Mozido’s PayEase Enables Cross-Border E-Commerce Payments between China, Russia (Sept. 14, 2015)
Mozido, an Austin, Texas-based provider of digital commerce and payment solutions, has lofty expectations for TradeEase—what the company says is the first-ever platform enabling cross-border e-commerce payments between China and Russia. PayEase, a Mozido affiliate and Beijing-based payments gateway and processor, announced its launch of TradeEase today.
The platform enables merchants in China to sell through e-commerce sites to consumers in Russia paying with local credit cards, debit cards or bank accounts, while merchants in Russia can sell through e-commerce sites to consumers in China. An offline-to-online (O2O) capability provides a physical location or showroom where consumers in China can shop for items from Russian merchants and purchase them through the TradeEase platform or, conversely, consumers in Russia purchasing Chinese goods.
Merchants in China and Russia will be using the platform, with an expected 200 Chinese online shops participating at the time of launch and 800 by the end of 2015, according to Mozido. In addition, more than 100,000 consumers in Russia are expected to use the platform during the first three months, reaching 1 million users in the first year. By the end of the month, the platform is planning to introduce the service to sell Russian goods to Chinese consumers.
“The potential for economic development within China and Russia has never been more evident,” said Ron Hynes, executive vice president and head of global markets. “At Mozido, we’re proud to be establishing our foothold in these growing regions by enabling the first-ever cross-border O2O commerce between the countries.” Hynes was a Paybefore Industry Achievement Award winner in 2014, and former global prepaid head at MasterCard.
Russian payments processor Yandex.Money will serve as a primary partner, enabling buyers to pay for goods with their e-wallets or bank cards. Banking partners include the Bank of China, which will provide currency conversion and the Suifenhe Government, the governing body of the border between Russia and China, will subsidize promotions for TradeEase in both countries.