International Payments Services Flock to China
Several international payments services have recently said that China has become one of their biggest markets, as an increasing number of Chinese internet and mobile companies actively expand overseas.
Several international payments services have recently said that China has become one of their biggest markets, as an increasing number of Chinese internet and mobile companies actively expand overseas. They find that their Chinese customers are mainly gaming companies, as gaming is of the top revenue-generating online businesses in China and one of the first to enter overseas markets.
While Google Play and Apple’s App Store have made distributing software outside mainland China so much easier than before, the dominant online payments services vary by country and region. Most internet and mobile companies, including those from China, have to work with third-party payment companies who integrate different types of payment methods and services around the world.
OKPAY, an European payment company, says 20% of its customers are now from China. The service got traction in China after it began supporting Bitcoin transactions on some Chinese exchanges. To better serve Chinese customers, OKPAY has launched a Chinese version of its services and hired Chinese customer service representatives. Currently OKPAY’s customers in China are mostly individuals. The company hopes to power Chinese online retailers who export goods to markets where OKPAY has a strong presence.
OKPAY hasn’t set up an office in China yet. Fortumo, an Estonian payments company focusing on carrier billing, established an office in China last year. It offers a package of offerings tailored for Chinese mobile developers, from language translation service to app and content distribution in various markets.
Paymentwall, which has integrated more than 120 payment options, is preparing to open an office in Beijing, China. Chinese payments services, including Alibaba’s Alipay, have been integrated into its all-in-one solution. As the company primarily serves digital content or service providers, its Chinese customers are mostly gaming companies. To their surprise, the Chinese gaming companies least likely to enter overseas markets have begun to work with them. Like OKPAY, Paymentwall is considering expanding its customer base in China to include physical good retailers.
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