01 October 2019

PayPal to enter China through GoPay acquisition

Written By FinTech Alliance in Payments

PayPal to enter China through GoPay acquisition

PayPal can now enter China through its acquisition of GoPay.

In Brief:

  • The People’s Bank of China has approved PayPal’s application to buy 70% equity in GoPay.
  • GoPay provides payment solutions for ecommerce, crossborder commerce and more.
  • PayPal will be the first foreign company to provide online payments in China.

What does this mean?

China’s central bank is slowly opening up the market for foreign payments players, which will have to compete with established local players such as WeChat Pay and AliPay. Often, like PayPal, it’s necessary to set up a joint venture with a local company. American Express has been given permission for card-clearing services, but Mastercard is still attempting to enter the market.

Read more here.

 

 

Up Next ...
22 November 2024

Eden AI raises €3M seed round to bridge the gap between AI models and business needs

Eden AI, which works with more than 500 organisations including the Council of Europe and Atos, translates sophisticated AI models into practical tools for businesses...

22 November 2024

City Bank Adopts TranzAxis for E-Commerce Payment Solutions

This decision aligns with the bank’s focus on digital transformation and improving online transaction processes for merchants.

22 November 2024

Zellis summit maps bold future of innovation

Event showcases Zellis HCM AIR, realtime payroll, and AI-enhanced features

21 November 2024

Nubank Explores Legal Domicile Shift to the UK Amid Regulatory Changes

The decision, reportedly under discussion with the UK government, aligns with the UK’s efforts to attract global tech firms

More in Payments

Revolut launches Point-of-Sale product

20 March 2024

Revolut has rolled out a Point-of-Sale iPad application for businesses ...

Stripe passes $1trn in payments volume

14 March 2024

FinTech giant Stripe's total payment volume is up 25% from ...

Zodia Markets partners with Fireblocks

14 March 2024

Zodia Markets and Fireblocks join forces to transform corporate cross-border ...

Eleanor partners with Mangopay

12 March 2024

Hotel guest experience management platform Eleanor chooses Mangopay to provide ...

White Papers Payments

Crypto’s embedded finance future

12 January 2022

Cryptocurrencies and investments are more popular than ever. So what’s holding them back from even w...

Articles Payments

The European payments landscape in 2030

22 October 2021

Introducing Marqeta's new European payments report: The European Payments Landscape in 2030: Implant...

White Papers Payments

Make payment optimization a part of your core payment strategy

14 July 2021

According to the Federal Reserve Bank of San Francisco 62% of purchase transactions in 2018 came in...

Articles Payments

PSD2 SCA: How ready are issuers?

22 June 2021

The revised Payment Services Directive (PSD2) is now live in Europe and the biggest question on ever...

There are no Events in this category