30-Sep-19, TechCrunch
The People’s Bank of China has approved PayPal’s acquisition of a 70% equity state in GoPay, which will make PayPal the first foreign payment platform to provide online payment services in China.
techcrunch.jpg "PayPal to enter China through GoPay acquisition(c)techcrunch")
Image: TechCrunch
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.
The news of PayPal’s entry into China comes at a time when there’s increased tension between the U.S. and China, with The White House reportedly now considering curbing some U.S. investments in China amid the trade dispute between the countries.