PayPal has been successful in China
PayPal acquired the remaining 30 percent in Guofubao Information Technology, which operates GoPay in China, on December 31, 2020, after buying a 70 percent stake in it a year ago, origo wrote. Thus, PayPal became the first 100 percent foreign-owned company licensed to provide online payment services in China.
As a result of the transaction, one of the smallest players in the world’s largest payment market came under completely foreign control. Although the Chinese e-payment market is now dominated by local service providers, WeChatPay and AliPay, there is still plenty of room for growth, from which PayPal can also benefit. (origo)
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