SmartCard Marketing Systems, Inc. is pleased to announce the partnership with Axepay Inc. a Fintech service provider for China Cross-Border RMB payments with integrated FX clearing & settlement. In addition, the partnership includes the ability to provide KYC & AML services for merchants dealing with China businesses and individuals. The partnership between SmartCard and Axepay creates a powerful suite of payment processing solutions that provide a conduit to perform payment transactions between merchants and individuals, and on a B2B basis, to pay-in and pay-out of China.
Chinese Ecommerce Market Pegged at $1.7 Trillion by 2020;
Despite some forecasts projecting a slowdown in ecommerce in China, a new report from Goldman Sachs sees the world’s largest online market continuing to boom over the next four years. The report pegged Chinese ecommerce sales at $750 billion USD in 2016 sales, coming from 460 million online shoppers, and projects a CAGR of 23% through 2020 – nearly triple the rate of offline sales. Goldman Sachs increased its previous forecast for Chinese ecommerce sales in 2020 by 15% to $1.7 trillion, and upped its projection of online penetration that year from 22% to 25%, from 16% currently. Drivers include the expansion of online retail categories like fast-moving consumer goods, facilitated by upgraded logistics infrastructure over the past two years and the increase in Omni-channel; sustained online growth in categories like apparel and electronics into lower-tier cities and rural areas, supported by technology; and the addition of 200 million online shoppers between now and 2020.
Massimo Barone CEO stated “We are really excited about this partnership as it positions SmartCard to deliver a powerful suite of payment solutions to pay-in and pay-out of China on a B2C and B2B basis. While many processors are still attempting to develop a channel, we are progressively closing the gap and launching a strategic offering to the market for the Payment Industry globally, including the ability to settle in the currency of the merchant’s primary location of business. During the past two months we have actively introduced the offering, with great interest to Payment Industry ISOs and Processors in London, HK, Toronto & Chicago that have large Retail & Banking client portfolios.“
Gina Leslie Founder and President of Axepay Inc. also stated “Axepay’s multi-channel RMB cross-border payment solution provides access to the debit card mass market of China, a market in excess of 4 billion debit cards. We are dedicated to offering diverse payment solutions for merchants to send and receive payment to and from China, including mobile, ecommerce, call center, in-app, direct debit and recurring payments. We are very excited to be working with Massimo and Smartcard Marketing and to be part of their Global Fintech Accelerator offering.“