Entering the Chinese Market with Tenpay!
We are happy to announce that Checkout.com merchants will now be able to accept online payments from Tenpay. This is an exciting opportunity as this new partnership opens up a new market with hundreds of millions of customers in China.
Tenpay is the second most popular online payment method in China accounting for almost 20% of all Chinese e-commerce transactions. With more than 200 million registered users, Tenpay offers access to a large part of the fast growing Chinese market.
The Chinese market, and in particular the e-commerce market, has quickly grown to be among one the biggest in the world and, if predictions hold true, by 2020 it could be larger than the US, Britain, Japan, Germany, and France combined. By that time the total market value of China is expected to reach US $650 billion.
The Chinese market is unique in many ways. It is a market led by young, digitally savvy and mobile consumers, to whom online shopping seems innate, a trait that Alibaba CEO Jack Ma recently described: “in the U.S., e-commerce is just online shopping. In China, e-commerce is a lifestyle.”.
At Checkout.com we are always looking for ways to maximise sales for our merchants. With this in mind, we have developed a seamless payments experience, incorporating Tenpay and other local payment methods into the Checkout platform, enabling merchants to offer a wide range of payment options to their customers.
As with the pricing for credit/debit card transactions, the pricing for our local payment methods is also very attractive.
Depending on the IP location of the customer, the Checkout gateway will adjust to show the most relevant payment methods first. This means that if a customer is located in China, the first payment option that will be presented is Tenpay. However, merchants always have the option of selecting the payment methods they wish to display in the gateway.
If you want to learn more about local payments, you can find further information on the website in our Local Payments section.