Date:20 July 2012
Datacash and Alipay to boost cross-border payments in China
LONDON, UK, 20 July 2012 – DataCash Group Ltd, a MasterCard company, today announced the integration of Alipay, a leading third-party payment platform in China, to its international payment solution. This cooperation will enable DataCash Merchants to accept payments made by Alipay users. International retailers can now access the China’s growing online payments market, estimated at £80 billion in the last quarter according to the iResearch Consulting Group, via a payment solution which is integrated with global payment services provider, DataCash.
China has over 193 million online shoppers compared to 170 million in the US, more than double the number in Japan and five times that of the UK. By 2015, the size of China's e-commerce market is expected to rival that of the US, with e-commerce accounting for as much as eight per cent of the total Chinese retail market according to the Boston Consultancy Group.
DataCash’s solution equips retailers outside of China with the ability to process transactions made via Alipay’s online payment service. The solution is fully-integrated, removing the significant translation and integration costs associated with Chinese e-commerce integration and is also acquirer agnostic.
Customers can pay for goods and services via Alipay’s secure online payments platform – one of the most popular payment platforms in Asia already serving over 460,000 online merchants, from a host of sectors.
Specifically, online retailers stand to benefit from the cooperation in the following areas
• Real-time confirmation of payments
• No local entity required; ability to facilitate master merchant agreement
• No chargeback risk for merchants
• RMB payments converted into appropriate currency before the settlement
• Multiple e-wallet funding options including credit/debit cards and bank transfers
• Refunds supported
• High reliability
• A single consolidated solution – one integration, consistent reporting, one contract
Ajay Bhalla, president at DataCash said: “DataCash continues to grow its e/m commerce footprint with a vision to commerce for everyone, everywhere on any device. In addition to our work with Alipay, we are growing DataCash and MasterCard’s relationship in Japan with Japan Credit Bureau (JCB). These kinds of relationships are important for the growth of our payment processing business and increasing geographical footprint.”
He concluded: “Doing business in China represents the future and our technology is helping international companies extend their reach in this exciting new market.”
Founded in 1996, DataCash Group Ltd (part of MasterCard Incorporated) provides multi-channel global payment processing services and advanced fraud prevention and risk management solutions to merchants and banks. As a global partner to some of the world’s most recognisable brands in the gaming, travel, retail and finance sectors, DataCash combines smart thinking and an end-to-end solution to help its customers transcend the complexities and expense associated with payment processing. Advanced technology from DataCash enables customers to accept and process payments in over 177 currencies, from over 45 brands across e-commerce, m-commerce channels and cardholder present channels – with the security and confidence of tools tailored to meet exacting and expanding business needs. DataCash customers protect their brand and reputation, enhance end-user experience and capitalize on new global market opportunities. Follow us on Twitter @DataCashGroup.
MasterCard(NYSE: MA), www.mastercard.com, is a global payments and technology company. It operates the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Conversations Blog and subscribe for the latest news.
Launched in 2004, Alipay (www.alipay.com) is a commonly used third-party online payment solution in China, providing an easy, safe and secure way for millions of individuals and businesses to make and receive payments on the Internet. It had more than 700 million registered accounts as of June 2012. Alipay provides an escrow payment service that reduces transaction risk for online consumers. Shoppers have the ability to verify whether they are happy with goods they have purchased before releasing funds to the seller. Alipay is an affiliate of Alibaba Group.