Payza, a global online payment platform, announced Thursday (April 27) that Payza members in China can now load their Payza eWallets using WeChat, UnionPay and ePayLinks. Chinese Payza members can also perform online transactions in Chinese Yuan Renminbi (CYR).
In a press release, Payza said that while it has offered basic services in China for nearly five years now, this is the first of several targeted initiatives being developed by Payza to support the country’s growing eCommerce landscape.
Chinese Yuan Renminbi deposits are processed within two business days for a 5 percent fee, said Payza, noting these new deposit options aim to meet the daily eCommerce needs of shoppers in China.
“This is the fourth specialty deposit option Payza has launched this year, following Boleto in Brazil, Oxxo in Mexico and Paysafecard deposits, which are available in over 40 countries” explained Firoz Patel, global executive VP for Payza, in the press release. “We are committed to delivering local deposit and withdrawal options specific to our customers’ preferred method by region, and these new services in China are an important step in that direction.”
Citing a report by China’s National Bureau of Statistics, Payza said the Chinese eCommerce market growth rate increased by 26.2 percent in 2016, and that China’s growing middle class, already equal in size to the entire U.S. population, is looking for premium quality foreign products. By 2020, at least a quarter of the population will be shopping directly on foreign-based eCommerce sites or through third-party, cross-border retailers, Payza said in the press release.
The online payment platform company went on to say that its new deposit options for Chinese members are expected to strengthen both domestic and cross-border eCommerce, aligning with the platform’s plan to offer targeted local currency initiatives to key markets, such as in India, Bangladesh, Mexico and Brazil.