According to media reports, the licensed payment institution "Guofubao" has undergone industrial and commercial changes. Bank of America Information Technology (Shanghai) Co., Ltd., which is wholly owned by Pay Pal, has become a new shareholder, holding 30% of the shares. Guofutong Information Technology Development Co., Ltd. withdrew from the "clearance".
As early as 2065438+September 30, 2009, Pay Pal acquired 70% equity of Guofubao through Bank of America Information Technology (Shanghai) Co., Ltd. ..
In this way, Pay Pal completed the wholly-owned acquisition of Guofubao and successfully entered China through Guofubao.
Pay Pal is an international payment giant, covering more than 200 countries and regions, with more than 286 million active payment accounts, supporting more than 100 currency transactions worldwide.
Pay Pal was founded in 1998 and is headquartered in the United States. I think everyone knows the founder of Pay Pal. He is elon musk, the head of Tesla who makes rockets and electric cars.
In 2002, Pay Pal was acquired by Yi Bei, the world's largest auction website, and re-listed on 20 15. Now, the market value of Pay Pal has reached 286.9 billion dollars.
Pay Pal has always wanted to enter China. As early as 20 1 1, Pay Pal submitted the application documents for payment license to the People's Bank of China, hoping to become the first foreign company in China to obtain a third-party payment license.
Finally, Pay Pal did not directly obtain the payment license, but indirectly obtained the payment license of China with the help of Guofubao. Guofubao has also become the first wholly foreign-owned payment institution in China.
Guofubao has a long history. It used to be a payment institution under HNA and the third batch of third-party payment companies with payment licenses.
In 2065438+2008, HNA's performance and share price fell off a cliff, and the trillion-dollar HNA empire collapsed. In the same year, Guofubao was fined 46 million yuan by the central bank for disorderly opening of payment channels, ineffective anti-money laundering, lax review of merchants, retention of merchant data and misappropriation of reserve funds.
Guofubao is in a difficult situation because of poor management and huge fines. It urgently needs to find an acquirer. The following year, Pay Pal saved Guofubao. At that time, some media reported that Pay Pal had acquired the shares held by HNA Group.
Of course, we are more concerned about the impact of Pay Pal's entry into China than how it entered China.
Pay Pal, an international payment giant, came to China. Should Alipay and WeChat Pay Panic?
Let's look at a set of data first. In the second quarter of 2020, the market shares of Alipay, Tencent Finance and UnionPay were 49. 16%, 33.74% and 6.93% respectively, ranking in the top three, with a total market share of 89.83%.
At present, the third-party payment market is highly concentrated, Alipay and WeChat pay "duopoly", and UnionPay is a rising star, but it is still far behind.
In China, the pattern of third-party payment has not changed for a long time, and it is still unknown whether Pay Pal can "take a rain check".
Second, Pay Pal's wholly-owned Guofubao lacks the C-end foundation.
If it weren't for Pay Pal, few people might know about Guofubao. Guofubao's customers are concentrated in the B end. Guofubao once cooperated with P2P online lending platform, but it was caught in a thunderstorm of P2P, and Guofubao was caught in a business dilemma. Guofubao also has C-side business, but received many complaints from C-side, and finally Guofubao was fined by the central bank.
Guofubao has no C-end foundation, and PayPal's C-end foundation in China is even weaker. In recent years, in order to obtain C-end users, UnionPay has been doing publicity and promotion, but it only has a market share of 6%. You can imagine how difficult it is to get C-end users.
The big problem for Pay Pal is how to acquire C-end users in China.
Third, Pay Pal is an international company, and international companies will face localization problems.
American companies are natural international companies. Generally, they made their fortune in the United States, and then expanded their business to Canada, Western Europe and other countries, because these countries are not only economically developed, but also culturally similar, and do not need to do too much localization.
Then they will choose to expand the Asia-Pacific market, then South America and the Middle East, and finally Africa. However, the cultures in these places are very different from those in Europe and America, and it is difficult to localize them.
This is one of the main reasons why Pay Pal has more than 286 million active users in more than 200 countries. In contrast, Alipay's monthly activity has exceeded 700 million.
The localization method of Pay Pal is to choose local talents. After all, China people know China people best. In August, 2020, Pay Pal announced the appointment of Qiu Han as the head of business in China, who was fully responsible for the long-term development strategy in China.
According to the media, Pay Pal pricing is simple and clear, and only charges the seller. But for a long time, domestic third-party payment companies have been playing free cards and even subsidizing them, so Pay Pal is facing great competitive pressure.
The reason why Taobao can beat Pay Pal's boss Yi Bei is also a free magic weapon.
Ma Yun was full of confidence at that time. "If Yi Bei is a shark in the sea, I am a crocodile in the Yangtze River. Playing in the sea, I lost; Playing in the river, he lost. " Sure enough, Taobao won, and Yi Bei finally lost to China.
Now, Yi Bei's payment partners are making a comeback, facing a stronger Alipay. Although Pay Pal may not be able to stir up the payment market in China, if there is competition, the payment market will be more dynamic.
Fan Yifei, deputy governor of the People's Bank of China, once pointed out that it is necessary to achieve unified access standards and regulatory requirements for domestic and foreign payment institutions. This is conducive to creating a fair competitive market environment and deepening the opening level of the financial industry.
The CEO of Pay Pal hinted that Pay Pal would not compete with local payment giants in China market, but focus on cross-border payment.
Pay Pal is well aware of his advantages. Backed by the global e-commerce giant Yi Bei, it covers more than 200 countries and enjoys a high reputation overseas. Pay Pal is very suitable for cross-border payment.
Pay Pal has been cooperating with China Payment Company to carry out cross-border payment business, but it is restricted by many parties because it has no license. Now that Pay Pal has wholly acquired Guofubao, cross-border payment will be more convenient.
Consumers in China can buy goods through Pay Pal, and businesses in China can also sell goods through Pay Pal. Pay Pal hopes to acquire China users through cross-border payment.
In terms of cross-border payment, Pay Pal is undoubtedly the leader, but this market is still not as good as China's domestic market. However, as mentioned above, the overall situation of the local payment market in China has been fixed, and it is difficult for Pay Pal to gain a foothold in local payment in China if it does not change its competitive strategy.
No giant in China will surround Pay Pal. After all, the domestic payment competition has become fierce, and PayPal is still late!
Author: Pan