DataCash Group Ltd, a MasterCard company, today announced the integration of Alipay, a leading third-party payment platform in China, to its international payment solution. This cooperation will enable DataCash Merchants to accept payments made by Alipay users. International retailers can now access the China's growing online payments market, estimated at £80 billion in the last quarter according to the iResearch Consulting Group, via a payment solution which is integrated with global payment services provider, DataCash.
China has over 193 million online shoppers compared to 170 million in the US, more than double the number in Japan and five times that of the UK. By 2015, the size of China's e-commerce market is expected to rival that of the US, with e-commerce accounting for as much as eight per cent of the total Chinese retail market according to the Boston Consulting Group.
DataCash's solution equips retailers outside of China with the ability to process transactions made via Alipay's online payment service, already serving over 460,000 online merchants. The solution is fully-integrated, removing the significant translation and integration costs associated with Chinese e-commerce integration and is also acquirer agnostic.
Specifically, online retailers stand to benefit from:
- real-time confirmation of payments
- no local entity required; ability to facilitate master merchant agreement
- no chargeback risk for merchants
- RMB payments converted into appropriate currency before the settlement
- multiple e-wallet funding options, including credit/debit cards and bank transfers
- refund service
- a reliable, single consolidated solution including consistent reporting and one contract.