Payments giant PayPal has acquired a 70% stake in China-based payment gateway GoPay.
The value of the transaction was not disclosed.
Following the completion of this deal, PayPal will become the first foreign payments platform licenced to provide digital payment services in China.
GoPay is a payment gateway which enables access a variety of online payment methods including debit cards, credit cards, e-wallets and bank transfers.
PayPal president and CEO Dan Schulman said, “We’re pleased to complete this historic transaction, which enables us to broaden our participation in such a dynamic market.
“This important step will allow us to be a stronger partner to Chinese financial institutions and technology platforms. We look forward to contributing to the growth of China’s e-commerce and payments ecosystem.”
PayPal recently completed the $4bn acquisition of Honey Science Corporation, a shopping and rewards platform. The company, which was founded in 2012, helps online shoppers find savings through promocodes, offers and vouchers.
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