The Unique Challenges and Opportunities of Handling Payments in China
For many years, even the most seasoned payment veterans have struggled to fully understand the payment complexities and regulatory requirements of the most hard-to-reach regions in the world. Brazil, India, Taiwan, Japan maybe South Korea top the list. And of course, our main payments “frenemy”, China.
China, boasted over $811.96 billion in ecommerce sales in 2016, 122 million outbound travelers, and a record number of students studying abroad. This has created a booming opportunity for global marketplaces, marketplace sellers, ecommerce retailers and online travel agencies. China is now consistently considered a top geographical priority for global payment growth strategy. However, for all those flocking to reap the benefits of China’s massive digital commerce opportunities, there is still enormous uncertainty and confusion surrounding China’s constantly changing payment and regulatory landscape.
Things do not work the same way in China that they do in the rest of the world. In fact, very few in the payments world can claim true expertise in the China payments market.