American payments giant PayPal is increasing its engagement with the People’s Bank of China (PBOC) to expand services in a market dominated by Alipay and WeChat Pay. Since acquiring a majority stake in GoPay in 2019, PayPal has operated through its subsidiary Beibao Payment, becoming the first foreign company to hold an online payment license in China. The company already offers cross-border services supporting over 100 currencies across roughly 200 countries and regions. In May 2026, PayPal reached an integration agreement with WeChat Pay allowing US users to make payments at millions of Chinese merchants via QR codes. The PBOC formally approved the appointment of Zhang Hong as CEO of PayPal’s Chinese subsidiary in June 2026.
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