PayPal World announced to facilitate cross-border transactions
Tech giant PayPal has announced a revolutionary change in international money transactions. The company has announced the launch of a new platform called ‘PayPal World’, which will bring the world’s major payment methods, including popular digital wallets in India and China, under one umbrella. As a result, cross-border transactions will be much easier than before for about two billion users, PayPal said.
According to a report by the American technology media TechCrunch, in this huge initiative, PayPal has joined India’s Unified Payments Interface or UPI (through NPCI International) and China’s WeChat Pay (through TenPay Global). This platform will not only have its own services of PayPal and Venmo, but also a memorandum of understanding has been signed with Latin America’s popular payment system Mercado Pago.
How will PayPal World work?
This platform will remove barriers between payment systems in different countries. For example:
A US tourist can easily pay by scanning a WeChat QR code of any store in China using his PayPal app.
Similarly, an Indian shopper can pay directly on any e-commerce website in the US using his UPI ID.
PeyPal CEO Alex Kris said, “This is the first platform that brings together the world’s major payment methods. Our initiative will make global transactions much easier and create new opportunities for billions of users and merchants.”
PeyPal said that the ‘PayPal World’ platform will be launched in the fall of 2025. Later, from 2026, users of Venmo, another popular service owned by PayPal, will also be able to use this platform for online and offline purchases. This move is expected to open up a new horizon for digital commerce and travelers around the world.
