Wirecard rolls out B2B payment solution for the Chinese market

Wirecard’s corporate payment solution enables electronic payments in Chinese Renminbi using single-use virtual cards and is specifically designed to cater to China’s domestic and cross-border business-to-business payments market.

According to Frost & Sullivan Global, online business-to-business commerce is projected to reach USD 6.7 trillion by 2020 with China expected to emerge as the largest single market with an estimated USD 2.1 trillion in gross merchandise value.

Wirecard’s new procurement card solution was developed as an extension of Wirecard’s Supplier and Commission Payments (SCP) platform which enables automated settlement of payments to suppliers.

Supplier payments to be transferred in or to China can be processed and settled by electronic dispatch of single- and restricted-use “virtual” payment card numbers. Wirecard’s solution provides customisable authorisation controls, including electronic remittance advices and invoice data, transaction limits, spending parameters as well as supplier-locking.

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