Worldpay, Inc. the global leader in payments, and Lianlian Pay, one of the top mobile payment service providers in China, are partnering to expand Worldpay’s settlement and pay out capabilities to include Chinese Yuan (CNY).
Lianlian Pay provides an efficient and cost-effective cross-border payment and money transfer solution to Chinese and international businesses and marketplaces. As a result of the partnership, Worldpay customers can expect access to pay outs in CNY and enhanced deposit capabilities, on top of the 18 settlement currencies already available via a single technical connection. The strategic collaboration will open up local currency settlement and pay out services to businesses across retail, travel and airlines sectors.
By partnering with Lianlian Pay, Worldpay will also be able to further streamline their one-stop service to eCommerce businesses; reducing the time it takes for merchants to receive their funds in local currency in China.
Set to launch in mid-2018, the integration will also help international companies to grow their business in China as it will become easier for them to receive settlement in CNY, without needing to deal with a bank or third-party supplier. As the Chinese eCommerce market continues to expand, the time is ripe for international businesses to establish their presence in the region. Worldpay’s new service will undoubtedly facilitate further growth and encourage investment into China, helping to link the Chinese eCommerce market to the rest of the world.
Shane Happach, Executive Vice President, Head of Global Enterprise eCommerce at Worldpay commented: “As China continues to cement its position as the largest eCommerce market in the world, the expansion of our settlement and pay out services to include CNY will have huge impact for businesses in China and beyond. We are delighted to be partnering with Lianlian Pay, an innovative and established payments leader in the region, to meet the rising demand for cross-border payments and domestic currency settlement. By combining our global payments capability and expertise with Lianlian Pay’s offering, we are enabling our customers around the world to tap into the tremendousgrowth opportunity.”
Arthur Zhu, President at Lianlian Pay said: “With its strength in traditional international trade, China is poised to be one of the largest recipients of trade proceeds from all over the world. By partnering with market leader Worldpay, Lianlian Pay, as a local expert with a proven track record of high volume RMB settlement, can make a bigger contribution to facilitate transactions for millions of Chinese companies and individuals.”