By the end of this year, Chinese online shoppers will have a new way to buy things from abroad: PayPal.
Despite the tensions between Beijing and Washington, China’s central bank has allowed the US company to take a toehold in the country’s valuable payments market by buying a majority stake of Chinese payments group Gopay.
The move means PayPal is the only foreign company to hold licences to provide domestic and cross-border web and mobile payment services in China, where Rmb277tn ($39tn) of mobile payments were made last year, according to the People’s Bank of China.
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