In recent months, international payment provider ECommPay has widened its global reach and diversified its portfolio of alternative payment methods to feature China’s premier payment network. Accepted in 114 countries worldwide and boasting 2,7 billion bankcards in circulation, China UnionPay now comprises more than 10% of all ECommPay’s bankcard and payment system processing.
The Chinese population alone makes up 21,97% of the world’s Internet users, and online services are proving immensely popular. Chinese consumers comprise the fastest growing marketplace for the majority of e-Commerce divisions: retail, gaming, travel, and more. E-Commerce sales have grown at an astounding rate, up 42,25% from USD 703 billion in 2010 to a projected USD 1 trillion by 2019. These sales are not limited to local service providers – in 2014, the trade value of foreign products purchased online reached USD 16.3 billion.
ECommPay established its Asian Division to enable clients to capitalise on China’s e-Commerce boom by widening the horizons of their business. The partnership between ECommPay and China’s domestic bankcard organisation allows merchants to accept payments from and facilitate payouts to UnionPay users quickly, conveniently, and securely. By connecting the preferred method of Chinese online shoppers, clients will expand their customer base, exploring new markets and offering their services more widely than ever before.