DataCash Group, a MasterCard payments processing company, has integrated the Chinese Alipay online payment platform, which is used by 460,000 Chinese merchants, into its offering, opening up the internet retailing and supply market to international businesses.
The co-operation will enable DataCash merchants to accept payments made by Alipay users and to subsequently ship into China, having received payment, more easily and allows Chinese players to more easily engage with the international market.
International retailers can now access China’s growing online payments market, estimated at £80bn (US$125bn) in the last quarter, according to the iResearch Consulting Group, via the integrated payment solution.
China has over 193 million online shoppers compared to 170 million in the US, more than double the number in Japan and five times that of the UK. By 2015, the size of China’s e-commerce market is expected to rival that of the US, with e-commerce accounting for as much as 8% of the total Chinese retail market, according to the Boston Consultancy Group.
DataCash’s solution equips retailers outside of China with the ability to process transactions made via Alipay’s online payment service. The solution is fully integrated; removing the significant translation and integration costs associated with Chinese e-commerce integration and is also acquirer agnostic, say the partners.
The partnership should offer the following benefits:
- Real-time confirmation of payments.
- No local entity required; ability to facilitate master merchant agreemen
- No chargeback risk for merchants.
- Renminbi (RMB) payments converted into appropriate currency before the settlement.
- Multiple e-wallet funding options including credit/debit cards and bank transfers.
- Refunds supported.
- High reliability.
- A single consolidated solution -one integration, consistent reporting, one contract.
Ajay Bhalla, president at DataCash, said: “DataCash continues to grow its electronic and mobile commerce footprint opening the market for everyone, everywhere, on any device. In addition to our work with Alipay, we are growing DataCash and MasterCard’s relationship in Japan with Japan Credit Bureau [JCB]. These kinds of relationships are important for the growth of our payment processing business and increasing geographical footprint.”
SWIFT has announced that it has successfully completed the first phase of the global payments innovation (GPI) initiative pilot, clearing the way for the go-live of the service in early 2017.
The proposals of both US presidential candidates could shake up operating conditions in several sectors, reports the credit ratings agency.
The Danish shipping and oil conglomerate confirmed that it will separate its businesses into stand-alone transport and energy divisions.
The central bank has tweaked its stimulus programme and is making a fresh effort to push Japan’s inflation rate above its 2% target.