PPRO gives Europe’s merchants access to Chinese shoppers with UnionPay
PPRO has announced it’s become a direct acquirer for UnionPay International, the world’s largest card scheme by card issuance.
This means PPRO’s payment service providers in Europe and their local merchants will be able to accept ecommerce payment from shoppers who want to use UnionPay. Access to the card scheme giant, based out of mainland China, will give PPRO’s merchants access to the much-prized and burgeoning Chinese e-commerce market.
“The Chinese e-commerce market is growing at a rate of 19% a year on average, representing a huge opportunity for international merchants. With an average spend of $1,934.72 a year per consumer, merchants can’t afford to ignore the Chinese e-commerce market any longer,” says PPRO’s director of product, payment networks, and business development Jack Ehlers.
“Through PPRO’s new partnership with UnionPay International, it is now easier than ever for EU merchants who sell internationally to take their first step selling to Chinese consumers,” Ehlers adds. The Chinese ecommerce market is currently valued at more than $1 trillion according to Statista.
PPRO will now support processing and settlement for UnionPay in 11 currencies. The card scheme giant benefits from the partnership too, allowing its customers to shop “securely and confidently with international merchants”, it says.
The partnership will also give customers access to faster onboarding, transaction settlements and funds collection, as well as refunds and improved conversion rates.
PayPal, which led PPRO’s $50 million funding round in 2018, also partnered with UnionPay International earlier this year to expand its network in the Chinese digital payments market.