Mozido’s PayEase Platform Opens China/Russia X-Border Commerce

A new service from a Mozido affiliate is breaking down payments borders between China and Russia.

It was announced today (Sept. 14) that TradeEase, a platform created by PayEase, has launched to enable cross-border B2C eCommerce payments between China and Russia for the first time ever.

TradeEase, which is localized and customizable for merchants, enables those in Russia to sell through eCommerce sites to consumers in China, who pay using local credit cards, debit cards or bank accounts, and vice versa. The platform features an offline-to-online (O2O) capability that provides a physical location where consumers in one of the two countries can shop at merchants in the other.

Mozido expects that 200 online merchants in China will begin using TradeEase today, with 800 of the country’s eCommerce businesses participating by the end of 2015. On the Russian side, Mozido prognosticates that 100,000 consumers in that region will be active on the TradeEase platform during the first three months of its availability, growing to 1 million within a year’s time.

A primary partner in the new venture on the Russian consumer end is payment processing company Yandex.Money, which will allow buyers to pay for goods purchased through TradeEase with their mobile wallet or bankcard. Banking partners include the Bank of China, which will provide ruble-to-RMB FX conversion, and the Suifenhe government, which will subsidize promotions for TradeEase in both China and Russia.

“We developed the TradeEase platform in response to a growing need to bring frictionless eCommerce payments between China and Russia, and we are excited to expand on opportunities for trade and commerce between the countries,” said Kino Kwok, executive vice president of operations and business development at PayEase, in a press release. “We look forward to further developing these relationships to foster growth between the nations.”

“The potential for economic development within China and Russia has never been more evident,” added Ron Hynes, executive vice president and head of global markets, in the release. “At Mozido, we’re proud to be establishing our foothold in these growing regions by enabling the first ever cross-border O2O commerce between the countries.”

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The pressure on banks to modernize their payments capabilities to support initiatives such as ISO 20022 and instant/real time payments has been exacerbated by the emergence of COVID-19 and the compelling need to quickly scale operations due to the rapid growth of contactless payments, and subsequent increase in digitization. Given this new normal, the need for agility and optimization across the payments processing value chain is imperative.

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