BEIJING, April 16, 2014 /PRNewswire/ -- The PRC State Administration of Foreign Exchange (SAFE) has issued the pilot Cross-Border Payment Licenses to 5 Beijing Payment Service Providers (PSP). The issuance of the pilot license has set the historical precedence for PSP in China to process RMB transactions for any overseas merchants and settle funds in the local currency of the merchants' domiciliation or any foreign currency of their choice. Overseas merchants could start their eCommerce online business in China, without physically domicile in China or the need to create a local Chinese company as a legal entity.
For the first time in China, any international eCommerce Merchant who wishes to market their product & services to Chinese consumers could immediately do so by simply connecting to PayEase. PayEase will provide innovative and secure payment solutions to help collect RMB in China and automatically convert and remit funds to merchants overseas' account without any Chinese withholding tax considerations. Additionally PayEase can provide flexible fund management solutions such as fund disbursement, charge backs and refunds, etc.
PayEase is the only Payment Service Provider that was granted a comprehensive Cross-Border license that covers 5 categories of services including: Physical Goods Trading, Education, Hotel & Hospitality, Airline Tickets, and Digital Content & Software (exclusive to PayEase).
According to a recent MasterCard's research report, annual volumes of China's cross-border online shopping have reached 18 billion RMB (US$2.92 billion) in 2012 and projected to surpass 50 billion RMB (US$8.11 billion) in 2015. With China opening up, the potential in cross-border ecommerce and payments is immensely compelling, further fueling these growth even more.
In 2013, VISA presented PayEase with the "Best Payment Security and Risk Control Cooperation" Partner Award for China. During the award ceremony hosted by VISA, it was stated that "As one of the earliest Payment Service Provider engaged in cross-border payment services, PayEase has accumulated extensive experience in providing convenient and secured payment solutions. More importantly, the stability of the company's platform along with their innovation & capability to manage risk has been widely recognized throughout the industry."
PayEase is the first independent third-party Payment Service Provider in China, established in 1998 by the Beijing Government and acquired by the current founder in 2005. As a pioneer, the company has engaged in cross-border eCommerce & payment services since 2000 with strict compliance with PBOC (People's Bank of China) and SAFE State Administration of Foreign Exchange. PayEase was also the first Payment Service Provider in China to achieve PCI, ISO 90001, ISO 27001 compliance, and in 2013 the VISA "QSP" (Qualified Service Provider) Certification. As one of the few leading independent Payment Service Provider from China, PayEase is currently servicing a vast number of top global merchants.
