PayPal comes to China, making it the first foreign payment platform to get license there

guest · Oct 1, 2019

PayPal comes to China, making it the first foreign payment platform to get license there
October 1, 2019
https://www.neowin.net/news/paypal-...foreign-payment-platform-to-get-license-there

PayPal has announced that it has become the first foreign payment platform to be licensed to provide online payment services in China. The firm managed to do this by acquiring 70% equity interest in Guofubao Information Technology Company (GoPay), which is a holder of a payment business license in the country.

Details of the financial terms were not disclosed, with the entire announcement, penned by Dan Schulman, President and CEO, coming to just four sentences. PayPal did reveal, however, that it expects the transaction to close in the fourth quarter and is subject to customary closing conditions.

According to Reuter’s coverage, China’s central bank announced last year that it would be allowing foreign electronic payment firms, like PayPal, into the country to promote competition in the domestic retail payment industry. It looks as though China is sticking to this so we will probably see other competitors enter the market soon too.
Click to expand...

Paypal: PayPal Approved to Provide Online Payment Services in China

Rasheed187 · Oct 5, 2019

This is very interesting, I wonder if they will allow more fintech companies like Stripe and Adyen.

guest · Jan 2, 2020

PayPal Officially Enters China: Challenges And Opportunities
December 30, 2019
https://go.forrester.com/blogs/paypal-officially-enters-china-challenges-vs-opportunities/

A week before Christmas, PayPal officially finished its acquisition of Chinese licensed payment company GoPay, a deal that has been underway since the end of September. This deal signals PayPal’s official entry into China’s domestic payment market and makes it the first foreign payment company to own the domestic payment license.
[...]
Another question PayPal needs to solve is about talent. In China, payment giants and mega banks have already provided the global-level compensation packages and big career platforms for local payment and fintech talents. PayPal is facing a fierce talent war with local players.
From all these perspectives, it is predictable that PayPal’s entry in China will be a very challenging entry that will require high continual investments in local talents and strategy.
Click to expand...

Log in or Sign up

PayPal comes to China, making it the first foreign payment platform to get license there

guest Guest

Rasheed187 Registered Member

guest Guest

Log in or Sign up

PayPal comes to China, making it the first foreign payment platform to get license there

guest Guest

Rasheed187 Registered Member

guest Guest

Useful Searches