PayPal becomes first foreign company to provide digital payments in China

Wednesday 13 January 2021 13:11 CET | News

US-based fintech PayPal has completed a stake acquisition deal of Gopay, making it the first foreign company to offer digital payment services in China.

PayPal acquired a 30% stake in Gopay, a Chinese provider of electronic payment services, a little more than a year after purchasing 70% of the same company, making it the sole owner.

In August 2020, PayPal named Chinese fintech executive Hannah Qiu as senior vice president and chief of the China region, responsible for formulating PayPal’s long-term growth strategy in the country. The appointment came seven months after PayPal partnered with China’s state-owned bank card issuer UnionPay in a deal that to enable some UnionPay cardholders to access PayPal’s network.

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Keywords: PayPal, China, Asia, acquisition, GoPay, fintech, digital payments services
Categories: Payments & Commerce
Countries: China
This article is part of category

Payments & Commerce