Payza Opens Online Payment Platform to Chinese Market

Payza users in China can now use Chinese Yuan for global online transactions, added to their e-wallets via WeChat, UnionPay or ePayLinks

Payza announced that Payza members in China can now load their Payza e-wallets using popular local options WeChat, UnionPay, and ePayLinks. Chinese Payza members can also perform online transactions in Chinese Yuan Renminbi (CYR).

The company has offered basic services in China since 2012, however, this is the first of several targeted initiatives being developed by Payza to support the country’s growing e-commerce landscape. Chinese Yuan Renminbi deposits are processed within 2 business days for a 5% fee. These new deposit options aim to meet the daily e-commerce needs of shoppers in China.

“This is the fourth specialty deposit option Payza has launched this year, following Boleto in Brazil, Oxxo in Mexico, and Paysafecard deposits, which are available in over 40 countries” explained Firoz Patel, Global Executive VP for Payza. “We are committed to delivering local deposit and withdrawal options specific to our customers’ preferred method by region and these new services in China are an important step in that direction.”

According to a recent report by China’s National Bureau of Statistics, the Chinese e-commerce market growth rate increased by 26.2% in 2016. China’s growing middle class, already equal in size to the entire U.S. population, is keen for premium quality foreign products. By 2020, at least a quarter of the population will be shopping directly on foreign-based e-commerce sites or through third-party cross-border retailers.

Payza’s new deposit options for Chinese members are expected to strengthen both domestic and cross-border e-commerce; and are aligned with the platform’s initiative to offer targeted local currency initiatives to key markets such as in India, Bangladesh, Mexico and Brazil.