PayPal Holdings: Completes acquisition of China’s GoPay
- PayPal completed its acquisition of a 70% equity interest in Guofubao Information Technology Co., Ltd. (GoPay)
- Paypal, the first foreign payments platform licensed to provide online payment services in China
- The transaction approved by the People’s Bank of China on September 30
- GoPay also allows merchants to receive money after customers settle the payments on their websites
- The company holds several licences for businesses including online and also mobile transactions
- GoPay, founded in January 2011 and also headquartered in Beijing
