![]() ![]() Separately, Mastercard Inc won approval in February 2020 to set up a bank card clearing business in China.Ĭhina is ahead of other nations in the use of mobile payments with about 47 percent of mobile users using mobile and digital wallets. In June last year, American Express announced that its China-based joint-venture Express Company had received approval from PBC for a network clearing license, becoming the first foreign payment network to be licensed to clear transactions in Chinese currency, the yuan, in the Chinese mainland. US payment and credit card firms have been vying for the opportunity to enter the Chinese market. In 2018, China's central bank announced that it would open the market to foreign third-party digital payment firms, a move intended to promote competition in the retail payments industry. The transaction was approved by the People's Bank of China (PBC), the country's central bank in September that year.Īs a NASDAQ-listed company and the world's leading third-party payment platform, PayPal covers more than 200 countries and regions around the world, with more than 361 million active payment accounts and supports more than 100 currency transactions worldwide.īeijing-headquartered GoPay, founded in 2011, has licenses for mobile, online and cross-border yuan payment services. It completed its acquisition of a 70 percent equity stake in GoPay in December 2019, making PayPal the first foreign payment platform to provide online payment services in China. PayPal has made moves in recent years to tap into the vast digital payment market in China. Cofortune Information Technology Co gave up its 30 percent stake in GoPay. PayPal Information Technology (Shanghai)'s equity stake in GoPay increased from 70 percent to 100 percent, media reports said Monday, citing data from company information website Tianyancha. But in China, it has only taken baby steps and has to go a long distance before it becomes par with AliPay and WeChat.US digital money transfer platform PayPal has become the first third-party payment platform with 100 percent foreign ownership in China following its purchase of additional shares of the domestic payment firm GoPay. It is also one of the largest platforms available for international payment that supports more than 25 currencies from 200 countries and regions all over the world. PayPal has been able to create a strong foundation in the global market as a comprehensive e-payment method. More than 90% online payment platform users still rely on AliPay and WeChat for their payments. TenPay is another e-commerce platform by Tencent which is the second-largest online payment platform in China, only after AliPay. AliPay and WeChat are some prominent online payment platforms used in China since 20 respectively which are far more popular than PayPal.ĪliPay is a payment method from the famous Alibaba group whereas WeChat is owned by the multinational conglomerate, Tencent.
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