With their latest partnership, PayPal wants to cover more than two billion users across the world. Alex Chriss, the president and CEO of PayPal, reported in a statement that “PayPal World is a first-of-its-kind payments ecosystem that will bring together many of the world’s largest payment systems and digital wallets on a single platform,”.
He also added that “The challenge of moving money across borders is incredibly complex, and yet this platform will make it so simple for nearly two billion consumers and businesses. We believe the changes we are announcing today have the potential to be a real game-changer over time.”
The fintech company also said that through PayPal World, PayPal, and Venmo users will be able to send money to anyone in the world, even if they are not a PayPal user. Think of it as it can be used when travelling to China, as you can use PayPal on the Wexin payment network to pay local businesses. Yet, if a customer from India is buying from a site in the US, they have the ability to use PayPal to verify the payment through their UPI wallet.
Wenhui Yang, the CEO of Tenpay Global, said in a statement that “We are glad that Tenpay Global, Tencent’s cross-border payment platform, will support users of PayPal and Venmo in making payments by scanning Weixin Pay1 QR codes, further expanding access for global digital wallets to transact in the mainland of China. In addition to payments, Tenpay Global will deepen its collaboration with PayPal World in remittances.”, reported TechCrunch.
The platform is set to kick off this fall with its launch partners. The company said that in 2026, Venmo users will have the ability to pay for shopping both online and offline for merchants that support PayPal’s payments.
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