Chinese online shoppers can purchase with Western merchants through Paynova

Paynova announced on Wednesday that it has developed a secure payment solution providing Western merchants with low-friction payment access to Chinese online shoppers. Paynova stresses that the new payment solution will make it possible for Western developers to sell virtual goods and other microtransaction items to Chinese residents.

In the past it used to pose some difficulty for Western vendors to sell products to Chinese online customers as most of Chinese citizens didn’t make online purchases with credit cards. Most Chinese users preferred Internet banks and debit cards to online payment and Paynova allows client merchants to accept payment via these popular methods.

First steps toward creating Chinese payment service were taken by Paynova as early as 2005, and in 2008 it began to work with Chinese banking partners. The solution enables Western firms to sell products, virtual and otherwise, to Chinese citizens who pay in renminbi (RMB): the solution automatically converts RMB payments into USD, EUR, or GBP amounts for the Western merchants. It is compatible with 940 million Chinese debit and credit cards, all Chinese Internet banks, and 97% of all online payment methods. The new Chinese market solution is going to be an integrated feature of Paynova and available to all Paynova clients at no extra charge.

Paynova and its Chinese partners estimate clients signing up for the service for approaching before letting them sell to Chinese citizens. Gambling and adult entertainment operations are not supposed to be accepted as clients.