ChinaPay announces it will expand its online e-pay service to Japan from 2016, aimed at catering to the growing number of Chinese cyber-shoppers looking to buy Japanese producers. Laura Frykberg reports.
There's been little cheer for China's businesses recently, the country's slowing economy and fragile stock market leaving spirits at an all time low. But now at least one online company has something to smile about. Payment service provider, ChinaPay, is expanding into the Japanese market. A move bound to help business boom, says Li Xiaofeng of China UMS. (SOUNDBITE)(Mandarin) CEO OF CHINA UMS, LI XIAOFENG, SAYING: "China's global online shopping market is worth around $36 billion, and Japan is one of the most important markets. We now have to work out how to serve both sets of consumers as the cross border e-commerce market rapidly grows." ChinaPay already operates in several Asian counties, it facilitated about 800 billion yen in transactions last year. Analysts say moving into the Japanese market will see that figure soar even further. Although it all depends on how many businesses sign up. ChinaPay's Executive Manager is Sun Zhanping, (SOUNDBITE)(Mandarin) EXECUTIVE MANAGER OF CHINAPAY, SUN ZHANPING, SAYING: "We are expecting our payment business to cover most Japanese companies including mobile users. We hope to reach around 70 percent of Japan's companies." It may seem ambitious but ChinaPay knows that Japan is a popular market. It was visited by 5 million Chinese tourists last year, twice as many as the year before. By 2020, it's likely to more than double again.