With the agreement, GlobalCollect can now connect its client base of international ecommerce companies with the holders of 4.5 billion UnionPay cards, creating access to ecommerce markets across Asia and beyond.
According to the Global Impact of Chinese e-Commerce report, online cross-border shoppers are expected to spend USD 22.68 billion by 2014, an increase of more than 80% from 2013. Other rapidly growing sectors of the digital economy include travel, with digital travel sales in China expected to increase by 34.2% year over year to USD 8.72 billion in 2014, and gaming, with online game revenue in China forecasted to surpass USD 16.3 billion in 2014 and then exceed USD 32.5 billion in 2017.
GlobalCollect is a global payment service provider which processes international ecommerce payments for more than 600 of the world’s ecommerce brands in the digital goods and services, travel, retail and video gaming industries, among many others.
UnionPay International is a subsidiary of China UnionPay focused on the growth and support of UnionPay’s global business. In partnership with more than 300 institutions worldwide, UnionPay International has enabled card acceptance in over 140 countries with issuance in more than 30 countries.
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