PayPal Aims to Challenge Alibaba With China Payments
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EBay Inc.’s PayPal unit aims to be the first foreign operator with a license to process electronic payments in China, allowing it to challenge local companies including Alibaba Group Holding Ltd.’s Alipay affiliate.
“We are cautiously optimistic we’ll be given a license,” after PayPal filed an application to the People’s Bank of China late last year, Senior Vice President for Asia Rupert Keeley said at a briefing in Hong Kong today. No overseas companies have so far been awarded a permit to process domestic payments in China, he said.