eBay CEO Sees PayPal in China, Virtual Worlds and in Outer Space
By Ina Steiner
eBay CEO John Donahoe wants to take PayPal to the final frontier, whether that's China, the virtual world, or outer space. PayPal does not have a license to operate domestically in China, but it enables cross-border payments with Chinese merchants. Reuters reported on Monday that Donahoe told attendees at its Global Technology Summit he saw "encouraging signs" from the Chinese authorities about a domestic license, though he said it remained next-to-impossible to guess when it might be granted.
eBay is focusing its efforts on cross-border trade and emerging markets. PayPal recently received a license from the Central Bank of Russia to operate as a non-credit banking institution, paving the way for the firm to open a domestic payments business in Russia.
eBay's CEO also wants to integrate with the virtual currency known as Bitcoin, he told the Wall Street Journal recentely, calling it a "new disruptive technology." (That was before U.S. government agencies seized money from PayPal rival Dwolla accounts belonging to top Bitcoin exchange.)
PayPal is also venturing into outer space, according to another article in the Wall Street Journal. PayPal Galactic will reportedly cater to space flight by private enterprises including those funded by Jeff Bezos and Elon Musk.
Which frontiers will PayPal successfully enter? It will be interesting to watch.
About the author:
Ina Steiner is co-founder and Editor of EcommerceBytes and has been reporting on ecommerce since 1999. She's a widely cited authority on marketplace selling and is author of "Turn eBay Data Into Dollars" (McGraw-Hill 2006). Her blog was featured in the book, "Blogging Heroes" (Wiley 2008). Follow her on Twitter at @ecommercebytes and send news tips to email@example.com.
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