PayPal is the first foreign company to win Chinese payments license
PayPal has become the first foreign company to acquire a payments licence in China, after buying a majority stake in GoPay.
GoPay has licenses for online and mobile transactions, and mainly provides payment products for industries including e-commerce, cross-border commerce, aviation tourism and others, reports TechCrunch.
The US has been pushing for greater market access as part of its trade talks with China, and the People’s Bank of China last year pledged “equal treatment” for domestic and foreign groups.
Visa and Mastercard are among those foreign companies that have been kept waiting for licence approvals, despite rules in 2017 removing formal obstacles to market access, writes The Financial Times.
PayPal is entering a rapidly growing market for online payments, which is dominated by two tech giants: Tencent, which runs WeChat Pay via its social-messaging platform, and Alibaba, whose payments affiliate Ant Financial owns Alipay. Still, there is plenty of room to grow — which would benefit PayPal.
More Amazon news
Amazon Continues Seller Suspensions without notice
Sellers can still be suspended immediately under various circumstances If sellers violate Amazon policies and damage customer experience, they may be suspended without 30-day notice. Amazon signed a pledge on August 16 with its third-party sellers that it...
Campaign to take down Amazon is being funded by its biggest rivals
Walmart and Oracle are secretly funding anti-Amazon campaign Amazon's main rivals - Walmart, Oracle and mall owner Simon Property Group - are secret funders of a grassroots campaign that has been highly critical of the e-commerce giant. About 18 months ago...
Amazon lets US shoppers pay with cash
Amazon brings cash payment option to the US Amazon will let customers buy something online, then visit a Western Union in person to pay with cash. Amazon announced “Amazon PayCode” on Wednesday, which lets shoppers buy something online, then show up at one...