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China

Leading payment service providers in China

Read below about payment service provides, online payments and payment gateway services in China

Detailed information to be found in the Cross-border Ecommerce Country Report- China

Find out more about the most relevant payment service providers, payment gateway services and processors in China here.

Leading Payment Service Providers:

Alipay: Founded in 2004, Alipay is an affiliate of the Alibaba Group. In May 2011, Alipay acquired the license for third-party payment services issued by the People’s Bank of China that allows it to run businesses including online payment, mobile phone payment, prepaid card issuance and processing (top-up of real-name payment accounts only) and acquiring services. Alipay launched credit card payment services in 2010, which ushered in the convenient payment era. In 2011, Alipay was among the first batch of companies to obtain third-party payment licenses.
99Bill: Founded in 2005 and headquartered in Shanghai, 99Bill is an independent third-party payment company that acquired a third-party payment license issued by the People’s Bank of China in May 2011. The license allows it to operate online payments, mobile payments, landline payments, prepaid cards processing and acquiring services. In addition, 99Bill also obtained the license to manage funds. 99Bill focuses on providing liquid fund management solutions for companies and it closely integrates online business with offline business. 99Bill has a competitive edge in the insurance, retail chain and direct selling segments.
ChinaPnR: Founded in July 2006 and headquartered in Shanghai, ChinaPnR was the first payment company to obtain approval from the China Securities Regulatory Commission to provide payment services for online fund sales. ChinaPnR has positioned itself as a financial e-payment expert and has partnered with domestic commercial banks and international bank card organizations, focusing on financial payments and industry chain payments.
China UnionPay Merchant Services: UnionPay Merchant Services (“UMS”) is the largest merchant service operator in China. It is the commercial service arm for China UnionPay (which has a monopoly over the interchange used to link all member banks’ networks in order to process inter-banking transactions for domestic bankcards). The Company provides merchant services for debit and credit card transactions throughout China and establishes local interchanges that link local banks.
IPS: International Payment Solutions (Shanghai) Limited operates a third-party online payment platform for debit card acceptance in China. It offers credit card authorization transactions, customized IPS accounts, RMB cards, international cards, IM, telephone, mobile phone and WAP phone payment services as well as hotel booking and fund distribution services for small and medium-sized merchants.
Tenpay: Tenpay is the integrated payment platform launched by Tencent to meet the needs of its 1.1 billion QQ users (Tencent’s leading internet platform in China) and has grown into one of China’s leading online payment platforms.

Read the entire information (including sources) about payment service providers, online payments, payment gateways, processors in China in the downloadable country report.