How? By tapping into the credit card service used by China shoppers.
Opening up further EU access to cross-border trade with the Chinese B2C e-commerce market (valued at US$1,030 billion) will soon be a reality due to the partnership between local-payments platform PPRO and China credit card services giant UnionPay International.
The relationship will provide PPRO’s payment service providers and their merchants in Europe the ability to accept e-commerce payment from the hundreds of millions of shoppers who use UnionPay as their preferred payment method.
With the addition of UnionPay, PPRO’s offering is now one of the most comprehensive offerings for payment services providers and other merchant acquirers in the market: it covers acquiring, processing and funds collection all under one contract, one integration and one settlement.
PPRO supports processing and settlement for UnionPay in 11 currencies. Customers benefit from faster on-boarding, transaction settlements and funds collection, refunds and improved conversion rates. PPRO will now be able to take full end-to-end management of UnionPay to market, offering better support and higher security.
Jack Ehlers, Director of Product, Payment Networks, and Business Development at PPRO, commented: “The Chinese e-commerce market is growing at a rate of 19% a year on average, representing a huge opportunity for international merchants. With an average spend of US$1,934.72 a year per consumer, merchants can’t afford to ignore the Chinese e-commerce market any longer. Through PPRO’s new partnership with UnionPay International, it is now easier than ever for EU merchants who sell internationally to take their first step selling to Chinese consumers.”
Wei Zhihong, Market Director from UnionPay International and Head of UnionPay International Europe, added: “We’re excited to open up a world of opportunity and choice of products to Chinese consumers as well as many consumers from other parts of the world. Through the partnership with PPRO, our customers can now shop securely and confidently with international merchants, and with a payment method they are accustomed to. We believe this will also bring more opportunities to merchants.”