Checkout.com, the local payments provider, said on Tuesday (Aug. 11) that it is joining with Tenpay in China in a joint effort aimed at expanding its Checkout online payments platform.
In a press release, Checkout.com said it will now be possible for “any new and existing” Checkout.com merchants to expand their reach, touching hundreds of millions of additional customers in China. As noted in the Tuesday statement, The Economist forecasts that China’s eCommerce market will be bigger than other eCommerce markets, including those of the United States, Britain, Japan, France and Germany, by 2020 — and that’s combined.
Tenpay is among the major Chinese payments solutions providers, with both B2B and P2P functionality. The company competes with Alipay and major Chinese banks, among others.
Checkout.com said it is continuing to provide international debit and credit card processing through its existing relationships with Visa Europe, MasterCard International, American Express and Diners Club International, among others. The company also will look to grow partnerships with local payment providers worldwide as cross-border transactions proliferate.
The Checkout.com business model lets merchants in a given market connect local payments through a variety of solution types, ranging from e-wallets to online banking and prepaid cards to process all of those options through their website through a single integration point. The multiple platform integration, according to the release, generally finds interest from merchants who take credit card payments but want to expand their reach by also bringing other payment options to the table. In addition, the company says that its platform serves as both gateway and merchant account at the same time. The company also has a fraud management platform, through which approval ratios are boosted and chargebacks decreased. There also is an analytics feature that takes into account consumer behavior and business-level analysis and reporting.
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