Wirecard unveils new solution for China’s B2B payments market

Wirecard has unveiled a new procurement card solution for business-to-business (B2B) payments market in China.

Wirecard unveils new solution for China’s B2B payments market

The new corporate payment solution will use single-use virtual cards to allow electronic payments in Chinese Renminbi.

The solution has been designed to serve the China’s growing domestic and cross-border business-to-business payments market.

The solution has been developed as an expansion of Wirecard’s Supplier and Commission Payments (SCP) platform that allows automated settlement of payments to suppliers.

According to the company, the solution offers built-in and customisable authorisation controls, including electronic remittance advices and invoice data, transaction limits, spending parameters and supplier-locking.

Wirecard CEO Markus Braun said: “With this new service we are following the demand of our customers in Europe and Asia by adding specific business-to-business payments capabilities for the Chinese market to our platform.”