PayPal Expands China Reach, Plugs into WeChat Pay Payment Rails
PayPal is expanding its services in China by engaging directly with the People's Bank of China (PBOC). The meeting signals PayPal's intent to move beyond cross-border transactions for Chinese merchants selling overseas. In 2019, PayPal acquired a majority stake in GoPay, a small Chinese payments firm, making it the first foreign company to obtain an online payment license in the country.
Beibao Payment, the licensed entity, serves as PayPal's operational foothold. Through Beibao, PayPal provides cross-border payment services for Chinese merchants looking to sell to international customers, supporting over 100 currencies across roughly 200 countries and regions. In June 2026, the PBOC formally approved Zhang Hong as the new CEO of PayPal's Chinese subsidiary.
The partnership with WeChat Pay is a significant development, allowing US PayPal users to make payments at millions of Chinese merchants through WeChat Pay QR codes. This integration was positioned to coincide with the upcoming APEC 2026 event, when an influx of international visitors to China would need a frictionless way to pay.