Paypal

PayPal became the first overseas company to own 100% of a payment service in China

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How PayPal Became the Internet’s Payment System Description video: ✪ Get 2 Months of Skillshare Pro (Free!) ► http://gobc.tv/skillshare\nPayPal is an American company operating a worldwide online payment system that supports online money transfers and serves as an electronic alternative […]

How PayPal Became the Internet’s Payment System

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✪ Get 2 Months of Skillshare Pro (Free!) ► http://gobc.tv/skillshare\nPayPal is an American company operating a worldwide online payment system that supports online money transfers and serves as an electronic alternative to traditional paper methods like checks and money orders.\n\nEstablished in 1998, PayPal had its initial public offering in 2002 and became a wholly-owned subsidiary of eBay later that year. In 2014, eBay announced plans to spin-off PayPal into an independent company. Today, PayPal has over 200 million users worldwide.\n\n⭑ Subscribe to Business Casual → http://gobc.tv/sub \n⭑ Enjoyed the vid? Hit the like button!\n\n📚 If you enjoyed this video about PayPal and want to learn even more, we recommend you read the book \”The PayPal Wars: Battles with eBay, the Media, the Mafia, and the Rest of Planet Earth\”\n 👉 https://amzn.to/2ZJG9LS (note: as an Amazon Associate, we earn from qualifying purchases).\n\nYour support makes our content possible! ❤️\n\nFollow us on:\n► Twitter → http://gobc.tv/twtr \n► Instagram → https://gobc.tv/ig \n► Facebook → http://gobc.tv/fb \n► LinkedIn → https://gobc.tv/linkedin\n► Reddit → https://gobc.tv/reddit\n► Medium → https://gobc.tv/medium\n\n✪ Sign-up for Acorns! 👉 https://gobc.tv/acorns\n\n#Paypal #eBay #History

PayPal became the first overseas company to own 100% of a payment service in China

PayPal Holding Inc has become the first foreign operator with 100% control of the payment platform in China, as the American fintech giant sees great prospects in the rapidly developing online payment market in the Middle Kingdom.

PayPal became the first overseas company to own 100% of a payment service in China

At the end of the year, PayPal acquired a 30% stake in the Chinese company GoPay, officially known as Guofubao Information Technology Co. At that time, she already owned 70% of the local operator’s securities. Financial details of the deal were not disclosed, but it is known that thanks to it PayPal becomes the first foreign company to obtain a license to provide online payment services in China.

Taking full control of one of the smaller players in the world’s largest payments market, PayPal will compete with local industry giants like Alipay, owned by Alibaba and WeChat Pay, controlled by Tencent Holdings Ltd, as China promotes opening your financial sector to foreign partners.

The share purchase also comes amid Beijing’s antitrust campaign against Alibaba Group Holding Ltd and other internet companies..

Last August, PayPal appointed Hannu Qiu head of Chinese business, responsible for developing long-term strategy in the world’s second largest economy. Qiu was the former head of the fintech division of OneConnect at insurance company Ping An Group, according to PayPal..

PayPal said in its 2019 annual report that its initial mission in China is to provide cross-border payment solutions to local entrepreneurs and consumers in order to connect the country’s commercial ecosystem with the global PayPal network..

However, in this area, PayPal also faces the prospect of competition from Chinese companies..

Bill Dan, CEO and Co-Founder of Shanghai-based payment platform Xtransfer, which provides international money transfers for Chinese entrepreneurs, spoke out about his ambitions for competitor PayPal.

«We see ourselves as Chinese PayPal in cross-border business», – Dan told Reuters.