Shopping From China Set to Boom in U.S.
Retailers may soon see an increase in international conversions - from China.
The official Shanghai Securities News reported that a source within the State Administration of Foreign Exchange had given "verbal permission" for a trial of foreign currency transactions. if you're an e-commerce retailer outside of that country, this is really, really good news. The development could soon provide a way for Chinese shoppers to purchase from foreign retailers (like those in the U.S. or Canada) using their local currency.
Payment services including Alipay and Tenpay (the two payment leaders in China with a combined 70 percent market share) obviously stand to benefit the most should the pilot program receive approval. Ebay's Paypal is apparently waiting on approval from Chinese authorties for its platform to be an accepted payment system for users in that country.
The volume of third-party online payments in China is by all account already massive - reaching 1.1 trillion yuan ($183 billion) in the second quarter of 2013 - a 28 percent year-on-year increase, according to Beijing-based research firm iResearch.
The future of e-commerce in China is also bright with Bain & Company forecasting the online marketplace in China to be worth upwards of 3.3 trillion yuan ($539 billion) by 2015.