The introduction of electronic payment gateways in China and the development of payment services is one of the most important e-commerce and e-marketing strategies in China, to make it easier for customers to transfer money over the Internet to maximize sales
China’s e-payment technology is at the forefront of the world and this technology will lead the development of financial services sectors across the Internet and technological and financial services and information and communication technology in China to lead the world
The Most important Payment Gateways in China
The most widely used electronic payment platform in China. Alipay is part of the Alibaba group, working in more than 180 financial institutions to provide payment services to e-commerce platforms.
Features of Alipay
A large number of traders use Alipay as the only payment option accepted by Tmall and Taobao, two giant e-commerce platforms.
Alipay is also a stand-alone application, making it a safer service than TenPay. Alipay deducts the payment from the buyer’s Alipay account in RMB currency and settles the payment to your account in the selected currency.
Supported currencies: USD, EUR, JPY, GBP, CAD, AUD, SGD, CHF, SEK, DKK, NOK, NZD, THB.
TenPay is Tencent’s online payment platform with more than 200 million individual users and over 400,000 users, as it is integrated with WeChat and QQ Wallet, WeChat Wallet.
Features of Tenpay
TenPay is associated with the customer’s official WeChat account, which allows viewers to pay directly in applications.
WeChat Payers prefer how easy it is to use small money transfers like one yuan. TenPay launched a new platform for merchants and service providers, allowing them to settle TenPay for their own websites.
TenPay deducts the amount paid from the buyer’s account in real time in RMB and settles the payment to your account in the selected currency.
Supported currencies: GBP, HKD, USD, JPY, CAD, AUD, EUR, NZD, KRW, THB, SGD, RUB
China favors pay-outs such as Alipay or TenPay to link their bank accounts and mobile phones, after the rapid growth of mobile phone technology.
UnionPay Online Payment (UPOP)
UnionPay is one of the electronic payment gateways in China and is an integrated platform for financial transactions and online payment methods.
Advantages of UnionPay Gateway
The first service has pre-authorization in China’s financial level for secured transactions.
The system is deployed in more than 150 countries around the world and deals with one billion credit cards and discounts online.
UnionPay is the only payment option for Chinese passenger traders or entrepreneurs dealing in the Chinese consumer market. It also allows its customers to shop online.
UnionPay is the most widely used payment gateway in China, where it deals with most bank cards and credit cards, distinguishing them from other payment gateways.
With the development of electronic payment system in the world, the competition becomes fierce among international companies such as Google, Facebook, and Amazon
And others, where each of them seeks to provide services to pay unique features to distinguish him from others, which increases the proportion of sales.