Ikajo.com, through its’ subsidiary in Hong Kong, is well placed to offer excellent payment solutions for the Chinese market.
The overall e-commerce market in China is expected to reach USD 400 billion and continue to grow at an astonishing rate in the years following. By 2018 it is expected the market will exceed the USD 500 billion mark. By 2020 the size of the e-commerce market in China will be worth more than the e-commerce markets in the US, the UK, Japan, Germany and France combined.
Card payments cover a relatively small part of the market. Only 15 % of all payments are made with locally issued credit or debit cards. The main one being of course China Union Pay with 14 % of the overall market.
Bank transfers account for another 20-25% of the market.
Over 45 % of all transactions in China are done through wallets. Alipay and Tenpay are the main players, with Alipay covering more than 70 % of all wallet payments.
And, last but not least, mobile shopping amounts to over 30% of all e-commerce transactions.
We cover 80 % of all current Chinese credit and debit cards. This amounts to over 3 billion cards from which we can accept payments.
And to make sure you can start quickly; we will assist you in setting up a company quickly, or offer you to use one of the companies already in place.
We have a direct connection to a number of CUP acquirers, keeping the whole processing and payment flow in-house.
We offer competitive rates and timely settlements for CUP transactions.
Alipay of course is the giant in Chinese payments, and needs to be part of your payment solutions in China.
The Alipay wallet covers different payment models:
Alipay Instant Payment
The name says it all, there is a direct remittance of funds between the buyer and the seller.
Alipay Escrow Payment
In this case Alipay guarantees to the buyer the delivery of the products and to the seller the remittance of the funds. Due to its’ workflow it is regarded in China as one of the most trusted online payment methods.
The usual procedure is as follows:
The buyer pays for the products ordered but the funds are held in escrow. The seller sends the goods and only after the buyer has confirmed that the goods have been delivered in good order, the funds held in escrow are released to the seller.
Alipay Dual Function
This allows the buyer to choose between either a direct remittance to the seller, or to go for the escrow payment option.
Alipay Mobile wallet.
The mobile wallet allows for both online and offline payment through the buyers Alipay account. Payment can be effected by QR codes, bar codes, sound waves, etc. The alipay wallet is available for Android, iOS, Symbian, J2ME, etc.
The costs for the merchant for offering Alipay depends on which of the mentioned payment options is offered and the monthly turnover. Please contact us for a specific quote.
Ikajo.com also offer a remittance service whereby you can do pay-outs to individual users of your services.
This is especially relevant for forex and gaming merchants.
The costs of this service are low and depend on the number of payments per batch and the average size of the payment.
Pay outs can be made to and from credit card, debit card, and wallet accounts.
Ikajo.com is well placed to assist you in opening the Chinese market for your business. Through our subsidiary in Hong Kong we can offer you the most relevant payment options to convert your Chinese traffic into cash.
We will assist you actively in your market entry process and advise you every step of the way on how to be successful with your business in China.