Daily Management Review

PayPal becomes first foreign company to enter Chinese payments market


PayPal Holdings Inc, the American payment system, will become the first foreign company of its kind to gain access to the PRC payment services market through the purchase of the local company Gopay Information Technology Co.

Mighty Travels
Mighty Travels
The People’s Bank of China (PBC, the country's central bank) has allowed PayPal to acquire a 70% stake in Gopay. The latter has licenses for the provision of online payment and mobile transfer services in RMB, including cross-border, Gopay said in a statement. 

PayPal will acquire a stake in Gopay through its Chinese division.

The Chinese authorities, who promised to make their markets more open to foreign investors, have already taken a number of steps in this direction. In March 2018, the PBC opened the payment services market for foreigners, announcing that foreign companies will be able to apply for licenses for the provision of payment services, and the attitude towards them will be the same as for local companies.

Nevertheless, foreign payment services are in no hurry to come to China, since the payment services market in the country is oversaturated, Bloomberg writes.

Currently, Alipay and WeChat Pay are the leaders in the Chinese payment services market, where nearly 240 companies are represented.

The volume of this market for the period from 2013 to 2017 jumped by 9 times, up to 169 trillion yuan ($ 24 trillion).

source: bloomberg.com

Science & Technology

Porsche, Boeing set to develop flying electric car

Samsung to invest $ 11 billion in new generation displays

US is betting on Nokia and Ericsson to replace Huawei

UPS becomes first to receive full regulatory approval for UAV shipping in USA

NASA orders Lockheed Martin to build spacecraft to fly to the Moon

Hyundai to create joint venture for unmanned vehicles

Bain & Company: E-wallets and cheaper transactions are new payment trends

Is UAV drone industry falling into decay?

UK Scotland Yard employs AI to deal with frauds

US sets to fight robocalls outbreak

World Politics

World & Politics

Dominican Republic lost $ 200 million because of scandal with tourists death

France: We will take measures to protect our military in Syria

Paralyzed Hong Kong: Protests don't fade

Johnson unveils Brexit compromise deal considering Irish issue

African swine fever at Europe’s borders: time for an embargo?

Saudi Crown Prince Says Khashoggi’s Murder Happened Under His Watch

Will Merkel restore her "Climate Chancellor" image?

Venezuelan opposition to receive $ 52 mln from USA