross-border payment market will reach 1,295.342 billion yuan in 2022.

In May of this year, PayPal changed its name to PayPal Payment (Beijing) Co., Ltd., which acquired equity in China, with the intention of further entering the third-party payment market in my country. Will PayPal’s entry into China have a huge impact on Alipay and WeChat? Of course, this is a great convenience for overseas companies that want to carry out cross-border business in China.

Alipay-wechat pay

However, Domatters suggested that overseas companies that want to enter the Chinese market to do business should use Alipay and WeChat Pay in China in addition to Paypal.

Why do you say that?Please see the below infographics: