WHOA..!!! 1st Foreign Firm to Enter China Online Payment

Source: JobTube, GuangzhouDaily, Reuters, Majdi. 

U.S. digital money transfer platform PayPal has obtained China's approval to buy a controlling majority stake of 70% in a domestic payments firm, making PayPal the first foreign firm to enter Chinas payment services market.

Gopay Information Technology, PayPals acquisition target, has received approval from Chinas central bank to sell a 70% stake to PayPal, both companies said on Monday.

Gopay has licenses for mobile, online and cross-border yuan payment services, the Chinese company said in its statement.