PayEase wins ecommerce cross-border payments license

Friday 18 April 2014 08:21 CET | News

PayEase, a Chinese payment services provider, has been granted a cross-border license that covers 5 categories of services including physical goods trading, education, hotel and hospitality, airline tickets, and digital content and software (exclusive to PayEase).

As a result, international ecommerce merchants who wish to market their products and services to Chinese consumers could do so by connecting to PayEase. The company will provide payment services to help collect CNY in China and automatically convert and remit funds to merchants overseas account without any Chinese withholding tax considerations. Furthermore, PayEase can provide fund management services, including fund disbursement, chargebacks and refunds.

PayEase is one of the 5 Beijing payment service providers which were awarded the pilot cross-border payment licenses issued by the PRC State Administration of Foreign Exchange.

According to a recent MasterCard report, annual volumes of Chinas cross-border online shopping have reached USD 2.92 billion in 2012 and by 2015, this segment is projected to surpass USD 8.11 billion.

PayEase is an independent third-party payment service provider in China, established in 1998 by the Beijing Government and acquired by the current founder in 2005. The company has engaged in cross-border ecommerce and payment services since 2000 with strict compliance with PBOC (Peoples Bank of China) and SAFE State Administration of Foreign Exchange. PayEase is also PCI, ISO 90001, ISO 27001 compliant, and in 2013 it also received the VISA QSP (Qualified Service Provider) certification.

Check out our Cross-border Ecommerce Research section for more info on country-specific ecommerce facts & figures, preferred payment methods, risk and fraud, as well as ecommerce legislation & regulation in China.

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Keywords: PayEase, ecommerce cross-border payments license, PSP, PRC State Administration of Foreign Exchange
Categories: Payments & Commerce
Countries: World
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