Ingenico partners with Chinese payment companies to introduce a full suite of payment methods to expand its presence in China
Ingenico partners with payment service providers in China to support international ecommerce vendor (Credit: Ingenico)
Payments provider Ingenico Group has partnered with Alipay, WeChat Pay and UnionPay to introduce a full suite of payment methods for international ecommerce players in China.
The payment methods cater fully to the preferences of local consumers and will enable online businesses to gain access to one of the world’s major online markets.
By partnering with local mobile payment platforms, Ingenico expects to cater to 82% of the local Chinese population who are unique mobile users.
With Ingenico’s support, users can complete payment without leaving WeChat environment
Ingenico is claimed to be one of the first international payment service providers (PSPs) to support all use cases for WeChat Pay, including the capability to integrate into WeChat Official Accounts and Mini-Programs, offering a crucial advantage. It allows the 1.1 billion WeChat users to complete their purchase without having to leave the WeChat environment.
Ingenico offers upgraded Alipay integration for its customers, enabling businesses to reach the vast majority of online Chinese consumers, while allowing them to provide real-time payments on desktop and mobile devices.
Furthermore, by supporting UnionPay’s (UPI) SecurePay and ExpressPay solutions, Ingenico will help merchants to offer Chinese Yuan (CNY) to customers using UnionPay’s payment methods, which are crucial for conversion and customer experience.
Ingenico Group Global Online (Retail BU) senior vice-president Gabriel de Montessus said: “Our long-time presence and activity in China means that we are perfectly positioned to partner with merchants wanting to access the truly local consumer market. Our expertise here, combined with this new set of payment capabilities, will allow international merchants to reach Chinese consumers that were previously difficult to access.
“Our merchants will be able to offer all the relevant local Chinese payment methods in the local currency denomination as part of their digital experience, which will help increase conversion.”
Being the largest and the most dynamic ecommerce market in the world where new digital and mobile features are pioneered, China presents a huge opportunity for western businesses.
The country’s internet penetration is 57%, which in turn represents 25% of internet users worldwide. But, at the same time, it is also claimed to be a challenging market to operate in than many others, as the unique domestic ecommerce ecosystem often demands specific solutions tailored to local preferences.