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As well as being the biggest ecommerce market in the world both in terms of number of shoppers and transaction value, Chinese online shoppers are particularly open to making purchases from international websites, according to joint research published by payments consultancy Edgar, Dunn, & Company and Adyen.
Yet for all its promise, a tiny percentage of online shoppers in the market have international credit cards.
By contrast, UnionPay, also known as China UnionPay or CUP, is the second biggest card scheme globally in terms of transaction value trailing only Visa, and widely used by Chinese shoppers internationally as well as domestically.
Adyen offers a full service ecommerce solution for UnionPay that includes reconciliation, reporting, and settlement, and is an acquirer for the card scheme in most key markets excluding Mainland China and India (however, please note that restrictions may apply to acquiring in certain markets due to local regulations).
Currently, Adyen's point of sale and mobile point of sale terminals accept payments with UnionPay credit cards and debit cards for businesses within the European Union.
For ecommerce, setting up UnionPay on a cross-border basis is relatively straightforward. It's rapidly expanding ecommerce success stories; The Cambridge Satchel are already offering it to fuel rapid growth in the market.
To find out more about how your business can support UnionPay with Adyen, including detailed information on integration types, market availability, and shopper flow, check out the link below:
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