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
Record-breaking congestion in California ports
No quick fix for the shipping crisis 44 freight ships are stuck awaiting entry into California's two largest ports. This is the largest congestion since the beginning of the pandemic. The queue is a result of the labor shortage, COVID-19-related disruptions, and...
E-commerce is too reliant on social media
Consumers don’t buy on social media, new survey indicates E-commerce entrepreneurs are relying heavily on social media to drive sales, but consumers don’t shop there very often A new survey said consumers don’t buy on social media, despite the fact that small...
Amazon continues to ban Chinese sellers
50000 Chinese seller accounts have disappeared from Amazon More than 50000 Chinese seller accounts have been banned on Amazon due to pay-for-praise and other policy violations In May Amazon shuttered some of its largest sellers from China over violations of platform...
