Half a year ago we heard Chinese authorities planned to allow independent payments services to process online payments for cross-border e-commerce transactions. Now seventeen e-payments services have been authorized by Chinese State Foreign Exchange Administration to join the trial program (in Chinese).
The seventeen are located in five regions, Shanghai, Beijing, Chongqing, Shenzhen and Zhejiang province. Major players in e-payment sector, Alipay, Tenpay, UnionPay, Shengpay and 99bill are included.
But it’s not that they can conduct all kinds of payments. Tenpay, the payments service of Tencent, is allowed to conduct payments for goods trading, air ticket purchases and hotels. Alipay is allowed to conduct one more category of payments, tuition fees.
Start your free trial now.
Get instant access to all our premium content, archives, newsletters, and online community.
Monthly Membership
Yearly Membership
What you get
Full access to all premium content and our full archives
Members'-only newsletters
Preferential access and discounts to all TechNode events
Direct access to the TechNode newsroom
Start your free trial now.
Get instant access to all our premium content, archives, newsletters, and online community.