gmtlight Beijing time Oct. 1st, the US digital payment platform PayPal Holdings Inc has been approved by the people's Bank of China so that it can buy the controlling rights of domestic payment companies, which will make PayPal the first foreign investment institution to enter the Chinese payment service market.

What is Paypal?

PayPal is an international trade payment tool pursued by hundreds of millions of users worldwide. Instant payment, instant arrival, and full Chinese operation interface can easily ease cash through local banks in China, solve the problem of foreign trade collection, and help you successfully develop overseas business and win the world. PayPal can start accepting credit card payments immediately after registration. As an online payment service, PayPal is the fastest way to open your door to nearly 254 million users worldwide. The biggest benefit of PayPal is that registration is completely free! Set international popular credit cards, debit cards, electronic checks and other payment methods in one. Help buyers and sellers solve payment problems in various transaction processes. PayPal is a truly global payment platform. Its services range from more than 200 markets to more than 100 currencies. In cross-border transactions, nearly 70% of online cross-border buyers prefer to pay overseas purchases with PayPal.

On Monday, Guofubao announced that the people's Bank of China approved the application for change of the share price. Paypal will acquire a 70% stake in Guofubao and become the actual controller of Guofubao. Guofubao has licenses for mobile, online and cross-border RMB payment services.

So far, the transaction has not disclosed any financial terms. PayPal said the deal was expected to be completed in the fourth quarter of 2019.

It is reported that PayPal is a listed company of American Nasdaq (7805.154, -103.53, -1.31%) and is the world's leading third-party payment company. It covers more than 200 countries and regions, has more than 286 million active payment accounts and supports more than 100 currency transactions worldwide.

At the beginning of last year, the people's Bank of China announced the opening of the domestic market to third foreign electronic payment companies, which aims to promote competition in the retail payment industry.

There are Alipay and Wechat payments in China, and paypal entry into China makes consumers have another choice. In the process of GMTLIGHT import and export trade, PayPal payment is often used. After entering China,PayPal should further improve and strengthen its services, I think. Said by Mr. Niu in gmtlight.