The global payment landscape is about to change: PayPal teams up with WeChat Pay to fully integrate cryptocurrency payments.
PayPal has officially announced the launch of PayPal World, partnering with WeChat Pay, India's UPI, and Latin America's Mercado Pago to achieve cross-border wallet connectivity.
In the future, foreigners traveling to China can use PayPal to scan WeChat QR codes for payments;
Chinese travelers going abroad can also directly use WeChat to scan PayPal QR codes, truly achieving "cross-border payments = local payments." The first batch of partnerships is expected to go live this autumn.
What’s even more noteworthy is that PayPal has already incorporated cryptocurrency payments into the mainstream: • Supports payment in over 100 types of cryptocurrencies, instantly converted to fiat or stablecoins at settlement, with zero volatility risk for merchants. • Their own stablecoin PYUSD is used to reduce transaction fees, with cross-border costs potentially decreasing by up to 90% compared to traditional credit cards. • Users can also directly make peer-to-peer transfers using $BTC , $ETH ETH and other crypto assets between PayPal and Venmo.
This means PayPal is bridging the two parallel worlds of traditional wallets and crypto assets, building a global payment "super hub."
The next to join could be Alipay, or perhaps the wallet giants of Southeast Asia (like GrabPay, GoPay, etc.). If CBDCs are also integrated, the global payment landscape will be completely reshaped.
For consumers, this represents a historic change: in the future, international spending may require just a mobile phone and a single wallet to travel the world.
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