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PayPal to Enter China’s Online Payment Market - Pandaily

Following U.S. digital money transfer platform PayPal’s acquisition of Chinese licensed payment company GoPay in 2019, PayPal made another move to hold the full equity of GoPay today.

  • In September 2019, PayPal obtained Beijing’s approval to buy a controlling stake in GoPay, in which the firm has sold a 70% stake to PayPal.
  • China’s central bank announced in 2019 that this move would openly promote competition in the retail payments industry.
  • PayPal’s subsidiary Paypal Information Technology Shanghai (美银宝信息技术上海有限公司) took over the shares held by GoPay, making PayPal the first foreign payment company to own a domestic payment license.

PANDAILY.COM13 Jan, 2021

ABOUT THE AUTHOR

Kenneth Ho

Founder & Director @ BEAMSTART. Just launched a VC fund to accelerate awesome startups.

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