China Payment Services (CPS) has announced the release of a new international Renminbi online payment service a week out from being a sponsor at eTail China, an international eCommerce conference being held in Shanghai from September 20 - 21. As the number of Internet users in China approaches 500 million, many International online retailers have expressed their desire to grow their sales within or to China. CPS will enable these merchants to securely and reliably accept online payments in China, from China UnionPay cardholders. Nearly 30% of the world’s payment cards display the UnionPay mark.
Until now, the challenge faced by international merchants trying to sell to Chinese customers, was the inability to accept payments in Renminbi, the official currency of the People’s Republic of China. Damien Gough, Vice President of CPS said today “we are pleased to be in a position to officially offer online merchants, the ability to accept payments from Chinese customers in Renminbi. Through our new cross border online payment facility, Chinese customers can now pay foreign merchants using their China issued UnionPay debit cards and credit cards, whilst the merchants can choose to be settled in a range of major currencies including the US Dollar, British Pound, or Euro.”
Mr Gough went on to say “most online retailers around the world do not currently accept China UnionPay cards online. Given that there are now more UnionPay cards issued worldwide than other major cards, we are very excited about helping online retailers accept this rapidly growing card type.”
Tony Trimboli the Chairman of Payment Network International said, “we are very pleased to be helping grow cross border ecommerce with China. Our new China payment products and sponsorship of events such as eTail China, affirm our commitment to support and develop China’s exciting eCommerce and online payments market.”