Payment methods in China: How China became a mobile-first nation

Shipping methods in China

Paying through mobile phones has become second nature for the majority of Chinese. By the end of 2021, around 903.6 million people utilized mobile payments in China, which equals roughly 64% of the overall population. In China’s largest cities, residents pay on average 80% of their monthly expenditures (roughly 5,000 Yuan) through mobile payment services, […]

PayPal officially entered China’ online payment market

PayPal

On September 30, 2019, the state-owned People’s Bank of China approved PayPal’s acquisition of the majority stake of GoPay (国付宝 Guofubao) – a company running third-party payment platform in China. PayPal acquired 70% of GoPay’s equity interest through its China-based subsidiary, MeiYinBao Information Technology (Shanghai) Co., Ltd. (美银宝信息技术上海有限公司), and became the actual controller of GoPay […]