PayPal (NASDAQ: PYPL) unveiled PayPal Complete Payments, which is described as being a safe and efficient all-in-one platform that integrates a range of customized products and solutions to support Chinese merchants in selling globally.
This platform streamlines payment and receivables processes “for businesses of all sizes in China, empowering them to thrive in cross-border trade and the digital economy.”
Today, PayPal’s global and China management teams “engaged with over 700 merchants from across the country along with partners.”
They provided insights into PayPal’s global and local business strategies, cross-border payment solutions, industry trends, and specific initiatives designed “to drive business growth for Chinese merchants.”
Suzan Kereere, President, Global Markets, PayPal, said:
“We are excited to bring PayPal’s Complete Payments solution to China, empowering businesses with secure, seamless cross-border transactions and helping them tap into global markets. 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.”
Hannah Qiu, Senior Vice President, China CEO, PayPal, said:
“As of date, PayPal has facilitated the global expansion of many Chinese businesses. With PayPal’s unique two-sided network and technological advantages, we will continue to enhance and optimize the system and product capabilities of PayPal China, empowering Chinese merchants to expand business globally through more diversified cross-border payment solutions.”
Increase conversion rate through an end-to-end solution with upgraded cross-border solutions
“Small and medium enterprises (SMEs) play a significant role in global trade.
Michelle Gill, Executive Vice President, General Manager, SMB and Financial Services, PayPal:
Their growth is one of the crucial factors in enhancing economic resilience and market vitality. PayPal is committed to helping SMEs integrate into the global economy through technological innovation. By offering convenient and seamless payment experiences and continuously upgraded solutions, we not only help significantly boost conversions but also help SMEs build trust with their customers and provide diversified payment options.”
Leveraging its global resources, PayPal will gradually introduce new features “with PayPal Complete Payments to fully support Chinese businesses in cross-border transactions.”
Access to a vast global user base: PayPal enables transactions in approximately 200 countries and regions, covering more than 100 currencies. With PayPal’s unique two-sided network, Chinese merchants can easily reach over 400 million active PayPal users and billions of international consumers who use card and APM payments.”
Optimized payment experience to drive repeat buyers and elevate operational efficiency: PayPal offers various payment options to international buyers to make the check-out experience even more smooth. The platform enables quick fund settlement, allowing merchants to get quick and easy access to their funds, and a clear view of business with built-in and integrated reporting and analytics.
Fast cross-border money transfer: PayPal Complete Payments also integrates a one-stop solution for cross-border RMB transactions, featuring products for Chinese merchants including RMB Transfer and Vendor Payouts. This enables simple, fast, and secure global fund management for merchants. By facilitating settlements from PayPal accounts to domestic bank accounts, the customized products address common challenges in traditional cross-border payments, such as complexity, lengthy procedures, and high costs.
Risk management and fraud detection: PayPal Complete Payments can “help merchants take control of risk analysis fraud protection with advanced tools powered by machine learning, AI, and big data, which also reduces time spent managing disputes.”
PayPal is dedicated to delivering personalized services and creating “new value through continuous innovation and advancements in payment solutions.”
Leveraging its global expertise and extensive experience, coupled with two decades of deep understanding of the Chinese market, PayPal collaborates closely “with financial institutions and technology platforms in China to develop and introduce user-friendly products and solutions tailored to the needs of Chinese merchants.”
PayPal has teamed up with its partners to localize and customize the user experience, making the entire usage process more in line “with the habits and behavior patterns of Chinese merchants, for them to easily activate the function and quickly take advantage of this new solution.”
