PayPal completes acquisition of China-based GoPay

Friday 20 December 2019 12:03 CET | News

PayPal has announced that it has completed its acquisition of a 70% equity interest in Guofubao Information Technology (GoPay).

This follows the approval of the transaction by the People's Bank of China on 30 September 2019. With the close of the deal, PayPal is the first foreign payments platform licensed to provide online payment services in China. Deal terms have not been disclosed.

GoPay has licenses for online and mobile transactions, and it provides payment products for industries such as ecommerce, cross-border commerce, and tourism. GoPay allows merchants to accept payments on their websites when customers are shopping online.

PayPal is supporting 300 million consumers and merchants in more than 200 markets by leveraging technology to streamline financial services and commerce.

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Keywords: PayPal, GoPay, merchants, online payment, China, ecommerce
Categories: Payments & Commerce
Countries: China
This article is part of category

Payments & Commerce