PayPal Targets China With Complete Payments Platform Launch
PayPal launched its PayPal Complete Payments platform in China, saying the solution will streamline payment and receivables processes for businesses of all sizes and support their cross-border transactions.
Chinese businesses can use the platform to build trust with their customers and offer a variety of payment options, the company said in a Thursday (Sept. 26) press release.
“This launch marks a significant milestone in PayPal’s mission to revolutionize commerce globally, bridging Chinese businesses with consumers around the world in a more efficient and transparent way,” Suzan Kereere, president of global markets at PayPal, said in the release.
By enabling transactions in about 200 countries and regions and in more than 100 currencies, PayPal’s network enables Chinese merchants to reach over 400 million active PayPal users and billions of consumers who use cards and alternative payment methods, according to the release.
PayPal Complete Payments also offers these merchants quick fund settlement, reporting and analytics, streamlined cross-border payments, risk management and fraud detection, the release said.
One of the eCommerce platforms with which PayPal already has an integration is WooCommerce, per the release.
“This partnership delivers a tailored user experience for WooCommerce merchants, enabling cross-border businesses to confidently scale with PayPal’s advanced solutions,” WooCommerce Chief Marketing Officer Tamara Niesen said in the release.
PayPal said in May 2023 that its Complete Payments platform opens a new $750 billion total addressable market (TAM) in the small- to medium-sized business (SMB) market.
In addition to helping small firms accept a range of payment options, the platform helps them customize the checkout experience. For example, it can auto-fill payment information for consumers and streamline guest checkout for merchants.
In April, PayPal enhanced its Complete Payments platform by adding the ability to accept Apple Pay, save payment methods with PayPal Vault, use a real-time account updater to keep card details current, and access interchange plus plus (IC++) pricing and gross settlement options.
As of the end of the first quarter, the platform was available in 34 countries and accounted for 7% of PayPal’s SMB volume.
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