PayPal announced Wednesday it has partnered with global wallet companies to create a platform called PayPal World that is designed to make cross-border commerce easier. The platform will allow users to pay others using their local wallets and payment systems.

PayPal is planning to launch PayPal World—a cross-border payment platform in partnership with UPI and Tencent's Tenpay Global—later this year to allow users to transact around the world using their existing payment networks and digital wallets.

PayPal's new platform lets users pay across borders using local wallets like UPI, WeChat Pay, and Mercado Pago while boosting fraud protection with AI.