In a landmark move to cater to the growing online purchasing demands of international consumers for “Made in China” goods, JD Pay has recently pioneered a new cross-border e-commerce export payment gateway model.
This innovative approach allows overseas shoppers to make purchases on China’s cross-border e-commerce export platforms by simply entering their foreign bank card information to complete payments.
This significant development in the acceptance of foreign payments marks a major stride in facilitating international consumer spending, simultaneously propelling Chinese export businesses to achieve global sales from their domestic bases, thereby fostering a new development pattern that promotes the mutual reinforcement of domestic and international economic cycles.
The chasm in cross-border e-commerce exports has long been a hurdle. With China’s export e-commerce rapidly evolving and becoming a new engine for high-quality foreign trade development, the sector saw a 19.6% increase in total exports, reaching 1.83 trillion yuan in 2023, according to estimates from customs data.
The Central Economic Work Conference in December 2023 emphasized expanding high-level opening up, accelerating the cultivation of new foreign trade momentum, and expanding trade in intermediate goods, service trade, digital trade, and cross-border e-commerce exports.
The payment aspect of cross-border e-commerce exports, a critical link connecting supply and demand, faces inherent “chasms” due to regulatory requirements for cross-border information and fund transfers, as well as differences in currency types, payment tools, and habits.
This has led to numerous Chinese export enterprises facing penalties on foreign platforms, frozen funds, and extended payment cycles due to a lack of understanding of cross-border payments.
JD Pay has introduced this new model under the guidance of the People’s Bank of China and the State Administration of Foreign Exchange.
Leveraging JD’s comprehensive e-commerce ecosystem, the model was developed in collaboration with clearing organizations and financial institutions, focusing on cross-border payment pain points.
It addresses compliance issues, ensuring smooth funds transfer for merchants on China’s cross-border e-commerce export platforms. Furthermore, it lowers the shopping barriers for overseas consumers, who can now pay with their international bank cards without needing currency conversion or a Chinese bank account.
Currently operational on JD Global, this new model serves Chinese mainland merchants and overseas consumers.
Going forward, JD Pay aims to further refine its cross-border payment services in close collaboration with clearing organizations and financial institutions, enhancing the payment experience and services for more cross-border e-commerce platforms and independent sites, benefiting both international consumers and Chinese export enterprises.