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PayPal first to have all of Chinese payment platform

by on14 January 2021

Eyes booming market for online payments

PayPal become the first foreign operator with total control of a payment platform in China, according to Chinese government data.

PayPal acquired the 30 percent stake it does not already own in China’s GoPay on 31 December.

The stake purchase came a year after PayPal bought a 70 percent stake in GoPay for an undisclosed amount,then becoming the first foreign company licensed to provide online payment services in China.

By taking full control of one of the smaller players in the world’s largest payment market, PayPal will compete with domestic payments giants Alipay, and WeChat Pay, owned by Tencent as China fully opens up its financial sector.

The stake purchase also comes amid Beijing’s antimonopoly campaign against Alibaba Group Holding Ltd and other Internet companies.

Last August, PayPal appointed Hannah Qiu as head of China business, responsible for formulating long-term strategy in the world’s second-biggest economy. Qiu was a former executive at insurer Ping An Group’s fintech unit OneConnect, according to PayPal’s website.



Last modified on 14 January 2021
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