As western companies jockey for a way into China's enormous digital payments business, PayPal has clinched a license to provide digital payment services in China, following its acquisition of a majority stake in a Chinese payments company
China's central bank has approved PayPal's acquisition of a 70% equity interest in GoPay, the companies announced Monday. PayPal says this makes it the first foreign firm licensed to provide digital payment services in China. The terms of the deal, which is expected to close by the end of 2019, have not been disclosed, a PayPal spokesperson said.
China gives American Express first shot at its huge payments marketRead MoreThe deal opens the door for PayPal to process digital transactions in China — which are estimated to total in the trillions. But it may not be an easy market to break into.
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