Credorax Teams Up With Range of Chinese Mobile Payments Firms
The incredible penetration rate of smartphone operations in China, coupled with a growing middle class, has given Chinese shoppers a lot of reason to get behind mobile payments. Throw in an increasing tourist class and fertile ground is established. Now, word sent our way from Credorax reveals that the Chinese mobile payments system is getting a lot of leverage in Europe thanks to a new move they launched.
The new move brings Credorax together with AliPay, UnionPay and WeChat Pay to connect European merchants more readily with these three leaders in the Chinese mobile payments space. With Chinese tourism on a marked rise—up from 10.5 million trips in 2000 to 149.7 million in 2018—it’s clear that accommodating this massive bulk of users can be a lucrative pursuit.
Of course, Credorax doesn’t exclusively deal with Chinese mobile payments operations. It works with fully 140 individual local payment methods as well, and works with other services besides to produce a cross-border payment solution that aims to work in as many places as possible. Credorax even recently put together a white paper about how to put its tools—including its new Chinese connections—to work effectively.
Credorax’s chief operations and technology officer Moshe Selfin noted “There is no doubt that reaching Chinese consumers both within China and abroad has huge potential for merchants that want to grow their businesses. The key to accomplishing this will be to meet Chinese consumers wherever they are, offering them familiar payment methods that are easy and convenient. We’re excited to offer this capability to our merchants, which is sure to boost customer engagement and overall sales activity.”
Connecting to the Chinese market has been a substantial if somewhat controversial proposition in the last few months. Looking at the recent NBA moves there, as well as the last few episodes of South Park, has made this point abundantly clear. However, this is somewhat different, as it’s trying to connect Chinese consumers to different markets outside their home country. It’s a move that’s likely to be helpful, giving retailers a chance to access a hefty new market without any unusual legal ramifications.
Helping consumers shop is generally good business, no matter what country those shoppers call home. That’s a point Credorax will likely agree with going forward.