OKPAY, an European online payments company, now sees about 20% of its customers from China. The company thus has decided to make the China market their priority.
OKPAY facilitates online payments or money transfers through online banking, carrier billing, or third-party payments services such as cashU, Qiwi, DaoPay, SofortBanking, Fortumo, Mayzus FS, W1, Cash4WM and Sberbank. It supports both peer-to-peer money transfers and businesses and provides financial solutions for merchants of all kinds, from online product and service sellers to mobile app developers. The company also provides fully-fledged Bitcoin and Litecoin service for all types of payments methods, including subscription.
The company became popular in China when they started to work with Chinese Bitcoin exchanges, said CEO Konstantin Romanovsky. OKPAY has been working with OKcoin, one of China’s major Bitcoin exchanges, and have started to work with BitYes, another Chinese exchange service owned by Huobi. It is also in talks with BTCChina.
Currently most of its users in China are individuals. The company’s next step is therefore to work with more Chinese businesses. Since there are a large number of Chinese online sellers, OKPAY hopes to connect them to overseas markets, especially in Europe where OKPAY has a strong presence – registered in the UK, they also have Europeans offices in Russia, Czech Republic and Cyprus. Beyond that, the company has representatives in Latin America, Africa and the Middle East. At the moment OKPAY is developing a platform for sellers and buyers to make the process even easier for both businesses and consumers.
To attract more Chinese users, OKPAY maintains a Chinese version of its website and services (including account verification), and has Chinese staff in its customer service team. Chinese documents are accepted without requiring a certified translation, so verification of an OKPAY account is as easy for Chinese customers as it is in domestic services. Currently there’s a project for Chinese users that they can order an OKPAY credit card with a mailing service delivery cost refund until the end of December 2014. It’s a MasterCard, so can be used on most Chinese online services like Alibaba’s marketplaces.
OKPAY say they pay closest attention to security and encourage customers to use their newly implemented two-factor authentication to protect their accounts from fraud. Other security options, such as PIN-codes sent via e-mail or SMS and IP-protection, are also available. All these options as well as account registration and verification are free.