Accepted in 114 countries worldwide and having 2,7 billion bankcards in circulation, China UnionPay now comprises more than 10% of all ECommPay’s bankcard and payment system processing. The Chinese population alone make up 21,97% of the world’s internet users, and online services are proving immensely popular.
Chinese consumers comprise the fastest growing marketplace for the majority of ecommerce divisions: retail, gaming, travel, and more. Ecommerce sales have grown to 42,25% from USD 703 billion in 2010 to a projected USD 1 trillion by 2019. These sales are not limited to local service providers, as in 2014, the trade value of foreign products purchased online reached USD 16.3 billion.
The partnership between ECommPay and China’s domestic bankcard organisation allows merchants to accept payments from and facilitate payouts to UnionPay users. By connecting the preferred method of Chinese online shoppers, clients will expand their customer base, exploring new markets and offering their services to more customers globally.
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