Share this on Twitter Share this on Facebook Share this on LinkedIn Share this on Sina Weibo Share this on Wechat Share this on LinkedIn The PayPal logo is seen at a high-tech park in Beersheba, southern Israel. Credit: REUTERS/Amir Cohen Last December, the financial services giant Paypal finalized a deal that allows the American company to formally enter China’s fast-growing mobile payments market, which is now dominated by home grown behemoths WeChat Pay and Alipay. China had long promised to open up the market to foreign competition, and Paypal became the first foreign firm licensed to provide digital payment services in China by acquiring a 70 percent stake in GoPay, a domestic Chinese payments company with a license to conduct mobile, online, and cross-border payment services. Now, the company — which trades on the Nasdaq and is valued at close to $150 billion — gets a crack at a market that has been experiencing explosive growth. According to a report by McKinsey, the consulting firm, mobile payment transactions in China grew at an astronomical rate between 2013 and 2018 and reached $600 billion in payments revenue, making it the world leader in digital transactions. Two other foreign mSubscribe or login to read the rest. Subscribers get full access to: Exclusive longform investigative journalism, Q&As, news and analysis, and data on Chinese business elites and corporations. We publish China scoops you won't find anywhere else. A weekly curated reading list on China from David Barboza, Pulitzer Prize-winning former Shanghai correspondent for The New York Times. A daily roundup of China finance, business and economics headlines. We offer discounts for groups, institutions and students. Go to our Subscriptions page for details.