As part of our ongoing mission to help merchants grow, monetize and internationalize, we’ve added Tenpay to our collection of popular payment methods, making it easier than ever before for our merchants to accept online payments from their customers in China.
Our global payment gateway now supports Tenpay, one of China’s leading payment options for online content. We highly encourage our merchants to activate Tenpay in China today from their Paymentwall merchant dashboards to easily accept payments online from millions of Chinese customers.
Tenpay: One of the best Chinese payment options
Ranking 2nd among China’s internet payment providers, Tenpay was launched in 2005 by parent company Tencent, the same company behind QQ and WeChat messaging apps. Tenpay has partnerships with more than 80 Chinese financial institutions, making it easy for customers to pay online with bank transfers, mobile payments and more.
Here’s what you should know about Tenpay:
Tenpay is a leading Chinese payment option
This popular cross-border payment system is both widely used and widely accepted. There are currently more than 200 million active TenPay user accounts and counting.
Tenpay is a reputable and a secure payment service
Tenpay’s parent company, Tencent, is the 5th largest Internet company in the world, and like most large technology companies, it’s protected by state-of-the-art security features to keep customer data safe, preventing security breaches and fraud.
Tenpay Wallet simplifies online checkouts
Tenpay Wallet is an eWallet offered by Tenpay that stores customer card information securely so customers do not need to re-enter it each time they make a purchase online. The checkout process is shortened and simplified with Tenpay Wallet, which allows users to check out with just their username and password, decreasing the number of abandoned checkouts for merchants.
eCommerce and online sales in China
Home to more Internet users than the entire population of the United States, China is one of the largest and fastest growing online markets in the world. Between 2013 and 2014, China’s mobile transactions increased by more than 250% to ¥ 3.89 million ($623 billion USD) and global financial analysts say more digital sales growth is in China’s forecast as smartphone and Internet penetration rates rise exponentially year over year.
Chinese payment gateways and popular payment methods
Monetizing users in China can be a highly lucrative move for online games, social networks, dating sites, SaaS providers and other online businesses, if done properly. Website, game and app developers must carefully plan their monetization strategy in China; since mobile dominates the Chinese market, all payment systems must provide seamless checkouts, cross-platform functionality and be optimized for mobile devices. Furthermore, global businesses cannot overlook the region’s popular online payment methods including Tenpay, Alipay and UnionPay, which together process more than 80% of China’s total internet payments.
With a single API integration, Paymentwall’s global payment platform makes it easy to monetize users in China and in more than 200 other countries worldwide by offering a fully customizable seamless checkout process that works on any device or platform.