According to the press release, the payment solution combines the ecommerce markets of China, Australia, New Zealand, Indonesia, Malaysia, the Philippines, Thailand and Vietnam – a total of over 2 billion people with a potential ecommerce market spend of over USD 1.3 trillion.
Moreover, the Asian market is notoriously difficult to expand into, with region-specific consumer behaviour and unique business culture just two hurdles companies need to overcome. Therefore, ECOMMPAY has developed a single unified payment solution that will make business processes smoother, faster, and more reliable.
During the COVID-19 pandemic, online purchases in China have seen increases in penetration of 15% to 20%. Consequently, the age demographic of online shoppers has also increased. Some key insights include:
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user penetration is 48.5% in 2020 and is expected to hit 64.3% by 2024;
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projected ecommerce growth of 70% in China over the next 3 years;
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over the past two years, the share of digital buyers making cross-border purchases from sellers in other Asian countries increased from above 50% to three-quarters.
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