PayPal has acquired a 70% equity stake in GoPay.
PayPal will be the first foreign payment platform to enter China.
This was approved by the People’s Bank of China in September.
PayPal will be able to leverage GoPay’s mobile and online platforms.
What does this mean?
GoPay does have competition in China in the form of AliPay and WeChat Pay, but the country’s digital payments market is large enough to provide great opportunities for PayPal.