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Alipay may soon have a global rival in China

Ebay Inc’s PayPal unit aims to be the first foreign operator with a license to process electronic payments in China, allowing it to challenge local companies, including Alibaba Group Holding Ltd’s Alipay affiliate.

"We are cautiously optimistic we’ll be given a license," after PayPal filed an application to the People’s Bank of China late last year, senior vice president for Asia Rupert Keeley said at a briefing in Hong Kong on Friday.

No overseas companies have so far been awarded a permit to process domestic payments in China, he said.

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(Source: Shanghai Daily )