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
New Amazon FBA Program helps to avoid getting Out of Stock
“In-stock head start” program makes inbound products available for sale Amazon is opening up a pilot program to allow selling temporarily out-of-stock items immediately, even before the goods arrive at a fulfillment center. The creatively titled In-Stock...
eBay launches its own fulfillment service next year
eBay is planning to take on Amazon eBay has announced plans to launch its own fulfillment service called Managed Delivery, which will provide end-to-end packaging and deliveries to its sellers. The e-commerce giant plans to launch Managed Delivery in the...
Amazon “destroyed the retail industry across the US”
US Treasury Secretary criticizes Amazon US Treasury Secretary Steven Mnuchin said that Amazon “destroyed the retail industry across the United States”. In his opinion the attorney general should investigate the company alongside other tech giants in the...
