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October 29, 2019updated 23 Dec 2019 9:24am

Credorax joins with top Chinese payment providers for European trade

Smart payments provider and licensed bank for cross-border e-commerce and omnichannel payments Credorax has today announced partnerships with Alipay, WeChat Pay and UnionPay to offer payment solutions for European sellers looking to sell to Chinese consumers.

By Deborah Williams

Smart payments provider and licensed bank for cross-border e-commerce and omnichannel payments Credorax has today announced partnerships with Alipay, WeChat Pay and UnionPay to offer payment solutions for European sellers looking to sell to Chinese consumers.

The partnership makes Credorax one of the first to offer this support to European merchants.

Credorax chief operations and technology officer Moshe Selfin said: “There is no doubt that reaching Chinese consumers, both within China and abroad, has huge potential for merchants that want to grow their businesses. The key to accomplishing this will be to meet Chinese consumers wherever they are, offering them familiar payment methods that are easy and convenient. We’re excited to offer this capability to our merchants, which is sure to boost customer engagement and overall sales activity.”

Credorax country manager Greater China Kelly Yuan said: “Mobile plays a critical role in nearly every facet of daily life in China. Chinese consumers use apps like WeChat, Alipay and UnionPay Quick Pass to shop, order food, pay bills, send money to friends, buy tickets, order taxis and so much more. And when Chinese tourists go on holiday, they stay engaged with these platforms and want to keep paying with them, wherever they are in the world.

“Now that Credorax is one of the first acquirers covering all EU jurisdictions to process payments from WeChat Pay, Alipay and UnionPay QuickPass, we’re in a unique position to help European merchants offer Chinese tourists the mobile payments methods they use every day at home. In other words, Credorax is the gateway to Chinese consumers.”

Credorax has produced a whitepaper called ‘Removing Barriers – How Chinese Payment Methods are Bridging the Gap Between East and West,’ to help European merchants understand and deploy Chinese payment methods.

Chinese consumer spend leads the way for mobile payments in Europe

The rise of e-commerce in China has led the nation to hold the title of most mobile users and most e-commerce activity in the world.

Between 2000 and 2018, the number of overseas trips taken by Chinese tourists increased from 10.5 million to 149.7 million, according to financial experts The Motley Fool. And 11% of Chinese tourists travelled to Europe in 2018, a 5.1% increase from 2017, according to Business Insider.

A report by American information, data and measurement company Nielsen also revealed that Chinese tourists spent on average €6,026 per person abroad in 2018. This spend is forecast to rise to €6,706 in 2019, with nearly 65% of Chinese tourists using mobile payment while overseas.