BNP Paribas (China) and LianLian Yintong Electronic Payment Co (LianLian Pay) have signed an agreement to provide an integrated collections solution for China’s e-commerce businesses.

The solution streamlines the collections process by consolidating online sales and offline mobile collections onto a single platform

Under the partnership, BNP Paribas (China) and LianLian Pay have jointly developed a digital ecosystem to meet the evolving needs of China’s corporate treasurers. It furthers the French bank’s strategy to simplify and speed up banking operations through services such as digital applications and new payment methods.

Over recent years BNP Paribas has actively undertaken digital transformation, adopting a variety of cooperation models with companies in the financial technology ecosystem in a bid to push the boundary of its products and services, responding to the needs of digital era more flexibly.

Founded in 2003, LianLian Pay is a mobile payment company in China that provides all-in-one payment solution in the form of China UnionPay (CUP) cards mobile payment, cross-border payment and settlement, renminbi (RMB) and foreign currency disbursement for both individual customers and also merchants and partners.

LianLian Pay’s other partnerships include one with UK currency exchange group World First (which was acquired two months ago by Alibaba’s Ant Financial) to enable sellers on Amazon China repatriate their funds. LianLian Pay facilitates direct connection to Chinese online marketplaces, collects yuan into clients’ Chinese receiving accounts and arranges fast foreign currency credit into their local bank account.

Fast-growing market

Website theasset.com reports that the adoption of e-commerce and the growing prominence of digital as a payments channel has already established China as the world’s largest market for mobile payments and total cashless payments in the country are expected to reach US$45 trillion by 2021.

The growing trend means that consumers, sellers and suppliers are increasingly asking for safer, faster and more reliable platform technology which can also connect them to a global financial network.