The Chinese Payment Modules
Bysoft | January 16, 2012The market of e-commerce website is booming in China. For a good e-commerce website in China, you have to install a good Chinese payment module. In fact, an e-commerce payment system facilitates the acceptance of electronic payment for online transactions. E-commerce payment systems have become increasingly popular due to the widespread use of the internet-based shopping and banking.
“48.3% of Chinese Internet users bought online because they thought it can save time by buying online, and “Easy to Operate for Fun and Curiosity (31.5%)” and “Reduce Costs (38.8%)” are the reasons next to “Saving Time”. Interesting is the following reason of “For Fun and Curiosity (31.5%)”, which was ranked the 4th purpose for users to purchase online. “ Source Payment Barriers in China’s B2C Business
Let’s see together what the principal Chinese Payment Modules are.
- Alipay
Alipay, an affiliate of Alibaba Group, is the most popular third-party online payment platform in China. Besides Taobao and Alibaba.com, Alipay provides payment solutions in China for more than 550,000 external merchants for online retail, virtual gaming, digital communications, commercial services, air ticketing and utilities fee payment transactions.
Alipay provides a payment service called escrow, in which consumers can verify whether they are happy with goods they have bought before releasing money to the seller.
Alipay has about 65 financial partners (national banks in China, MasterCard, Visa, BEA). This module facilitates offline value-added services through strategic partnerships with China Post, which has coverage of rural areas and university campuses, and 24-hour convenience stores.
- Tenpay
Tenpay is the direct competitor of Alipay. This popular module has been developed by Tencent, which hold QQ.com (about 300 millions of users).
Tenpay allow businesses and individuals to securely send and receive payments online.The users can also charge their mobile with this module. It is compatible with the e-banking service of major domestic bank. Tenpay’s market share has grown from 10% in 2006 to 20.5% in 2009. In short 3 years, Tenpay’s market share has increased 10.5%, compared with 21.2% market share increase by Alipay in past 3 years.
Also, in 2009, Tenpay’s market share has increased 1.3% while its main competitor Alipay has only increased 0.3%.
- Chinapay
ChinaPay, a branch of China UnionPay (government-backed inter-bank transfer network), is also an online payment module. It was created in 2000, one of third-party online payment platform in China.
Due to the financial and promoting support of China UnionPay, Chinapay is used for online bill payments, online brokerage services, banking and of course online payments.
Chinapay’s market share has decreased slightly in the past 3 years.
Below other Chinese Payment Modules:
- 99Bill
- ChinaPnR
- YeePay
- IPS
- PayEase
This graphic explains the reality of the Chinese Payment Modules market:
For e-commerce, a website has to establish an agreement with many different banks in order to accept all online payment dealing from the users.
These third-party online payment platform exposed above are very useful for retailers. In fact, as an e-commerce seller you have to primary consider the need of their customers thus set up an effective payment module.
You won’t be able to have an e-commerce website without a third-party online payment platform.
Another important thing to retain is that the online transactions by credit card are limited with each bank. An electronic account could be funded with an electronic debit from a bank account or by a credit card at the payer’s choice. But now bank begin to require a verified bank account after the account holder exceeded a predetermined spending limit.
Now choose your best Chinese payment module!
Thanks for sharing excellent informations. Your website is very cool. I am impressed by the details that you have on this website. It reveals how nicely you perceive this subject. Bookmarked this website page, will come back for more articles. You, my friend, ROCK! I found simply the info I already searched all over the place and simply couldn’t come across. What an ideal site.
[url=http://www.youngpeoplefor.org/blog/posts/100684]buy soma no rx needed jacket [/url]
[url=http://www.youngpeoplefor.org/blog/posts/100841]Accutane overnight delivery no prescription ventured [/url]
[url=http://test1.technolords.com/node/19165]cod shipping on Klonopin Hoagie [/url]
[url=http://test1.technolords.com/node/19169]next day Amitriptyline Romance [/url]
[url=http://test1.technolords.com/node/19160]cheap Amoxicillin online no rx saturday delivery patent [/url]
[url=http://test1.technolords.com/node/19157]buy Trazodone no prescription JavaScript [/url]
[url=http://test1.technolords.com/node/19172]buy cheap Lortab online Enjoy [/url]
[url=http://test1.technolords.com/node/19163]cheap ambien free fedex shipping enhancement [/url]
[url=http://ativan7jh5.fashionsdiary.com/uncategorized/ativan-cash-on-delivery-overnight.html]buy ativan without a prescription finish [/url]
[url=http://vishalsood.com/?q=users/qaset45r]Trazodone online cod mouseover [/url]
[url=http://www.youngpeoplefor.org/blog/posts/100829]cheap Valtrex overnight delivery fq [/url]
[url=http://www.youngpeoplefor.org/blog/posts/100853]Colchicine Online[/url]
[url=http://www.youngpeoplefor.org/blog/posts/100821]prescription Acyclovir followup [/url]
[url=http://www.youngpeoplefor.org/blog/posts/100825]cheap Nolvadex order online stereo [/url]
[url=http://www.youngpeoplefor.org/blog/posts/100808]Doxycycline for sale reintegration [/url]
[url=http://ativan7jh5.fashionsdiary.com/uncategorized/no-prescription-next-day-ativan.html]cheap ativan c.o.d. manajemen [/url]
I am curious to find out what blog system you happen to be using? I’m experiencing some minor security problems with my latest website and I’d like to find something more secure. Do you have any solutions?
Woah! I’m really loving the template/theme of this website. It’s simple, yet effective. A lot of times it’s very hard to get that “perfect balance” between user friendliness and appearance. I must say that you’ve done a awesome job with this. Also, the blog loads very fast for me on Internet explorer. Exceptional Blog!
Yay google is my world beater aided me to find this outstanding site!
At this time it seems like Movable Type is the top blogging platform out there right now. (from what I’ve read) Is that what you’re using on your blog?
Fantastic submit, very informative. I’m wondering why the opposite specialists of this sector do not realize this. You should continue your writing. I am sure, you’ve a huge readers’ base already!|What’s Taking place i am new to this, I stumbled upon this I have discovered It positively useful and it has aided me out loads. I hope to give a contribution & assist different customers like its aided me. Great job.
I really like your wordpress theme, where do you get a hold of it from?
Greetings! This is my 1st comment here so I just wanted to give a quick shout out and tell you I truly enjoy reading through your blog posts. Can you recommend any other blogs/websites/forums that go over the same subjects? Thanks!
I might not say the idea physically pleasures anything, but it will be helps your stress degrees and enables you to relax. It’s extremely important to do such things for those who have a tense job or perhaps relationship.
Heya i am for the first time here. I found this board and I find It really useful & it helped me out a lot. I hope to give something back and help others like you aided me.
[...] will arrive at the Alipay payment page: (this is actually working for any Chinese payment modules http://blogen.bysoftchina.com/news/the-chinese-payment-modules/496 [...]