PayEase launches new platform to enable e-commerce payments between China and Russia
PayEase, an affiliate of payment solutions provider Mozido, has launched a new platform.
The venture will enable cross-border B2C e-commerce payments between China and Russia.
Called TradeEase, the new platform will available for merchants in both China and Russia.
Mozido said 200 Chinese online shops will participate at the time of launch and 800 by the end of 2015.
Also, the company expects over 100,000 consumers in Russia to be active on the platform during the first three months, reaching one million active users after one year.
Russian payment processing company Yandex.Money, which has 170,000 cash acceptance points, will serve as a primary partner, allowing buyers to pay for goods via their e-wallet or bankcard.
Banking partners include the Bank of China, which will provide ruble to RMB FX conversion, and the Suifenhe Government, the governing body of the local border between Russia and China, which will subsidize promotions for TradeEase in both China and Russia.
Kino Kwok, executive vice president of operations and business development at PayEase, said: “We developed the TradeEase platform in response to a growing need to bring frictionless e-commerce payments between China and Russia, and we are excited to expand on opportunities for trade and commerce between the countries.
“We look forward to further developing these relationships to foster growth between the nations.”