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All In Pay, econtext Asia collaborate to tap cross-border shopping

China’s payment service provider All In Pay has teamed up with Japanese online shopping mall operator econtext Asia in promoting cross-border payment services

The Shanghai-based All In Pay Network Services Co. Ltd. has announced a collaboration with fellow payment solution provider econtext Asia Ltd. to promote cross-border payment services to key regions where the latter operates, including Japan, Hong Kong, Macau, Taiwan, Indonesia, India and Vietnam. The announcement came from All In Pay’s statement released yesterday on its official website, where the company noted that its advantage in the yuan trade settlement would facilitate consumers in using yuan to pay for goods purchased from its partner’s online shopping website outside China. ‘This collaboration provides a better way for merchants to enter the Chinese market, while providing a more diversified payment service for Chinese consumers to use for global purchases’, All In Pay said in its statement. The mainland-based All In Pay provides electronic payment solutions such as offline point of sale payment, call centre-based payment, Internet payment and payment on other automatic terminals. The Hong Kong-listed econtext Asia Ltd. is an intermediate holding company under Japan’s Digital Garage Group that provides purchasing, payment and cross-border logistics services to Chinese consumers who favour Japanese products. In Japan, econtext Asia operates a large online shopping mall targeting Chinese consumers, ‘Buy-J.com’ , as well as the overseas purchasing service for the price comparison website in the country, ‘Kakaku.com’. The collaboration of All In Pay and econtext Asia has tapped the expanding market for cross-border shopping business amongst Chinese consumers. This shopping habit was relatively rare in China, where only 26 per cent of online shoppers reported making international purchases, Bloomberg reported on November 20 quoting research by PayPal and Ipsos. The research has investigated the online and cross-border shopping habits of more than 17,500 consumers in 22 countries. However, 52 per cent of Chinese online consumers said they planned to begin shopping cross-border or increase their cross-border shopping in the next 12 months, giving China the third largest projected growth behind Mexico (59 per cent) and Russia (54 per cent). Citing a third-party estimate, econtext Asia said in a press statement that the number of cross-border shoppers in China has already reached 18 million in 2013, with purchases valued at more than 200 billion yuan (US$33 billion). The size of the business could reach 1 trillion yuan by 2018 when cross-border shopping becomes a common practice by Chinese Internet users, econtext Asia claims. S.L.

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