Despite all its recent problems in India, PayPal is sure Asian markets are the future. This is quite prominently reflected in company’s recent announcement to double its workforce in Asia from 1000 to 2000 employees. Most of the new hires (100 out of 1000) would be for PayPal’s regional headquarters in Singapore. Others will join offices in Taiwan, India, Australia, Japan, China and Hongkong.
However, this is not the only bit of news suggesting PayPal’s ambitious intentions for the Eastern markets. According to another report, PayPal has partnered with China UnionPay to fight the already established competitor AliPay. A Subsidiary of world’s most popular business network AliBaba, AliPay is already well established in the market and will not be an easy beast to tackle. Right now, AliPay has 300 Million users in China, three times more than what PayPal has. AliPay already does an average of $85 Billion worth of transactions each year compared with PayPal’s $9 Billion worth of transactions in the Asian market.
PayPal sees the future belonging to the east and it is trying hard to make a place but with a natural bias towards local alternatives, would companies like PayPal, eBay and Google succeed? We have already seen eBay losing to AliBaba and Google losing to Baidu. Let’s see if PayPal can achieve a different outcome for a change.