John Donahoe, CEO of eBay’s, says his company’s PayPal subsidiary will be the first foreign operator to secure a payments license in China, Reuters reports. Donahoe noted that he sees encouraging signs that this will come to pass, but was quick to downplay how quickly the business will expand to this new market.
“I am confident that PayPal will be the first non-domestic company to get a payments license in China,” Donahoe said. “That could be in three months or five years.”
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Observers say that even if PayPal achieves this milestone, questions will remain, such as whether PayPal will need a Chinese partner to operate in the country.
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