Chinese Payza members can also perform online transactions in Chinese Yuan Renminbi (CYR). The company has offered basic services in China since 2012, however, this is the first of several targeted initiatives being developed by Payza to support the countrys ecommerce landscape.
Chinese Yuan Renminbi deposits are processed within 2 business days for a 5% fee. These new deposit options aim to meet the daily ecommerce needs of shoppers in China.
According to a recent report by Chinas National Bureau of Statistics, the Chinese ecommerce market growth rate increased by 26.2% in 2016. By 2020, at least a quarter of the population will be shopping directly on foreign-based ecommerce sites or through third-party cross-border retailers.
Payzas new deposit options for Chinese members are expected to strengthen both domestic and cross-border ecommerce; and are aligned with the platforms initiative to offer targeted local currency initiatives to markets such as in India, Bangladesh, Mexico and Brazil.
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