Recently, PingPong, a global digital service provider for cross-border trade, has reached a direct cooperation with JCB to open JCB card online acquiring service, and local merchants in Hong Kong, China can receive JCB card online payment from global buyers. So far, PingPong has achieved direct cooperation with six major international card issuers, and the “touch points” reaching global consumers has grown by 100 million, further escorting and accelerating the “last mile” of enterprises in e-commerce, education, travel, takeaway and other fields. ” to help it unlock global business opportunities.
Become a JCB member institution and directly connect to the six major international card groups
JCB is one of the six major card-issuing organizations in the world. It originated in Japan and is now available in 150 countries and regions around the world. It has 146 million members, especially in the Asia-Pacific region.
Compared with banks, international card issuers have always had stricter membership review standards and access requirements for non-bank payment institutions. A comprehensive and comprehensive evaluation is carried out in multiple dimensions such as brand influence in the field. At present, only a few payment institutions in the industry have obtained the membership qualifications of the six major international card issuing organizations.
After multiple rounds of review by JCB, PingPong has now officially become its member institution in Hong Kong, China, and the two parties have reached a direct cooperation. This also means that PingPong has reached direct cooperation with all six major international card issuers, and can support merchants in Hong Kong, China to receive VISA cards, MasterCard (MasterCard), American Express (American Express), UnionPay (UnionPay) from global buyers. ), JCB card and Discover (Diners Club) payment, which will further increase the “touch points” for merchants to reach global consumers. According to incomplete statistics, the six major international card issuing organizations have cumulatively issued billions of cards, covering almost all mainstream countries and regions.
Credit cards are still the most common e-commerce payment method in the world, especially in North America and Europe, where they account for a higher proportion. According to the Zhiyan Consulting report, in 2021, credit cards will account for about 21% of global e-commerce payment methods, and 31% and 25% in North America and Europe respectively.
The direct cooperation between PingPong and JCB will also further expand the layout of cross-border payment channels in the Asia-Pacific region in addition to core markets such as North America and Europe, and help PingPong’s global acquiring business to expand globally, thereby providing more overseas merchants. Efficient and low-cost, flexible and controllable, safe and convenient acquiring services, increase the global business map.
The ultimate experience of achieving hard-core indicators and creating global acquisitions
Acquiring is the “last mile” for independent sellers, DTC brands, etc. to sell overseas, and it is also the “first mile” for cross-border collection.
For acquirers, the payment success rate and the chargeback rate are two important metrics. In particular, optimizing the payment success rate has a role that cannot be underestimated in increasing the turnover: the payment success rate refers to the successful approval of the card issuer. The ratio of transactions/authorized transactions will affect the buyer’s consumption experience and decision-making, thereby causing fluctuations in the merchant’s sales performance; the chargeback rate is the rate at which consumers refuse to pay bills to the card issuing bank. It is reported that chargeback is a common right of overseas consumers. When encountering a disputed order transaction, consumers will request to cancel the paid transaction. Common reasons include fraudulent transactions and incorrect goods.
The success rate of payment and the rate of chargeback are closely related to the compliance capability, digital risk control capability, and global channel layout of the acquirer. These two indicators will also directly affect the performance of independent site sellers, DTC brands and other entities. Operating profit and loss.
Up to now, PingPong has obtained acquiring licenses in Hong Kong, China, Europe, the United States and other countries and regions, and has built a wide range of global banking cooperation channels, as well as domestic and overseas integrated payment networks; The direct cooperation of card issuers can support cross-border transactions of more than 50 currencies and six major international credit cards; at the same time, it also has the ability to aggregate payment and is compatible with local wallets and BNPL (Buy Now) in North America, Europe, Southeast Asia, Japan and South Korea and other regions. Pay Later) payment method.
According to the person in charge of PingPong’s global acquiring business, “the payment success rate of the company’s acquiring products is as high as 90%.” The person in charge also pointed out that in order to further improve the payment success rate, PingPong can provide users with dynamic and flexible product solutions, Including dynamic payment method recommendation, full terminal support, customized non-jump built-in cashier counter, fast payment, transaction risk dynamic degradation, global intelligent routing, payment failure recovery mechanism, server local deployment and other means. Among them, as one of the very few institutions that have established direct cooperation with the six major international card issuers at the same time, PingPong can fully realize the channel selection of global intelligent routing to ensure transaction stability and success rate, provide users with high-quality payment experience, and accelerate their consumption decisions. .
