China has increased its efforts to block or at least slow down an unprecedented foreign currency exodus from the country, clamping down on individuals seeking to flee the Chinese Yuan (CNY) and making life tougher for companies that need to trade the currency for US dollars to do business. More often than not, Chinese citizens who are supposed to be allowed to send up to $50,000 a year out of China are not getting that money sent in some circumstances unless they use a platform like China Payments. Although there are several different types of payments out of China, China Payments does not offer a Forex service to remit money into Australia.
China Payments exists mainly to deliver technology and general advice for Australian merchants seeking to be paid by Chinese customers. Banking on the core need for fast settlement and compliance with Australian and Chinese Government regulations on foreign exchange and payments, they connect their customers with an easy to use technology platform to facilitate payments from China that are compliant with the regulations set by the State Administration of Foreign Exchange (SAFE) and People’s Bank of China (PBoC). The China Payments platform allows for Chinese customers to pay for Australian goods and services with CNY whilst the Australian merchant receives full payment for goods or service in AUD – at no cost to the merchant.
They offer specialist solution for professional services (legal, financial services, consulting and technology) along with other verticals including Primary Producers, Ecommerce, Travel and Education. Furthermore, their solutions aggregate Chinese Payments like WePay, Alipay, Baidu and JD Pay, along with 19 leading Chinese banks. With China Payments, you can instantly accept local payments from major Chinese providers and customers can pay for travel expenses, school or tertiary fees and other products directly from their China-based accounts or use WePay, Alipa or any of the other major Chinese wallets.
Believing that their services will be required globally as the world seeks to do business with an ever-emerging Chinese Market, they intend to grow their business to service multiple jurisdictions in the years to come. Because the Chinese Payments industry is new and only a few operators are competing, their goal is to establish themselves as one of the top three tier players in this space over the next three years.
China Payments is a partner of LatiPay, a New Zealand company actively operating in this space. Novatti, the parent company, has been operating in payment solutions globally for over 20 years.