Online shopping is a huge industry in China, with hundreds of millions of users and an estimated value of more than $ 670 billion last year. Some of the world's largest e-commerce markets are targeting Chinese consumers whose purchasing power continues to grow. Easy-to-pay is key to the success of online markets. Ripel aims to facilitate this with new partnerships in the country.
In a statement on Ripel's blog yesterday, San Francisco-based Baluchin said it had partnered with China's leading financial services company, Lianlian International, a Hong Kong-based company licensed to work with 150 million users in the region.
Lianlian joins the current RIBL network of more than 100 financial institutions to reap the benefits of faster, cheaper and more convenient cross-border payments. The company processes billions of payments each year between traders and consumers such as Ali Express and eBay, making it one of the largest financial services companies serving China's booming e-commerce market. Online retail sales are expected to reach more than $ 1.3 trillion this year, the China Daily reported. LianLian CEO Arthur Chu also praised the partnership by saying:
"Through our partnership with RippleNet, we will strengthen this experience and increase our share of the market by providing customers with instant payment with enhanced plocin technology across the 19 currencies we currently support. We look forward to working with Ribble to support the flow of payments between China and RippleNet members in new markets "
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