PayPal is on track to achieve its 2021 growth plan to expand its global footprint and digital capabilities

The payments giant is making two moves to facilitate its growth both in the US market and abroad. PayPal detailed its plans to move into the Chinese payments market. The company announced it will launch a wallet in China focused on cross-border payments. The local wallet will connect Chinese ecommerce to PayPal's global network––which includes more than 377 million individuals and over 20 million corporate users––letting consumers buy overseas products and businesses sell Chinese products internationally. Thanks to PayPal's expansive international network, new users will likely be drawn to the cross-border system, which could create massive growth for the payments giant—it made global expansion a key part of its 2021 growth strategy.