The PRC State Administration of Foreign Exchange (SAFE) has granted the pilot cross-border payment licenses to PayEase, a third-party payment service provider (PSP) in China.
Apart from PayEase, SAFE has also granted the license to four other Beijing PSPs.
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The license will enable PSPs in China to process RMB transactions for any overseas merchants. In addition, the license will also allow PSPs to settle funds in the local currency of the merchants’ domiciliation or any foreign currency of their choice.
In a statement, PayEase claimed that it is the only PSP that was granted a comprehensive cross-border license that covers five categories of services including: physical goods trading, education, hotel & hospitality, airline tickets, and digital content & software.
A recent research report by MasterCard revealed that annual volumes of China’s cross-border online shopping have reached RMB18 billion (US$2.92 billion) in 2012 and projected to surpass RMB50 billion (US$8.11 billion) in 2015.
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