PayPal Awaits Chinese License
Sept. 10, 2012
A report in China’s state-run online newspaper indicated late last week that PayPal has been enduring a long wait for its license to offer online payment services for domestic purchases within the country. The company’s general manger in China, Alan Tien, said PayPal submitted an application to the Peoples Bank of China for permission to operate nearly a year ago, but it remains unclear if or when the company will receive it.
Currently, PayPal generates revenue in China by providing payment services for e-commerce sites that export to other countries. According to the article, total payment volume processed by PayPal for export purchases in mainland China, Hong Kong and Taiwan reached $4.4 billion in 2010.