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Investing.com-- PayPal Holdings Inc (NASDAQ:PYPL) on Wednesday announced partnerships with a host of global payment companies, including India’s Unified Payment Interface and China’s Weixin, in a bid to facilitate easier cross-border payments.
The company said it and unit Venmo partnered with India’s NPCI International Payments Ltd, which runs India’s UPI payments system, Tencent’s (HK:0700) Tenpay Global, which operates Weixin, as well as Latin America’s Mercado Pago.
The venture is called PayPal World, and is a platform that will “bring together many of the world’s largest payment systems and digital wallets on a single platform,” Paypal CEO and President Alex Chriss said in a press release.
PayPal said that the platform will allow users to transfer money to anyone in the world, even if they aren’t using PayPal.
The service will use regional payment networks to facilitate transactions. For instance, consumers in India will be able to use UPI, through PayPal, to pay for overseas products.
The platform will also allow “seamless money transfers to users across borders,” PayPal said, and will also allow businesses to access nearly 2 billion consumers with no additional integration.