Start accepting various local Chinese payment methods straight away, without the need for a local entity.
We enable our customers to accept payments in RMB and settle in their own bank accounts worldwide in any major currency. We believe that our settlement times are the fastest in the industry. We can pay out daily T+0, or intraday at any frequency on request.
The only bankcard organisation in China
China Union Pay is the only interbank network in China. It links the ATMs of 14 major banks and of many other smaller banks throughout the country. CUP is the only entity able to process credit and debit card transactions in RMB.
It facilitates the payment needs of WeChat, the most popular social network in China.
To use the What Chat Pay e-wallet, customers top up using their debit card, or connect their credit card. One particularly popular function of WeChat Pay that catapulted it to success is the ability to send “red envelopes” to friends and family around the time of the Chinese New Year Festival, where it is tradition to give money in red envelopes.
Most popular online payment method
Alipay was created to provide payment processing services to Alibaba owned platforms like Tmall and Taobao, but it’s primary product is an e-wallet. This means it gives users a wide variety of payment options. It allows users to pay online and instore. It also offers one click recurring billing.
Just like WeChat, QQ Pay is another mobile wallet powered by Tencent.
The QQ social networking and messaging app was launched first and still has over 800 million active monthly users. This payment method is especially popular amongst young users. It allows your customers to pay using their mobile phone, either by scanning a QR code, or by making an in app H5 payment.
This type of bank transfer payment is automated from the customer perspective.
Being a very popular payment method in China, it clears instantly which means you get paid fast. Although the UnionPay network is used to clear the payments, customers don’t need a debit or credit card to pay by bank transfer, as the payment is authenticated via their online banking.
Should you need to transfer money back to your clients, using the LUUP API, we can offer an automated payout solution.
Payouts are done via a bank transfer which clears immediately, allowing you to pay your customers back quickly and easily.
Ready to get started? Get in touch, or create an account online.
