Chinese e-commerce firm EachNet.com, which was once owned by eBay, has recently announced that it will cease website operations at 24:00 on August 12, due to the adjustment of its operation strategy.
Following U.S. digital money transfer platform PayPal’s acquisition of Chinese licensed payment company GoPay in 2019, PayPal made another move to hold the full equity of GoPay today.
PayPal has completed its acquisition of a 70% equity stake in GoPay, making PayPal the first foreign payment platform to provide online payment services in China.
A lot of you may wonder, why China excels so much in payments given that it is still an emerging country.
PayPal has been negotiating incessantly with Chinese regulators for the past four years to obtain a payment license to enter the large market, as The Paper reported on August 10.