Exploring the Preferred Payment Gateways in China

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In this fast-paced life, people don’t have time to go out shopping every time. So this has increased the emergence of e-commerce sites. Digitalization has made e-commerce operations easy. China has arisen as the most emerging market in the landscape of global e-commerce business. The e-commerce websites will work best of their potential if customers’ preferred payment mode is used. Many technical aspects need to be considered while integrating payment mode on the website in China. First, you need to select an e-commerce CMS like Prestashop or Magento, and to make your website successful, you need to explore the preferred payment gateways in China and integrate it with your website. It is better if you make research on consumer behavior because Chinese customers will tend to use those e-commerce sites that are using reliable payment modes that make them feel easy and comfortable.

Let’s check out what are the payment gateways and which are preferred in China.

 What are the Payment Gateways?

A payment gateway is like a tunnel that connects your bank account to your e-commerce site where you want to transfer your money. It is a software that helps you to conduct an online transaction via different payment modes like credit and debit cards, unified payments interface, and other online wallets. It acts like a third party that transfers money from the bank account to the e-commerce payment portal. Payment gateways are integrated with popular CMS like PrestaShop and Magento. They are beneficial for both the merchant and the buyer, and your financial transactions are secured. The feel of secure transactions compels the customers to buy more. Furthermore, payment gateways help in tracking your sales performance. Different payment methods are used in different countries.

Why Payment Gateways are required in China

Payment methods are required to be linked with your website. Otherwise, you will lose a massive share from the lucrative China market. Chinese people don’t like to pay online from debit and credit cards. Local people don’t like and trust the websites that only provide the option of making payments through a credit card. Sales on the website are not matured unless the payment is made, so it is necessary to understand the customers buying behavior. Customers prefer to buy products from your website if they find the preferred payment mode. It makes them feel that payment is being delivered without any fraud and they will prefer to do shopping from your website. Therefore, it is necessary to integrate payment gateways into Chinese e-commerce websites

Selecting Preferred Payments Gateways

While selecting the preferred payment mode for your Chinese e-commerce site, you need to know the buying behavior of Chinese consumers. It does not mean that every payment gateway will work. For example, PayPal in China is not being used by consumers and if you use it in Chinese e-commerce site then you will lose a large chunk of potential customers. You also need to make sure that the payment gateway that you select should be compatible with your CMS. The other things you need to ensure are blocks that are imposed by firewalls to cater to the smooth transactions of customers. Let’s have a look at preferred payment methods that are popular in China.

 Popular Gateway Providers in China

To make your quest easy in exploring the Preferred Payment Gateways in China, we have shortlisted some of the best ones. Let’s have a look.

 Alipay

Alipay is a great option from Alibaba’s group, and it is a widely used payment gateway in China. It works with MasterCard, visa, and 180 financial institutions. Alipay is considered to be the best payment solution for e-commerce sites. It is widely used in China because it provides secure transactions. Alipay is such an agreement between you and the merchant that verifies all your purchased goods before making a payment. It also helps in making urgent payments in case of an emergency.

 UnionPay

Union pay is a popular reliable option, it is the first payment service that started its operations in China in Shanghai. The objective of union pay is to bring together the credit card and banking network, that is why it is called Union pay. It is the third most popular payment gateway in China.

WeChat Pay

This payment gateway is called TenPay but people in China like to call it WeChat Pay. This payment solution was innovated by Tencent company that is the developer of WeChat. Ten pay is interlinked to WeChat that is the renowned social network in China. An additional advantage of WeChat Pay is that you can also link it with your WeChat official account so that your customers can see and purchase products from mobile.

 YeePay

YeePay is an innovative and cost-effective mode of payment. It is not only used in the retail industry but it is also widely used in telecom, insurance, travel and tourism, airline booking, digital entertainment, and many other fields. YeePay has a privilege to be the first payment platform that has to obtain a license from the People’s Bank of China. It is widely used in 20 plus provinces of China.

 PayEase

PayEase is the payment gateway that accepts the payment of 63 kinds of debit and credit cards including MasterCard, American Express, JCB, and Visa. It is aimed to provide user-friendly, secure, and cost-effective services to its clients. PayEase wants to become a market leader, so it is improving its services with time.

 ChinaPnR

ChinaPnR came into existence in 2006, and its head office is in Shanghai. It is the first company that got a license from the China Securities Regulatory Commission so it can cater to online payments. ChinaPnR is famous for providing prepaid and phone payments that are useful in economic operations.

 99Bill

99Bill is a payment gateway that is associated with 80 financial institutions and approximately millions of merchants. If you integrate 99Bill with your e-commerce site, you will be able to enhance your sales and collect payments from customers.

Wrapping Up

China has a very lucrative market to start an e-commerce business. Before making your e-commerce site, research the Chinese market and consumer behavior. This will help you in understanding China’s customer preferences and you would be in a better position to integrate the website with the most preferred payment gateways.