PayPal completes GoPay acquisition required to access Chinese market

GoPay Acquisition - Handshake - acquisition money

The American digital payment firm has now acquired a 70 percent equity stake. PayPal has now confirmed the completion of its GoPay acquisition. The American firm purchased a 70 percent equity stake in the Chinese Guofubao Information Technology company. This represents the first time a foreign payments platform will provide online pay services in China. Through the GoPay acquisition, PayPal will become the first company from outside of China to offer online payment services within the country. The purchase in the majority stake in the company didn’t come as a…

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QR code use in China may fall due to facial recognition technology

QR code use - woman looking at monitor

Quick response codes are widespread for authenticating mobile payments in the country. In China, QR code use for completing mobile payments is as commonplace as the use of traditional credit cards in the United States. However, this could quickly become a thing of the past as more companies look to biometrics such as facial and fingerprint recognition. Tech giants in the country, such as Tencent, are already looking into ways to use biometrics. Most people use mobile phones to complete non-cash payment transactions in China. QR code use is the…

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Alipay app for tourists: foreign visitors in China can now use popular mobile payments

Alipay app for tourists - Shanghai

Alipay and WeChat pay are widely used in China and now travelers to the country can use them, too. Taking a trip to mainland China? You might be glad to know that there is a WeChat pay and Alipay app for tourists now available. Alibaba and WeChat announced that travelers to the country will be able to link their international cards to their payment apps. This move will make it more convenient for tourists to buy goods in China. Prior to the roll out of these mobile payment options for…

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Beauty filters to be added to Alipay’s facial recognition payments system

Facial recognition payments - Woman with mobile phone

Alipay is catering to China’s beauty culture. Alipay, a Chinese third-party mobile and online payment platform, recently announced that it would soon add beautifying filters in its facial recognition payments systems at retail locations across China. A survey revealed that those who use facial scanning tech to make payments feel ugly when doing so. The announcement, which was made on July 2, comes after the results of a recent poll conducted by Sina Technology. The tech news portal surveyed over 40,000 people, who were asked if scanning their faces when…

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Digital QR code ID cards headed to China

QR code ID cards - ID Card

The country’s e-governance is using a combination of quick response codes and smartphones for identification. China is launching a new type of QR code ID cards for its citizens to use, provided they don’t mind a digital facial scan. This marketplace is known for the success of its mobile payments and m-commerce systems. The popularity of mobile payments has reached the point that it is driving the country forward into becoming cashless. This has been a goal for many nations around the world, but China is doing it successfully. It…

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