Popular Online Payment Service Providers in China

E-Commerce is growing steadily in the Asian countries especially in China, India, Singapore and a few other countries. Nowadays, Asian businesses are working jointly with local as well as international payment gateways. Moreover, the market in the main Asian countries is growing with a potential to expand further; so, payments made by credit cards are being accepted by many payment gateways. In China, online payment service providers are helping businesses to accept online payments.

China Payment Services

Recently, in China, e-commerce payments have changed radically. This is due to the transformation in the online purchasing trends of the Chinese people and development in the online payment business. Moreover, with increased consumer spending using online electronic tools, the online payment solution in China has developed rapidly including a leap into mobile devices. It is not only the Chinese who are exploiting the advantages in the e-commerce market, but also foreign individuals. The popular platforms for online payments include Alipay, Tenpay, 99 Bill, Kalaka, China Mobile and others in order of importance. Alipay is widely used and the best combination is this platform together with Union Pay.

Selecting a Payment Solution

An e-commerce owner knows that choosing the right online platforms can impact sales as well as profitability. Hence, it is significant to select the right online payment solution in China. Firstly, you should have a firm in the country in order to select a platform; otherwise, you are restricted to only Alipay & PayPal. Other payment providers ask for a valid ICP license. So, if you want a payment platform other than the ones mentioned and you do not own a company in China, you should have an account with the payment platform and also an account with a Chinese bank. Another important point is to know what your prospective customers in China think. Essentially, Chinese online shoppers have little trust in online payments. This is why; escrow services are offered by providers.

Payment Services Online

Electronic payment solution in China has developed greatly as the number of people buying things online has increased. However, international credit-cards are quite rare in the country; instead the Chinese trust the local Union Pay credit card. COD and E-wallets are the other preferred methods of payment. Besides the two most popular online platforms, a few others are favoured in some situations. For instance, China PnR is particularly used for prepaid and phone call payments while CnCard is generally used in online lottery and game payments. China PnR, a 3rd-party payment undertaking offers customised payments to industries. Yee Pay, Beijing-based online service provider ismainlyfor tourists, e-tickets and payments for digital content. Huanxun IPS and PayEase are the other popular ones.

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