JD Pay and WeChat Pay have jointly announced they have achieved interoperability. As a result, JD Pay has become the first third-party payment organisation in the industry to support both WeChat personal and merchant payment codes, making it easier for both users and merchants to facilitate payments.
With more than 500 million JD Pay users and more than 1 billion WeChat Pay users, the partnership is expected to strengthen their respective positions in the mobile payment market.
In April 2024, UnionPay International (UPI) has partnered with JD.com to enhance cross-border shopping by leveraging JD Pay. This collaboration aims to simplify international online payments, allowing users to use their local UnionPay cards on JD.com.
Additionally, the partnership supports the growth of China's ecommerce industry and aids SMEs and exporters on JD.com in receiving international payments. UPI and JD.com aim to facilitate cross-border payments and ecommerce expansion, ensuring a safe and efficient shopping experience for customers worldwide. UPI operates in 81 countries and regions outside of China, and it aims to enhance the online payment experience for its cardholders.
China's ecommerce market has ushered in a new era in the country's economy, with the digital economy playing an increasingly significant role in GDP contribution. With over a quarter of consumer goods sold online in 2023, well above the global average, ecommerce is a powerhouse in China, bolstering employment rates with its substantial workforce. Surpassing the United States by more than USD 486 billion in revenue, China boasts one of the largest digital buyer populations globally, continually innovating with features like live streaming and rapid delivery to enhance the customer experience.
While China leads in online retail, its B2B ecommerce sector, driven by digitalisation and government support, has also seen substantial growth. Despite a recent slowdown compared to online retail, China remains the world's largest B2B ecommerce market, with cross-border trade focused mainly on exports, particularly to the United States.
In addition to B2B, China's B2C and C2C e-commerce segments continue to flourish, fueled by widespread internet adoption and mobile device usage, with over 80% online shopping penetration. The pandemic further accelerated the rise of new online-to-offline retail models like quick commerce and online food delivery, while AI technologies and the integration of AR and VR are reshaping e-retail operations, enhancing customer satisfaction and driving business growth.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now