Is paypal available in China?
Yes, in Jan 2021, PayPal finished its acquisition of a Chinese licensed payment company called GoPay, which began at the end of September. PayPal is the first foreign payment company with a domestic payment license and 100% ownership of China’s payment platform.
PayPal sits at the top of the e-commerce industry, as the leading digital payment platform on the planet. With over 100 currencies represented in the company’s index, over 285 million payment accounts exist on PayPal’s servers in over 200 nations globally.
In 2019, PayPal made its first official appearance in China when it acquired 70% of GoPay, a rudimentary Chinese platform designed to facilitate third-party payments within the country. The People’s Bank of China, a state-owned enterprise, affirmed PayPal’s bid shortly after that, so long as its Chinese subsidiary, MeiYinBao Information Technology, directly controlled these shares.
There is some speculation why it took so long for Paypal to integrate into China. The answer may lie in China’s complex financial regulations and its unique approach to online platforms. Regardless, PayPal and other e-payment methods have observed a rapid growth in China’s booming economy and continue to diversify day by day
Digital Payment Methods in China
The Alibaba group released AliPay to the Chinese public in 2004 as a simpler way to make payments on their platforms such as AliExpress. The emergence of platforms like PayPal in China, however, opened AliPay’s opportunities to e-commerce outside of their internal networks. Now, AliPay can be used to conveniently make several digital payments to different businesses in China, ranging from technology to groceries to leisure activities without having to use cash or checks.