In a bid to develop its own payment services, Chinese ride hailing app Didi Chuxing has agreed to acquire third party payment services provider 19Pay, in a deal worth RMB300m ($45.4m).
19Pay is an indirect subsidiary of GoHigh Data Networks Technology. The board of GoHigh approved its subsidiary Gaoyang Jiexun Information Technology, the owner of 19Pay, to offload its stakes to Didi.
Didi make the acquisition through its subsidiary Shanghai Shiyuan Technology. The deal has secured the nod of People’s Bank of China, the Chinese central bank.
19Pay was set up in 2010 and received an internet payment business license two years later. The company currently supports various third party payment options including WeChat Pay and Alipay.