PayPal taps wallets from China and India to make cross-border payments easier for 2 billion people

In an ambitious move to streamline international transactions, PayPal has unveiled a new initiative called PayPal World, aiming to simplify cross-border commerce for over two billion users worldwide. By collaborating with major wallet providers, PayPal intends to create a seamless payment environment where users can transact using their local wallets and payment systems. Among the initial partners are NPCI International Payments Limited from India, known for its UPI (Unified Payment Interface) framework, and China’s Tenpay Global, the payment arm of Tencent, which manages the Weixin payment ecosystem. PayPal is also in talks with Mercado Pago, a leading fintech company in Latin America that facilitates both card and mobile payments, although finalization of the agreement is still underway. Alex Chriss, PayPal’s President and CEO, emphasized the transformative potential of this platform, stating, "PayPal World is a first-of-its-kind payments ecosystem that will bring together many of the world’s largest payment systems and digital wallets on a single platform. The challenge of moving money across borders is incredibly complex, and yet this platform will make it so simple for nearly two billion consumers and businesses. We believe the changes we are announcing today have the potential to be a real game changer over time." With PayPal World, users of PayPal and Venmo will be able to send money globally, regardless of whether the recipient is a PayPal account holder. For example, tourists in China can utilize their PayPal accounts to make purchases via the Weixin payment network, while Indian customers can check out using their UPI wallets when shopping from U.S. retailers. The scale of these wallet systems is staggering. Mercado Pago, for instance, reported a payment volume of $58.3 billion in the first quarter of 2025. Meanwhile, UPI transactions in India soared past $238 billion in June alone, as recorded by NPCI statistics. Furthermore, Tenpay Global is actively enhancing its remittance services and facilitating cross-border peer-to-peer payments. "We are glad that Tenpay Global, Tencent’s cross-border payment platform, will support users of PayPal and Venmo in making payments by scanning Weixin Pay QR codes, further expanding access for global digital wallets to transact in mainland China. In addition to payments, Tenpay Global will deepen its collaboration with PayPal World in remittances," said Wenhui Yang, CEO of Tenpay Global. The rollout of PayPal World is anticipated this fall, with plans for Venmo users to be able to shop both online and in physical stores by 2026 at merchants who accept PayPal payments.