SAN JOSE, Calif., Dec. 19, 2019 /PRNewswire/ -- PayPal
Holdings, Inc. (NASDAQ: PYPL) announced today that it has completed
its acquisition of a 70% equity interest in Guofubao Information
Technology Co., Ltd. (GoPay), following approval of the transaction
by the People's Bank of China on
September 30. With the close of the
deal, PayPal is the first foreign payments platform licensed
to provide online payment services in China.
"We're pleased to complete this historic transaction, which
enables us to broaden our participation in such a dynamic market,"
said Dan Schulman, president and
CEO, PayPal. "This important step will allow us to be a stronger
partner to Chinese financial institutions and technology platforms.
We look forward to contributing to the growth of China's e-commerce and payments
ecosystem."
About PayPal
PayPal has remained at the forefront of
the digital payment revolution for more than 20 years. By
leveraging technology to make financial services and commerce more
convenient, affordable, and secure, the PayPal platform is
empowering 300 million consumers and merchants in more than 200
markets to join and thrive in the global economy. For more
information, visit paypal.com.
Forward-Looking Statements
This announcement contains
"forward-looking" statements within the meaning of applicable
securities laws. Forward-looking statements and information relate
to future events and future performance and reflect PayPal's
expectations regarding the impact of this transaction on PayPal's
and GoPay's financial and operating results and business, the
operation and management of GoPay after the acquisition.
Forward-looking statements may be identified by words such as
"seek", "believe", "plan", "estimate", "anticipate", expect",
"intend", and statements that an event or result "may", "will",
"should", "could", or "might" occur or be achieved and any other
similar expressions.
Forward-looking statements involve risks and uncertainties which
may cause actual results to differ materially from the statements
made, and, accordingly, readers should not place undue reliance on
forward-looking statements and information. Factors that could
cause or contribute to such differences include, but are not
limited to, the reaction to the transaction of GoPay's customers
and business partners, the reaction of competitors to the
transaction, the retention of GoPay's employees, PayPal's plans for
GoPay, including the possibility that integration may be more
difficult than expected, and the future growth of PayPal's and
GoPay's businesses. More information about these and other factors
can be found in PayPal Holdings, Inc.'s most recent Annual Report
on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on
Form 8-K and other filings with the Securities and Exchange
Commission (the "SEC"), and its future filings with the SEC.
PayPal expressly disclaims any obligation or undertaking to
disseminate any updates or revisions to any forward-looking
statements contained herein to reflect any change in the
expectations with regard thereto or any change in events,
conditions or circumstances on which any such statement is
based.
Contacts
PayPal Holdings, Inc.
PayPal Investor Relations
Gabrielle Rabinovitch
grabinovitch@paypal.com
or
PayPal Media Relations
Josh Criscoe, +1 646-667-5065
jcriscoe@paypal.com
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SOURCE PayPal Holdings, Inc.