Does PayPal own Gopay?

Yes, in Jan 2021, PayPal finished its acquisition of a Chinese licensed payment company called GoPay. 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.

Is PayPal growing in China?

Regardless, PayPal and other e-payment methods have observed a rapid growth in China’s booming economy and continue to diversify day by day. Today, China has emerged as a leader of the global wireless payment trend, with a mobile payment volume of 12.77 trillion USD.

What will PayPal do with Alipay and WeChat Pay?

PayPal declined to comment. In taking full control of one of the smaller players in the world’s largest payment market, PayPal will compete with domestic payments giants Alipay, owned by Alibaba-affiliated Ant Group, and WeChat Pay, owned by Tencent Holdings Ltd, as China fully opens up its financial sector.

Why do Chinese emigrants use WeChat and Alipay?

Another reason that WeChat and AliPay have been trying to establish a presence in other countries is that it will offer a more streamlined system for Chinese citizens living abroad. They enable Chinese emigrants to send and receive money from their friends and families living in China.