First Data has signed an agreement with Huifu Payment, a People’s Bank of China (PBOC) licensed third-party payment provider, to expand its acquiring footprint into China.
Under the arrangement, Huifu’s technology platform will be integrated with First Data’s payment gateway. This will enable an integrated processing solution.
The integration will facilitate all international merchants to carry out multicurrency transactions in real-time from a single platform.
Huifu Payment chairman of the board, executive director and CEO Ye Zhou said: “Huifu provides First Data with the ability to route transactions and settle domestically in China offering a seamless eCommerce solution to the global merchant base of the largest acquirer in the world.
“With Huifu’s local expertise and First Data’s global presence we offer a unique solution to merchants around the world to tap into the immense eCommerce market in China.”
The new solution will integrate local Chinese language as well as all prominent payment methods. These include, China UnionPay, Alipay and Wechatpay into the respective merchant websites.
First Data head of Asia-Pacific Ivo Distelbrink said: “Making consumers’ shopping experiences as seamless as possible and offering familiar local payment methods is key to reducing shopping cart abandonment and driving successful cross-border commerce.
“We are excited about the opportunity that this partnership with Huifu brings to our global merchant base who will now be able to benefit from domestic processing and settlement in RMB.”