PayPal Becomes First Foreign Firm to Own 100% Stake in Payments Business in China
US based online payment company, PayPal Holding Inc has become the first foreign operator to have a full control of a payment platform in China, as per the official data from the government. The comes after the fin-tech giant acquired renaming 30 per cent stake in Chinese payment platform GoPay, thereby gaining control over 100 per cent ownership of the firm.
Beijing, January 14: US based online payment company, PayPal Holding Inc has become the first foreign operator to have a full control of a payment platform in China, as per the official data from the government. The comes after the fin-tech giant acquired renaming 30 per cent stake in Chinese payment platform GoPay, thereby gaining control over 100 per cent ownership of the firm. Facebook & PayPal Invest in Indonesia’s Fastest Growing Digital Payment Company Gojek.
Paypal earlier had a 70 per cent stake in GoPay last year and became the first foreign company licensed to provide online payment services in China. The online payment sector in China has been dominated by native players including Alipay, owned by Alibaba-affiliated Ant Group, and WeChat Pay, owned by Tencent Holdings Ltd. Razorpay Collaborates With PayPal to Enable International Payments for Indian MSMEs & Freelancers.
PayPal said in its 2019 annual report its initial focus in China is to provide cross-border payment solutions to Chinese merchants and consumers, linking the country’s commerce ecosystem to PayPal’s global network, as reported by Reuters.
(The above story first appeared on LatestLY on Jan 14, 2021 03:14 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).