Many platforms have tried entering the Chinese market. However, PayPal looks like it has the most chances of doing so with its majority stake in GoPay.
PayPal, the total online digital payments platform, has just completed acquiring GoPay, making PayPal the first foreign company to provide payment solutions in China.
GoPay is a platform that allows customers to complete a purchase without leaving the supplier’s website, and its functionality is pretty much similar to any other digital payment solutions out there.
GoPay is a solid player in the Chinese market, so with a majority stake of 70% in the company, PayPal possesses a foothold in the country.
While AliPay and WeChat dominate the field, PayPal, through its acquisition of GoPay, will have room to wiggle and grow in a market whose volume of transactions amounts to trillions of dollars.
“This important step will allow us to be a stronger partner to Chinese financial institutions and technology platforms. We look forward to contributing to the growth of China’s e-commerce and payments ecosystem,” said Dan Schulman, PayPal president, and CEO.
Although the deal terms have not been disclosed as of yet, we do know that the acquisition talks started back in September and have now concluded.
Despite their promises to open up the process to foreign ventures, Chinese authorities have been lagging in expediting relevant authorizations.
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