Worldpay Sees Positive Growth on the Chinese Cross-border eCommerce Market
China Aviation Daily | Apr. 20, 2017
Worldpay, a global leader in payments, today attended the "Industry Ecommerce Summit" in Shanghai, an event also seen as the annual gathering of B2B ecommerce decision-makers in China. Joined by many seasoned industry experts, Tang Kok San, Country Manager at Worldpay China, delivered a keynote speech at the summit to share his insight of overseas business expansion.
Based on the observation of Tang, the current Chinese market is gradually saturating, while merchants will need to expand business cross the borders so as to benefit from the overseas demand. Worldpay helps merchants to understand overseas markets and enhance the payment acceptance for them. With the findings from Worldpay's 2016 Global Payments Reports, Tang emphasized that a trusted payment partner is key to set foot and survive in target local markets.
Worldpay believes that the cross-border ecommerce will further develop as the engine to empower the Chinese economy, especially in the context of Chinese government's new determination released in March. On March 17th, the commerce authority of China (MOFCOM) issued an official statement to regulate that import commodities are treated as personal belongs, and this new supervision mode will be implemented in China's 15 pilot cities. Worldpay sees the rules as positive signals that Chinese governments are making efforts to grow the market.
Tang Kok San commented, "Worldpay is very glad to see the new statement from MOFCOM, which is a positive sign for businesses engaged in cross-border ecommerce trade, who were worried about the uncertain future of cross-border ecommerce when consumers would refrain from purchasing import commodities due to the assumptive tariff increase. With the new statement, we would expect an even busier cross-border trade that would, one the one hand, encourage merchants to invest more, while on the other hand, bring a more enriched commodity categories for Chinese consumers."
Tang also added, "Apart from the MOFCOM statement, the Chinese government is also attaching great importance to the development of the cross-border ecommerce market. Chinese Premier Li Keqiang also encourages to lower the tariffs on the high-quality foreign products which Chinese consumers urgently need yet the domestic market is in short supply. When we see the cross-border ecommerce market continues to boom, merchants will need to consider the right and experienced payment partner to help them enhance competitiveness."
Contributed by Worldpay
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