[eMarketer] Paypal outlines global growth strategy

Global payment behemoth Paypal has announced a raft of strategies it intends to roll out as it seeks to grow its foothold in US and worldwide.

Chief among them is the forays into the Chinese market where it says it is set to launch a mobile wallet targeting cross border payments by linking the Chinese e-commerce market to the global network that boasts of an estimated 377 million individuals and 20 million corporate users.

This move will allow consumers buy overseas products while businesses will be able to sell Chinese products internationally.

Paypal has also announced that it is venturing into the cryptocurrency space to sate the burgeoning demand.

Aware of the potential of crypto in its overall growth, Paypal recently launched Checkout with crypto and tapped into crypto service Venmo. This has been informed by the growing demand for digital currency.

According to a survey by Cornerstone Advisors as quoted in eMarketer, 15 per cent of US adults currently own a form of cryptocurrency with over a half having invested for the first time in the first half of 2020.

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