The Chinese government data has revealed that the PayPal Holding has become the first foreign operator with 100 percent control of a payment platform in China. Alongside, the US fintech giant eyes a larger foothold in a booming market for online payments.

The company has acquired about 30 percent stake and it doesn't already own in China's GoPay, formally known as Guofubao Information Technology on December 31, 2020, states the shareholder data from the National Enterprise Credit Information Publicity System.

However, the financial details has not been disclosed in the data revealed by the shareholder. The stake purchase has been obtained a year after PayPal bought a 70 percent stake in GoPay for an undisclosed amount then becoming the first foreign company licensed to provide online payment services in China.

The company would be taking a full control of one of the smaller players in the smaller players in the world's largest payment market. Furthermore, it would compete with domestic payments gaints Alipay that is owned by Alibaba-affiliated Ant Group and WeChat Pay that is owned by Tencent Holdings as China fully opens up its financial sector.

The stake purchase also comes amid Beijing's antimonopoly campaign against Alibaba Group Holding Ltd and other Internet companies.
Last August, PayPal appointed Hannah Qiu as head of China business, responsible for formulating long-term strategy in the world's second-biggest economy. Qiu was a former executive at insurer Ping An Group's fintech unit OneConnect, according to PayPal's website. But in that area, PayPal also faces the prospect of competition from Chinese companies.

PayPal said in its 2019 annual report its initial focus in China is to provide cross-border payment solutions to Chinese merchants and consumers, linking the country's commerce ecosystem to PayPal's global network.