Ecommerce is the next wave of globalization. Chinese vendors of all sizes are participating in the ecommerce ecosystem driving the global digital economy. In 2017 China's e-commerce exports jumped 41.3 percent to 33.65 billion yuan. Chinese customs processed 660 million manifests for e-commerce trade last year, 8.4 times as many as for traditional imports and exports1.
Ecommerce companies now can initiate transactions in the currency of sale, convert to Chinese Yuan/Renminbi (CNY) and route converted payments to payees throughout China via the local clearing system (CNAPS). This creates advantages that mutually benefit ecommerce merchants and their China-based suppliers.
In a highly competitive e-commerce landscape a cross-border, cross-currency solution utilizing local clearing systems strengthens merchant-supplier relationships. It contributes to delivering the most competitively priced goods and services to a shared customer base. Ultimately, frictionless vendor payments support broader efforts to create a high quality, cost-efficient merchant ecosystem for customers.
A globalizing ecommerce ecosystem is connecting companies of all sizes and from across diverse markets into a global customer base. Ecommerce platforms can take advantage of cross-border, cross-currency payments to minimize bank accounts overseas while expanding their global supplier network across a diverse range of markets including China.
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