There are over 1.3 billion consumers in China, and PayPal wants a piece of the market.
The king of digital payments has partnered with Chinese search giant Baidu to bring Chinese online shoppers to PayPal’s 17 million international e-commerce sites. They’ll be able to pay with local mobile payment service Baidu Wallet, the companies said in a statement today.
The payoff is big for PayPal’s global merchants, who will tap the lucrative Chinese market and the 100 million users registered on Baidu Wallet. That’s already half the number of PayPal’s current 200 million active accounts.
PayPal isn’t the first foreign entity cashing in on China’s hugely lucrative market. US startup Stripe announced its collaboration with Chinese digital payment services Alipay and WeChat Pay earlier this month to enable the same service.
Though there are upwards of 100 million users registered on Baidu Wallet, according to Baidu, the digital payment market is dominated by Alipay and WeChat Pay, which have a combined share of 92 percent.
CNET has reached out to Baidu and PayPal for comments.
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