CARDS & PAYMENTS | Staff Reporter, China

PayPal is first foreign operator to fully own Chinese payments business: report

It bought the remaining 30% stake of GoPay last December.

American payments company PayPal has become the first foreign operator with 100% ownership of a payment platform in China, reports Reuters, based on Chinese government data.

PayPal reportedly acquired the remaining 30% stake of China’s GoPay, formally known as Guofubao Information Technology, on 31 December 2020, according to shareholder data from the National Enterprise Credit Information Publicity System.

The stake purchase came a year after it bought a 70% stake in GoPay for an undisclosed amount. At the time, PayPal was the first foreign company licensed to provide online payment services in China.

In its 2019 annual report, PayPal said it plans to provide cross-border payment solutions to Chinese merchants and consumers.

Here’s more from Reuters.

File photo taken from of Wikimedia Commons.

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