UK-based payment processor Worldpay has teamed up with China-based Lianlian Pay to provide merchants access to settlement and pay out capabilities in Chinese Yuan.
The tie-up between the two firms will open up local currency settlement and pay out services to retail, travel and airlines companies.
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The collaboration will also reduce the time taken by merchants to get their funds in China’s local currency.
Worldpay executive vice president and head of global enterprise ecommerce Shane Happach said: “As China continues to cement its position as the largest eCommerce market in the world, the expansion of our settlement and pay out services to include CNY will have huge impact for businesses in China and beyond.
“We are delighted to be partnering with Lianlian Pay, an innovative and established payments leader in the region, to meet the rising demand for cross-border payments and domestic currency settlement.”
Lianlian Pay president Arthur Zhu added: “By partnering with market leader Worldpay, Lianlian Pay, as a local expert with a proven track record of high volume RMB settlement, can make a bigger contribution to facilitate transactions for millions of Chinese companies and individuals.”
