Credorax Partners with WeChat, Alibaba, and UnionPay
Leading smart payments provider and licensed bank becomes one of the first to provide critical processing capabilities to European merchants looking to sell to Chinese consumers
Credorax, the smart payments provider and licensed bank for cross-border eCommerce and omni-channel payments, announced today partnerships with WeChat, Alipay and UnionPay, making it one of the first acquirers to offer European merchants the ability to support payments from all three top Chinese mobile payment methods.
Between 2000 and 2018, the number of overseas trips taken by Chinese tourists increased from 10.5 million to a massive 149.7 million, and 11% of Chinese tourists travelled to Europe in 2018, a 5.1% increase from 2017. A recent survey by Nielsen also found that Chinese tourists spent on average €6,026 per person abroad in 2018; this is expected to rise to €6,706 in 2019, with nearly two thirds (65%) using a mobile payment while overseas. This trio of partnerships will enable European merchants working with Credorax to sell products and services to customers in China, as well as the growing number of Chinese tourists visiting Europe — an opportunity which cannot be underestimated.
Moshe Selfin, Chief Operations and Technology Officer, Credorax, stated: “There is no doubt that reaching Chinese consumers both within China and abroad has huge potential for merchants that want to grow their businesses. The key to accomplishing this will be to meet Chinese consumers wherever they are, offering them familiar payment methods that are easy and convenient. We’re excited to offer this capability to our merchants, which is sure to boost customer engagement and overall sales activity.”
Kelly Yuan, Country Manager, Greater China, Credorax, said: “Mobile plays a critical role in nearly every facet of daily life in China. Chinese consumers use apps like WeChat, Alipay and UnionPay Quick Pass to shop, order food, pay bills, send money to friends, buy tickets, order taxis and so much more. And when Chinese tourists go on holiday, they stay engaged with these platforms and want to keep paying with them, wherever they are in the world. Now that Credorax is one of the first acquirers covering all EU jurisdictions to process payments from WeChat Pay, Alipay and UnionPay QuickPass, we’re in a unique position to help European merchants offer Chinese tourists the mobile payments methods they use every day at home. In other words: ‘Credorax is the gateway to Chinese consumers.’”
These Chinese payment methods are only a part of the Credorax offering, which includes 140 local payment methods, as well as a host of other services, including remittance in your currency of choice, Smart 3DS, fraud and chargeback management tools, business intelligence and more.
To help merchants in Europe understand and effectively deploy the Chinese payment methods for their business, Credorax has produced a whitepaper detailing the opportunity for European businesses, how they can gain access to Chinese customers, and the key differences between WeChat Pay, Alipay and UnionPay QuickPass.
The guide, Removing Barriers: How Chinese Payment Methods are Bridging the Gap Between East and West can be downloaded for free here https://www.credorax.com/chinese_payment_methods/. For more information, contact a member of the Credorax team at: [email protected].