Tencent Launches Cross-Border Payment Platform for E-Commerce Business

Chinese main tech participant Tencent just lately launched a cross-border fee platform named “Tenpay Global Business”, which supplies a one-stop answer for companies corresponding to world assortment, fee and trade for cross-border e-commerce sellers and e-commerce platforms, with a minimal withdrawal payment of 5/10,000.

“Tenpay Global Business” at present helps transactions in additional than 20 world currencies, and retailers can entry its companies by means of the corporate’s official web site and the account discovered on Tencent-backed social app Weixin. The service is allowed to conduct funds, overseas trade enterprise and cross-border RMB settlement in mainland China. It has additionally obtained a license as a cash service operator and saved worth facility license in Hong Kong, and a significant fee establishment license in Singapore.

Tencent‘s new platform has clear benefits in a number of main points that retailers are most involved about, corresponding to dealing with charges, arrival time and real-time trade charges, and has reached agreements with mainstream e-commerce platforms corresponding to Amazon, MercadoLibre and Cdiscount.

“The cross-border e-commerce market has a strong vitality and growth resilience. The extensive participation of small and micro merchants has provided a large number of jobs for young people.” Royal Chen, vice chairman of Tencent Financial Technology, stated, “We hope to help the cross-border e-commerce settlement channels to be further smoothed out and to contribute to the resumption of production of Chinese enterprises in the post-epidemic era.”

Since the outbreak in 2020, the dimensions of on-line buying world wide has surged. According to the General Administration of Customs in China, the import and export scale of cross-border e-commerce in China reached 1.98 trillion yuan ($288 billion) in 2021. iiMedia Research predicts that by 2024, the dimensions of cross-border e-commerce in China is predicted to succeed in 3 trillion yuan.

Since the lifting of strict epidemic prevention and management insurance policies in China on the finish of 2022, worldwide commerce and cross-border consumption have recovered strongly initially of 2023. According to China’s Administration of Immigration, through the seven-day Spring Festival vacation this yr, there have been greater than 2.87 million individuals leaving the nation for a visit or different causes, with a mean day by day variety of 410,000, a rise of 120.5% over the identical interval of final yr’s Spring Festival. In addition, the information from UnionPay International, a subsidiary of China UnionPay, exhibits that through the Spring Festival of 2023, the transaction quantity of home shoppers utilizing UnionPay playing cards at abroad ATMs and shops elevated by about 60%.

SEE ALSO: Firms Gear Up for China’s Return to Pre-Pandemic Business Travel

In phrases of coverage, in June 2022, the People’s Bank of China issued a discover, supporting home banks to cooperate with non-bank fee establishments and clearing establishments with authorized {qualifications} to supply cross-border RMB settlement companies.

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