As Gate2Shop continues to expand the available payment methods and options, China UnionPay is added to the payment options available. China UnionPay also known as UnionPay or by its abbreviation, CUP, is the only domestic credit card organization in the People’s Republic of China. China UnionPay is an association for China’s banking card industry, operating under the approval of the People’s Bank of China. It has provided professional maintenance services to over 350 thousand accepted merchants and 600 thousand POS terminals, and data processing services to 16 card-issuing organizations on issuing credit cards as well.
China’s 16.9 million Internet users, while an impressive figure, this is actually only 1.3 percent of the total population, this does not include Hong Kong and Taiwan. With the expansion of the ecommerce industry there will be more and more people utilizing the internet as a means of conducting both business and day to day tasks. This is the perfect opportunity for vendors to expand their target market along with this growth.
The B2C ecommerce market in China is still in its infancy. Merchants in China are adopting ecommerce, but have not yet applied ecommerce as their principal channel to grow their business and therefore pave the way for ecommerce as a whole. The Chinese economy will be the engine of economic growth in the twenty-first century and is now regarded as the key to future productivity improvements and competitiveness. Given the rapid transformations of production and information systems in industrialized countries, no developing country can afford to remain on the sidelines.
By adding such a payment option, Gate2Shop extends the global sales and marketing reach of our vendors into the rapidly growing Chinese economy. With the continuous need for ecommerce providers in the country of China, Gate2Shop is there to these services available. Adding the UnionPay option gives Gate2Shop and our vendors the services that are needed all over the mainland.