In addition, PingPong’s global acquiring products have also developed a set of effective solutions to reduce the chargeback rate: timely monitoring of fraud risks through mainstream AI-driven risk control models to effectively reduce the chargeback rate. On the one hand, relying on a strong risk control and anti-fraud system, it strictly implements KYC and KYB processes, implements an AML anti-money laundering screening mechanism, and has passed the PCI DSS 3.2 certification, the world’s most stringent and highest-level payment industry security certification standard, to ensure that the Reduce the risk of fraud; on the other hand, a set of intelligent transaction monitoring system has been built. Through the anti-fraud risk control engine, dynamic security strategy, risk control rule management, risk control background management and other modules, it can conduct real-time transaction monitoring and management from all aspects and angles. Risk prevention; at the same time, PingPong is also equipped with a professional risk control team. Once a risk event is triggered, it will actively assist sellers to deal with chargeback transactions and reduce profits and losses.
The above-mentioned person in charge said, “In the next step, we will accelerate the API direct connection with the six major international card groups, further simplify the payment transaction chain, and realize no-jump payment, so as to create a smooth and smooth consumer payment experience and optimize payment efficiency. And stability, to provide the ultimate service for all-scenario overseas customers such as e-commerce, education, travel, and takeaway.”
Build a digital win-win ecosystem to accelerate brand globalization
The epidemic has catalyzed the trend of global online trade, especially the penetration rate of overseas e-commerce market has been further improved. The pattern of China’s foreign trade industry has further shifted from going overseas for products to going overseas for brands. Especially in 2021, independent e-commerce and DTC brands have become mainstream. Relying on Internet dividends and supply chain advantages, China has grown well-known DTC brands such as SHEIN and Anker Innovation.
According to reports, after completing the latest round of financing in April this year, the valuation of SHEIN has reached as high as 100 billion US dollars; Anker Innovation will achieve revenue of 12.574 billion yuan in 2021, a year-on-year increase of 34.45%; net profit attributable to shareholders of listed companies is 982 million Yuan, a year-on-year increase of 14.70%. There are also domestic brands such as Huaxizi, which have gradually entered the life circle of overseas consumers under the rise of the national tide.
Different from the sales model that relied on platform e-commerce in the past, the channels for DTC brands to reach overseas consumers mainly rely on independent stations. According to data from the State Council’s regular policy briefing on July 12, 2021, the total number of independent sellers in China has reached about 200,000. According to Shopux’s forecast, in the next three years, a group of platform sellers, B2B foreign trade sellers, and domestic e-commerce sellers will flood into independent stations, and the number of independent website sellers in China will exceed 500,000.
What follows is bound to be massive global acquiring demands based on different countries and regions, different currencies and payment methods, as well as global payment, global distribution, and supply chains derived and developed in the cross-border transaction payment chain. Financing, VCC (virtual credit card) and other full-cycle needs.
Born in cross-border, starting with payment, PingPong’s global layout and localized service genes are highly matched with the brand’s demands to go overseas. As mentioned above, PingPong has completed the construction of a first-class basic payment structure in the world, completed the layout of the compliance system, and opened up direct cooperation with the six major card issuers in the world. The company has also reached cooperation with more than ten international mainstream website building platforms such as Shopify, Shoplazza, Magento, Bigcommerce, Opencart, etc., and can provide acquiring services for independent e-commerce and DTC brands in more than 100 countries and regions, basically covering the world’s major consumer markets. Meet the demands of DTC brands to reach target consumer groups.
At the same time, PingPong has established local branches in the main target countries and regions where brands go overseas and different types of enterprises go overseas, including major economies such as Europe and the United States, and emerging economies such as Southeast Asia, and has established a localized professional service team. Generate coupling effect and create greater value.
It is reported that PingPong has provided overseas acquiring services for Anker Innovation, Xiaomi, JD.com, UR, OnePlus, HungryPanda and many other companies, and has reached cooperation with some domestic banks to improve the cross-border e-commerce collection and receipt system for them Wait for resource channel replenishment and technology empowerment.
“Mutual benefit and win-win is our value proposition for 2B services, and it is also something we continue to do and hope to do better.” PingPong’s blueprint is not limited to its own expansion and development, but to the global business it builds. On the digital agile payment network, we continuously promote technological innovation and ecological opening, reconstruct and optimize global cross-border trade digital solutions, coexist with customers and win-win with partners.
Titanium Media 36Kr Investment Community Investment Network
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