HKMB Hong Kong Means Business

Hong Kong Means Business Hong Kong Means Business
  • Login / Register

Languages

  • EN
  • 繁
  • 简
  • Events
  • My Feed
  • Contact HKTDC
  • Subscribe
  • Subscribe

Section Menu

  • multimedia
  • market spotlight
  • first person
  • Venture Hong Kong
  • heads-up
  • inside china
  • life & style
  • hktdc research

Languages

  • EN
  • 繁
  • 简
  • HKTDC.com |
  • About HKTDC |
  • My HKTDC |
  • Login / Register |

HKTDC.com About HKTDC My HKTDC

Login Register

Hong Kong Means Business

Section Menu

  • multimedia
  • market spotlight
  • first person
  • Venture Hong Kong
  • heads-up
  • inside china
  • life & style
  • hktdc research

https://hkmb.hktdc.com/en/1X0A7USQ

hktdc research
SAVE FOR LATER
SHARE / SEND

"Scan QR Code" in WeChat and tap "..." to share.

Cross-border Payment Solutions for SMEs (Interview with China Smartpay)

28 October 2016


Photo: Steve Lam (left) and Twinkle Wong (right), China Smartpay.
Steve Lam (left) and Twinkle Wong (right), China Smartpay, discuss how Hong Kong merchants can accept online payments from mainland consumers and have their money remitted to bank accounts in Hong Kong with ease.

Photo: Steve Lam (left) and Twinkle Wong (right), China Smartpay.Photo: Steve Lam (left) and Twinkle Wong (right), China Smartpay.
Steve Lam (left) and Twinkle Wong (right), China Smartpay, discuss how Hong Kong merchants can accept online payments from mainland consumers and have their money remitted to bank accounts in Hong Kong with ease.

Cross-border e-commerce is flourishing in China. According to eMarketer’s estimates, 40% of online consumers on the Chinese mainland buy foreign goods, and cross-border e-commerce in China is expected to hit US$85.76 billion this year. While China’s online market is a goldmine for overseas merchants, some, especially SMEs, are often frustrated with how to accept online payment from mainland consumers amid the tight monetary controls of the Chinese government.

In fact, there are a number of licensed service providers in Hong Kong which allow merchants to accept cross-border online payment by mainland consumers. China Smartpay, which has a nationwide prepaid card licence and internet payment licence, is one of them.

There are three leading internet payment gateways on the mainland, namely, WeChat Pay, Alipay and China Union Pay. Both WeChat Pay and Alipay provide cross-border payment services, but their minimum settlement amount is US$5,000. The competitive edge of China Smartpay is to provide the same kind of service with a much lower threshold of RMB1,000, and to send the money to the merchants’ bank accounts in Hong Kong.

Alternatively, merchants can set up a local company, open a bank account on the mainland to accept payments, and arrange to remit the money out of the country by themselves. But to SMEs, the cross-border payment method appears to be simpler and hassle-free.

Photo: Besides online payment, retailers may accept mobile payment through a point-of-sale terminal.
Besides online payment, retailers may accept mobile payment through a point-of-sale (POS) terminal.

Photo: Besides online payment, retailers may accept mobile payment through a point-of-sale terminal.Photo: Besides online payment, retailers may accept mobile payment through a point-of-sale terminal.
Besides online payment, retailers may accept mobile payment through a point-of-sale (POS) terminal.

“Either way we can help,” said Twinkle Wong, China Smartpay’s Business Development Manager. “However, tax is an issue. Different ways of settlement methods and various kinds of goods involve different types of taxes. Merchants should have a thorough understanding of the tax structure both inside and outside the border before making important business decisions.”

Realising how difficult it is for new entrants of the mainland e-commerce market to make sense of the dazzling e-commerce ecology and fast-changing consumer behaviour, China Smartpay partners with local e-marketing solutions providers to offer practical assistance to its customers.

“Our services suit SMEs best but we welcome business from all types of online merchants – big or small,” said Steve Lam, China Smartpay’s Senior Business Development Manager. We expect to get sales volume from SMEs but sales values from large corporates. Today, China Smartpay maintains a balanced ratio between the two.”

BACK TO TOP ^
CONTENT PROVIDED BY
    Topics:
  • Information Technology,
  • Banking Services,
  • Hong Kong,
  • online payment,
  • payment gateway,
  • cross-border e-commerce,
  • success story,
  • market trends,
  • hk platform
  • Information Technology
  • Banking Services
  • Hong Kong
Home

Article Topics

ARTICLE TOPICS

INFORMATION TECHNOLOGY24691
BANKING SERVICES24613
HONG KONG36026
ONLINE PAYMENT97441
PAYMENT GATEWAY118883

ARTICLE TOPICS

INFORMATION TECHNOLOGY24691
BANKING SERVICES24613
HONG KONG36026
ONLINE PAYMENT97441
PAYMENT GATEWAY118883
CROSS-BORDER E-COMMERCE98778
SUCCESS STORY76896
MARKET TRENDS72521
HK PLATFORM78168

interest_article

YOU MAY BE INTERESTED IN

28 June 2022

Virtual Banking: New Business Model under Technology Era

04 May 2022

Asian financial hubs show strength

25 January 2022

Fintech sparks talent rush

19 January 2022

HK grows as green finance hub

Related Events

RELATED EVENTS

5 - 8 July 2022

HKTDC Hong Kong Electronics Fair (Spring Edition) 2022

13 - 16 October 2022

HKTDC International ICT Expo 2022

13 - 16 October 2022

HKTDC Hong Kong Electronics Fair 2022 (Autumn Edition)

14 - 17 December 2022

Eco Expo Asia 2022
FIND AN EVENT

Social Share

FOLLOW US

GET WEEKLY UPDATES

newpaper-img

GET OUR WEEKLY EMAIL UPDATES

banner-img


I acknowledge that the above information may be used by the Hong Kong Trade Development Council (HKTDC) for incorporation in all or any of its database for direct marketing or business matching purpose (and may therefore become available to the public within and/or outside of Hong Kong for use by them), and for any other purposes as stated in the Privacy Policy Statement; I confirm that I have the consent and the authority of each individual named in this form to release their personal data for the purposes stated herein.


*For non-EU/EEA customers, please skip this box which is solely for EU/EEA customers as required by the relevant data protection law in the EU.

THANK YOU

Thank you for registering.

SHARE THIS STORY

EMAIL
LINKEDIN
WeChat
FACEBOOK
TWITTER
WHATSAPP

ID: HKTDCofficial

Don't have an account?

Create An Account

successfully added on your preferences.