In contrast to western markets where credit/debit card payments are the norm, payment patterns and preferences in the Chinese market are strongly towards mobile payment platforms, primarily Alipay and WeChat pay.
In addition to these payment platforms, we also provide credit/debit card payment via Visa, Mastercard and UnionPay.
We handle the entire payment gateway process, providing you with access to favourable rates due to volume discounts and a centralised counterparty with an established track record and risk profile.
Payment is taken in foreign currency as selected by the customer and converted into sterling at the point of sale in order to avoid currency risk.
Credit/debit card fraud is a significant challenge to international ecommerce, which typically faces a much higher fraud risk profile when compared to domestic sales.
Using best-in-class detection tools and processes, we analyse transactions for fraud risk. We typically eliminate over 98% of fraudulent transactions before the transaction is processed, and follow up high-risk orders individually to determine the transaction validity.
We act as the financial counterparty to the sale and bear the cost of any clawback from credit/debit payment gateways, leaving you with no exposure to fraud risk.
With less than 40% of Chinese population owning a debit or credit card, and with credit/debit payments making up only a third of purchases by transaction value, mobile payment gateways have leapfrogged credit/debit card transactions as the primary non-cash payment method for Chinese consumers.
With a combined domestic market share of over 90%, Alipay and WeChat pay are the two most important Chinese payment systems and virtually no online Chinese consumers are left without the ability to pay via these gateways. Paypal has a low market share in China but is a popular payment gateway amongst non-domestic Chinese customers around the world.
Although less popular than mobile payment systems, many Chinese consumers do use credit and debit cards.
Within China this is currently restricted to UnionPay, operated by the People’s Bank of China, while non-domestic Chinese consumers will use western cards including Visa and Mastercard.