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.
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