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
Facebook restricts targeted advertising to teenagers
Facebook will stop advertisers from targeting minors Facebook plans to prohibit companies from targeting ads to minors based on their web and app activity, as well as their expressed interests. Instead, the company will restrict targeting categories for users under 18...
Google introduces Cloud Retail Search
Google introduces a new search tool for retailers With Retail Search, retailers can bring "Google-quality" search capabilities to their own digital platforms. This week Google announced Google Cloud Retail Search, a new tool to help retailers improve the product...
Live shopping is the new trend in online retail
European customers are open to live shopping Live shopping is one of the big e-commerce trends in 2021, writes e-commerce-magazin.de. This format has already become the standard for online shopping in China. Chinese influencers take customers on a shopping tour via...