MANILA, Philippines - DataCash Group Ltd, an affiliate of MasterCard, has allied with Alipay, a leading third-party payment platform in China, for its international payment solution. This cooperation will enable DataCash Merchants to accept payments made by Alipay users.
International retailers can now access China’s growing online payments market, estimated at £80 billion in the last quarter, according to the iResearch Consulting Group, via a payment solution which is integrated with global payment services provider, DataCash.
China has over 193 million online shoppers compared to 170 million in the US, more than double the number in Japan and five times that of the United Kingdom.
By 2015, the size of China’s e-commerce market is expected to rival that of the US, with e-commerce accounting for as much as eight percent of the total Chinese retail market according to the Boston Consultancy Group.
DataCash’s solution equips retailers outside of China with the ability to process transactions made via Alipay’s online payment service. The solution is fully-integrated, removing the significant translation and integration costs associated with Chinese e-commerce integration and is also acquirer agnostic.
Customers can pay for goods and services via Alipay’s secure online payments platform – one of the most popular payment platforms in Asia already serving over 460,000 online merchants, from a host of sectors.
Specifically, online retailers stand to benefit from the cooperation in the following areas: real-time confirmation of payments; no local entity required; ability to facilitate master merchant agreement; no chargeback risk for merchants; RMB (renminbin) payments converted into appropriate currency before the settlement; multiple e-wallet funding options including credit/debit cards and bank transfers; refunds supported; high reliability; and a single consolidated solution – one integration, consistent reporting, one contract.
DataCash president Ajay Bhalla said that the payment solution firm continues to grow its e-commerce footprint with a vision to commerce for everyone, everywhere on any device.
“In addition to our work with Alipay, we are growing DataCash and MasterCard’s relationship in Japan with Japan Credit Bureau (JCB). These kinds of relationships are important for the growth of our payment processing business and increasing geographical footprint.”
He added that doing business in China represents the future and DataCash’s technology is helping international companies extend their reach in this exciting new market.