Since cross-border e-commerce involves more than 200 countries and regions around the world, there are differences in laws, regulations, culture, and economy among these countries and regions, which will lead to differences in preferred payment methods among consumers in these countries and regions. A big difference. How to provide foreign consumers with more convenient and effective payment methods has become a major problem for the development of the cross-border e-commerce industry. Domestic cross-border e-commerce companies must consider the security of cross-border funds and take care of the online shopping experience of cross-border users.
This series of problems has brought huge challenges to the cross-border payment system. At present, the most widely circulated online payment tool in the world is PayPal. It is circulated in more than 190 countries and has more than 90% of buyers and more than 85% of sellers in the field of cross-border online shopping. It is the largest domestic cross-border e-commerce enterprise. You can use PayPal as a payment platform to vigorously develop global cross-border e-commerce business. However, due to PayPal’s shortcomings such as a long withdrawal cycle and relatively expensive handling fees, users also have to bear the losses that may be caused by exchange rate fluctuations.
Therefore, it is necessary for cross-border e-commerce companies to provide consumers with more diversified payment tools in addition to PayPal. This can not only improve consumers’ purchasing experience, but also reduce the potential of cross-border e-commerce. collection risk.
Although cross-border e-commerce is developing rapidly, the supporting cross-border payment market is still sluggish. Due to the huge profits, many third-party payment institutions have begun to provide payment services to cross-border e-commerce platforms. payment service. For example, Kuaiqian Payment, which proposes an international exchange collection solution, can support international card payments such as VISA, American Express, JCB, etc. Beifu payment “Yibatong” has two items: “cross-border credit card payment” and “cross-border bank card payment” Services can be settled in RMB, thereby reducing exchange rate risk.
In May 2013, Yiwu announced the launch of a pilot program for RMB settlement of individual cross-border trade. The important significance is that cross-border e-commerce companies can use RMB settlement without quota restrictions. This move will bring huge changes to the cross-border payment process, guide the cross-border payment business to mature, and greatly clear the obstacles for the development of cross-border e-commerce.