WorldPay teams up with UnionPay to open up ecommerce in China
The popular phrase “the Chinese are coming” refers to the beginning of an era where affluent Chinese flood the world with their newfound disposable income. Soon or even now, it should be changed “the world is coming to China”, this is as international retailers are flocking to China to sell directly to consumers in the country. Reported in Inside Retail Asia, “China’s fast-growing cashed-up middle class is fuelling a boom in online retailing with eCommerce sales up 66 per cent in 2011”. With such lucrative demand already existing in China, it’s without a doubt that online payments processor WorldPay has teamed up with China’s UnionPay to provide Chinese consumers with more options to carry out the country’s soon-to-be national hobby – online shopping.
With this partnership in place, it is expected that there will be a strong influx of international retailers looking at launching their e-commerce business in China. The ‘payments marriage’ between WorldPay and UnionPay allow Chinese consumers to pay for their online purchases without having to own a western brand credit card. (FYI: The credit card market is still locked in stifling regulations, although major credit card companies are active in their attempts to change that situation.)
Recent industry research concluded that online sales in China in 2011 totalled 780 billion yuan, or (US$125 billion). With 500 million internet users in China, the outlook for ecommerce to take flight in China is certainly bullish!
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