PayPal will purchase 70% of the equity in Beijing-based GoPay (Guofubao Information Technology), a payment service provider (PSP). The People’s Bank of China (PBOC) has approved the transaction, which PayPal negotiated through its subsidiary Yinbaobao Information Technology. Terms of the transaction, which is expected to close before the end of the year, were not disclosed. GoPay is a small company that holds a license to process online and mobile payments and to issue UnionPay brand debit cards denominated in renminbi. PayPal joins France-based Edenred and Sodex as foreign companies that...