PayPal to enter China through GoPay acquisition

October 01, 2019 | Payments
Written by FinTech Alliance

Tags

PayPal GoPay
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.

 

 

More in Payments

GoCardless teams up with TransferWise to launch service for recurring payments
Payments
November 06, 2019

GoCardless teams up with TransferWise to launch service for recurring payments

In Brief The new global network will help customers manage subscriptions, invoices and other r...

InstaReM announces rebrand as Nium  
Payments
October 28, 2019

InstaReM announces rebrand as Nium  

InstaReM, a digital cross border payments provider, will rebrand as Nium. In Brief: Nium...

Amazon introduces option to pay bills through Alexa
Payments
October 16, 2019

Amazon introduces option to pay bills through Alexa

Amazon customers in India will now be able to pay their bills via voice assistant, Alexa. In Brie...

There are no Knowledge Bank in this category

Payments International

Payments International

When: Nov 27th, 2019
Where: The Bloomsbury Hotel, London
Price: £1,299