PayPal has entered into a strategic partnership with Chinese search giant Baidu to allow Chinese consumers to make payments outside the country using Baidu digital wallets.
Following the agreement, foreign merchants that are part of PayPal’s global network will now automatically accept Baidu’s payment platform, Baidu Wallet – which has approximately 100 million users.
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“Important strategic partnerships are broadening the relevance of PayPal’s platform and increasing PayPal’s addressable market,” PayPal said in a filing for its latest financial results.
The move is the latest in a series of recent partnerships from PayPal, which recently inked payments partnership with Bank of America, JPMorgan Chase and Citigroup.
Recently, PayPal also extended its strategic partnership with Visa to Europe to speed up the adoption of secure and hassle-free online, in-app and in-store payments.
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By GlobalData
