PayPal enters China market by acquisition of payment license holder GoPay
09/30/2019|5:51:18 PM|ChinaTravelNews

ChinaTravelNews - PayPal has officially entered the Chinese payment service market through a recent acquisition of GoPay Information Technology Co., Ltd., a Chinese payment license holder.

Beijing-based GoPay announced on September 30 that the People's Bank of China, the country's central bank, has approved the application for the change of the company's shareholding, as PayPal has acquired 70% of GoPay through Paypal Information Technology (Shanghai) Co., Ltd., the Nasdaq-listed company's subsidiary in China.

GoPay was granted an online-payment license by the Chinese central bank in December 2011. The company is a payment solution provider for enterprises in the e-commerce, cross-border commerce, air travel sectors. 

PayPal operates third-party payment service in over 200 countries worldwide, supporting transactions in more than 100 currencies for over 286 million active users.

ChinaTravelNews reported that in 2008, PayPal teamed up with Ctrip in a strategic partnership to facilitate the Chinese online travel giant's overseas expansion when Beijing was hosting the Summer Olympics. In 2014, Qunar announced that it has connected to the PayPal settlement system to offer its users more payment options.

According to a report of the China Securities Journal, three major Chinese airlines, Air China, China Southern Airlines and Hainan Airlines, launched their PayPal payment solutions on their international websites in 2011, allowing customers to purchase flight tickets by PayPal.