At LUUP we have invested heavily in developing payment solutions specific to China. We allow our customers to receive funds cross-border without the need for a local entity, and give a massive upgrade to their payment throughput too.
This e-wallet allows customers to top up using their debit card, or to connect their credit card and pay all approved merchants. Tencent, the owners of WeChat, have developed many ways for customers to pay using WeChat, including barcode scanning, QR codes and merchant specific app payments.
The e-wallet is the most popular online payment method in China, and it has been the world’s largest mobile and online payment platform since 2014. It works in a very similar way to WeChat Pay. When a customer buys using Alipay, the money is then held as escrow, and the seller receives the payment one the product has been confirmed as delivered.
Online Bank Transfer
This makes purchasing from your business accessible to anyone in China with a bank account or debit card. The majority of the Chinese population are familiar with this payment method, which usually involves an SMS verification. The interbank network, ACH, is operated by China Union Pay in real time. This means that the beneficiary is credited with the funds as soon as the customer has finished the online payment process.
Cross-border eCommerce is worth $300 billion and predicted to triple in the next two years. Recent research covering the US, the UK, Germany, Brazil, China, and Australia confirms the current size and huge upside of cross-border e-commerce.
“We are not your average processing company. And that’s a good thing.”