International Electronic Payment Giants accelerate entry to China

Although China's domestic renminbi clearing market is not yet fully open, the international giants in the payment industry are still paying enough attention to the world's fastest-growing e-commerce market. Following the introduction of visa checkout in other countries and regions, visa Company announced that Visa Checkout's online payment scheme was also introduced into China. This is the first time that visa has landed outside the developed world since it launched the online payment solution last year.

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Visa Checkout is an important part of the visa digital payment solution. According to the reporter understand, in the digital age, visa will focus on three major areas: one is near-field payments, which is usually referred to as contactless payment, and the other is remote payment, can be through mobile platform or Internet platform to pay; third, the development of more and more fast peer-to-peer (individual to individual) payment field. Visa Checkout is a remote payment area that can help consumers make purchases and payments easily via smartphones, PCs, tablets or other devices. To obtain visa Checkout, consumers need only secure entry of designated bank cards, merchandise delivery and payment information in their visa account, without having to re-enter similar information on the Internet. When consumers see the visa Checkout payment Option key, they simply login to their account, after clicking on the implementation of a key payment, complete the purchase.
Visa Checkout, which was launched in the US, Canada and Australia last July, now has more than 3 million registered users, with over 70% of the accounts already using visa checkout to complete the transaction, according to Visa data. "China is one of the largest and fastest-growing e-commerce markets in the world and has a huge growth potential," said Shangliang, Vice general manager and innovative product director at Visa China. Visa is delighted to be able to work with our domestic banking clients to promote visa Checkout to Chinese cardholders. "With China's launch of visa checkout, Visa also announced the cooperation with Merchants Bank (15.42-1.66%, inquiry) in this business--merchants bank credit card holders will be able to through the Merchant Bank exclusive page designated Web site, a visa checkout account.
China's mobile commerce volume reached 213 billion yuan in 2014, compared with the same period in 2013, with an annual growth rate of 115.5%, according to data from the China Mobile Internet market, published by Eric Consulting. The figure is expected to reach 1 trillion trillion yuan by 2018. This sizeable market capacity is of great appeal to the paying company. However, as China's domestic renminbi payment and clearing market is not fully open, international payment giants have chosen to seize the "cross-border purchase" the rapid growth of the opportunity to layout cross-border payment areas to seize market opportunities.
Another payment giant MasterCard International launched a digital payment scheme in 2013, which was introduced in China last March, MasterPass. At the beginning of this year, MasterCard also signed an agreement with BOC Financial Business Limited, a subsidiary of Bank of China (4.24-0.7%), to announce the introduction of BOC business into MasterPass Electronic payment platform service. According to the content of the agreement, by the BOC business to provide receipts and services in China E-commerce merchants can accept MasterPass-know-it-all cross-border payments, these E-commerce customers include Ctrip Travel network, Tai Lung network and Sichuan Airlines.
Last October, the State Council executive meeting decided to release the bank card clearing market, eligible domestic and foreign enterprises, can apply for the establishment of bank card clearing institutions in China. This is seen as a prelude to the opening of the domestic market by insiders. Earlier, there have been media reports, the central bank has the bank card clearing market access rules to the State Council, the program will explicitly include line and line across the transaction clearing rules, card issuing standards, account management standards, as well as the application for the establishment of card organization entry threshold. "Domestic emerging payment agencies, such as Alipay, have developed and innovated very quickly, but the international card organization has its own competitive edge," he said. This advantage is embodied in the compatibility and integration of its products. Once the market is liberalized, there will be plenty of opportunities. "One of the paying trades said to the economic reference journal. However, he also said that there is no timetable for the landing of specific legal rules.