PayPal's Application Is Still Under Review
PayPal subsidiary company of E-bays, which allows payments and money transfer through internet, still needs to get approval from the Chinese Government. In China, People's Bank of China provides the approval for the third party payment companies. According to China Daily, by Jan 8, total of 223 companies received the approval from People Bank of China.
PayPal Inc. is still not getting approval from People’s Bank of China, Which submitted its application in 2011. China Daily says, among Chinese consumers, popularity of online payment service system is growing rapidly. And most dominant companies are Alipay (the online payment arm of Country’s e-commerce giant Alibaba Group Holding Ltd.) and Tenpay (the online payment arm of Tencent Holdings Ltd). The combined account holders of these two company has reached more than one billion. Alipay had more than 800 million registered accounts by the end of April and Tenpay had 200 million accounts.
Paypal is struggling hard to get approval. And its application is still under review. When it get approval from World Second Largest Economy, still not certain.