US digital payments platform PayPal is stepping up efforts to support Chinese cross-border merchants with the launch of new services in Shenzhen, tapping into booming exports from the country despite economic headwinds, reports the South China Morning Post. PayPal’s China business recorded double-digit growth in the past year, Hannah Qiu, senior vice-president and China CEO of PayPal, said at a company event in the country’s southern tech hub on Thursday.
“This is impressive growth considering the pressure and challenges facing the global and Chinese economy,” Qiu said.
The San Jose, California-based company launched PayPal Complete Payments for China on Thursday, with the aim of helping merchants sell abroad by allowing them to accept payments from global customers using credit cards and foreign digital wallets.