Global payment platform, PayPal Holding Inc's invasion of the Chinese market saw the company become the first foreign operator to gain 100% control of a payment platform in China. This is evidenced by recent data coming from the Chinese government as the US firm takes giant strides to solidify its position in the fast-growing and fast-growing online payments market. 
PayPal completed its takeover of payment platform GoPay last year, buying the remaining 30%, according to shareholders in the National Business Credit Advertising System.
The financial details of the deal were not disclosed in the data. The purchase came a year after PayPal acquired the original 70% stake in GoPay for an undisclosed amount, making it the first foreign company to gain such ownership and license to provide online payment services in China.
At this point, PayPal has yet to make an official statement on the matter, as it declined to comment.
How does this affect PayPal
The implication is that the full control of the company, albeit small, in the Chinese payments market is that PayPal must compete with domestic heavyweights such as Alipay and WeChat Pay the world's largest payments market as it infiltrates China's ever-expanding financial system.
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The purchase was the result of a targeted government policy to ensure a level playing field for all players and Beijing's actions to prevent monopoly in any sector of the economy.
PayPal appointed Hannah Qiu as head of Chinese business in August 2020, and she is responsible for formulating a long-term strategy that will help the company gain a foothold in the Chinese economy. Qiu is the former head of the fintech division of the insurer Ping An Group OneConnect.
PayPal will focus on providing cross-border payment solutions for Chinese businesses, merchants and consumers, leveraging its global network to deliver seamless services to its Chinese customers. PayPal has been downsized as there are several big names in this segment of the payment market as well.
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( source)
