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The emergence of Alipay on the internet has provided online payment support for China's huge e-commerce market.
Globally, China has the most developed third-party payment services, with Alipay and WeChat Pay being the most well-known.
Together, the two giants have won more than 90% of the market.
However, the huge Chinese consumer market cannot always be a "two-person transfer" of Alipay and WeChat.
PayPal becomes China's first foreign payment institution
According to media reports, PayPal acquired Guofubao payment institution, and the 70% equity transaction of Guofubao has been officially approved by the central bank and officially entered the Chinese market.
Recently, an American payment giant, Paypa, officially entered China. It can be said that Alipay’s WeChat rival has struck.
For Alipay payment platform PayPal, domestic consumers are not very familiar with it.
However, PayPal's global popularity remains high, especially in the US market.
PayPal has 2.8 million active users
According to statistics, PayPal has more than 2.8 million active users worldwide. Although the number is not as good as Alipay and WeChat, it should not be underestimated.
Recently, the payment giant has officially entered the Chinese domestic market.
According to public information, it was born in the 1990s by the founder of SpaceX, an electric car and tech-mad airline.
What many people don't know is that Musk made his name on PayPal, amassed a lot of money, and then created PayPal.
PayPal is the 3rd largest payment platform in the world
After 20 years of development, PayPal has become the third largest payment platform in the world, and its business scope far exceeds that of Alipay and WeChat Pay.
According to the official statement, it is currently operating in 200 countries and regions around the world.
At present, in the face of competition from Alipay and WeChat, this is the most advantageous point of PayPal.Although the number of users is insufficient, the coverage is wide enough and the recognition is higher.
However, PayPal wants to enter the domestic market, trying to subvert the industry structure and break the Alipay payment system established by Alipay and WeChat.
At present, this goal is still somewhat far-reaching and difficult to achieve.In my opinion, there are two most unfavorable situations for the development of China's mobile payment market. First, the current China Alipay payment market pattern has been set, and the competition is still fierce.
It's hard for PayPal to break the industry pattern
Although WeChat and Alipay are the top two apps in China, they still face many competitors.
For example, under the wallets of UnionPay, Ping An, and Ping An Bank, etc.
Therefore, the current competition in China's Alipay payment market is still fierce, and it is obviously unreasonable for PayPal to enter the market.
- Secondly, PayPal as an external Alipay payment platform may encounter unacceptable situations.
- Just like many foreign brands are very poorly developed in the Chinese market because they do not provide localization services.
- PayPal wants to conquer home users, quitting Alipay and WeChat, and joining its camp is not easy.
Hopefully, the article "PayPal Acquires 70% Stake in Guofubao: A Powerful Rival for Alipay and WeChat Pay Is Quietly Approaching," shared on Chen Weiliang's blog ( https://www.chenweiliang.com/ ), will be helpful to you.
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