COPENHAGEN, Denmark, April 8, 2016 /PRNewswire/ -- On April 4th 2016, Money 20/20 Europe unveiled in Copenhagen, Denmark, attracting payment companies, start-ups and giants alike, all around the world, among which companies from China have become a new source of sensation. Apart from industry leader Alipay, Lianlian Pay, who has grown to be an up-and-coming market pioneer in mobile payment for the past two years. It has attracted attention with its innovative and eye-catching cross-border payment services.
As the world's largest FinTech event focused on payment and financial services, Money 20/20 attracted more than 3,000 practitioners from 75 countries to its first European four-day event on which more than 500 experts shared their insights and innovations. On the second day, Money 20/20 announced Lianlian Pay to be its launch partner for the looming inaugural Money 20/20 Asia in 2017.
Reactions from most people when asked about Lianlian Pay are Who?
Different from the more well-known Alipay who has a massive individual customer base, Lianlian Pay targets merchants as its main clientele helping them set up the payment platform to serve their own individual users without users even realizing Lianlian's existence in some cases. Lianlian Pay offers mobile payment service inside China and cross-border payment service linking China and the rest of the world.
Lianlian has achieved magnificent growth in domestic mobile payment market securing RMB200 billion (USD 30 billion) worth of transaction in 2015 and securing its position as the 4th largest mobile payment company in China for the past seven consecutive quarters. Among its tens of thousands of merchant clients, JD.com (e-commerce), Ctrip (online travel agent), 58.com (the largest Chinese Craigslist-like platform) and meilishuo.com (online garment marketplace) stand out as signature market leader in their respective battlefield.
An early bird and a fully licensed payment company on cross-border business, recognized by PBoC and SAFE, Lianlian Pay is one of the first partners of China (Hangzhou) Cross-border E-commerce Comprehensive Pilot Area (the first national-level cross-border e-commerce pilot zone approved by China's State Council).
With Lianlian's service, now sellers on e-commerce marketplaces can collect in 15 currencies and buyers can pay in 19 currencies including not only major ones like USD, GBP, JPY, EUR, AUD and Canadian dollar but Thai baht and Taiwan dollars. The long-standing challenges for Chinese sellers with high service charges, excruciating collection period and complicated FX regulatory filing process have been well addressed. After one year's trial and endeavor, Lianlian Pay has formed strategic cooperation with a number of top financial institutions and industry leaders worldwide. With PayPal, Lianlian Pay launched its RMB withdrawal service at the end of last year by improving transparency and cost-effectiveness and shortening the process from more than 10 days to merely 2 to 3 days. In its signature roll-out, Apple Pay chose Lianlian Pay to be one of its first PSP launch partners in China. Lianlian also provides exclusive China Union Pay (CUP) cards acquiring service for the world's largest mobile transportation network company.
By partnering with WorldFirst, Lianlian helps Chinese sellers on global e-commerce giants like Amazon, Priceminister and ebay to complete FX regulatory filing and instant RMB deposit directly into local beneficiary accounts. The recognition comes in the form of trust from strong partners. Lianlian Pay has proven itself to be one of the best choices as a payment partner for companies aspiring to go global with its relentless pursuit of innovation and exceptional international business development capabilities.
With a bigger share of sales made by Chinese sellers in global marketplaces and the booming of the new sharing economy, cross-border collection is in huge and rising demand requiring innovative and inexpensive solution. As an early mover with strong momentum and impressive track record, Lianlian Pay has every reason to be an integral part in the intricate global payment network, according to analysts.
Speaking of future business plans, Mr Xu Peng, Head of Cross-border Payment, explicitly put that Lianlian Pay is poised to offer better solutions for both merchants and customers with more convenient and secure payment technology and a wide-spread bank network. As a next step, Lianlian Pay will reach out to more global e-commerce platforms to offer its cross-boarder collection service and also expand cooperation with overseas and domestic merchants, remittance service providers, enterprises and educational institutions to provide cross-boarder B2B, B2C and C2C payment service.
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SOURCE Lianlian Pay