PayPal Holdings Inc (PYPL) acquires GoPay to become the first foreign company to own a China payment platform completely. The company acquired 30% of Chinese fintech GoPay in December, and it had previously acquired 70%. This resulted in PayPal securing 100% control of the Chinese financial platform, writes Reuters. Neither the value of the deal nor the financial details have been disclosed yet.
GoPay is a small player in one of the world’s largest payment systems markets, China. Among other giants at the table, such as Alipay, owned by Alibaba’s Ant Group and WeChat Pay, by Tencent, the company will have to compete.
In their 2019 report, PayPal stated that the company’s main objective in China is to connect China’s commercial ecosystem with the PayPal global network to provide cross-border payment solutions for businesses and consumers of their goods and services.
HannuQiu was appointed as PayPal’s head of the China business in August. A former executive in fintech, she worked at Chinese insurance group Ping An’s fintech OneConnect. She is responsible for creating a plan to grow PayPal in the second-largest economy in the world.