German payment processor Wirecard has secured entry into China’s lucrative digital payments market by snapping up a local provider.
The company sidestepped the need to navigate Beijing’s murky licensing process for foreign providers by acquiring AllScore Payment Service Co., which it said already holds an “attractive licence portfolio”.
Foreign providers have scrambled for a scrap of China’s $29trn digital payments market — which is currently dominated by Ant Financial’s Alipay and Tencent’s WeChat Pay — after the People’s Bank of China eased foreign ownership rules last year.
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