This means an extra addition to its current payment acceptance choices of UnionPay, AliPay and all other major payment methods in China for online transactions so that global merchants can accept a wide range of local payment methods that are most popular with China’s ecommerce retail consumers.
NTT DATA’s Global Payment Hub also offers an offshore settlement service for UnionPay card online transactions, helping global merchants to better manage foreign exchange exposure. The service allows merchants outside of China to receive transaction settlement funds outside of the country without having to set up a domestic business entity in China.
Merchants with the need to pay suppliers in China will benefit from receiving settlement funds in the same currency as the Renminbi-denominated transactions to reduce multiple foreign exchange conversions. NTT DATA’s Global Payment Hub can facilitate these payments directly to suppliers for the merchants.
It was projected that 291 million online shoppers in China will spend USD 160 billion on cross-border ecommerce by 2020 – almost doubling the figures estimated for 2016. By 2020, a quarter of the Chinese population or about more than half of all digital buyers will be making online purchases from abroad.
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