PayPal takes full ownership of Chinese payments business

PayPal has taken complete ownership of GoPay, making it the first foreign firm to have 100% control of a Chinese payments platform, according to Reuters.

PayPal became the first foreign firm to get an online payments license in China in 2019 after buying a 70% stake in Guofubao Information Technology Co (GoPay).

GoPay holds a payment business license, meaning that PayPal became the first foreign company to enter the Chinese market some two years after Beijing promised to open up.

The US giant has now bought the remaining 30% stake, says Reuters, taking full control of a small player in a massive market dominated by Alipay and WeChat Pay.

Comments are closed.