LianLian Global launches new international commercial payment solution in partnership with Visa in Hong Kong
LianLian Global, in partnership with Visa, launches LianLian Card, an innovative payment tool that enables multi-currency payments for online merchants and trading companies worldwide. This new solution, now available in Hong Kong for the first time, addresses the rising demand for international payments in the cross-border eCommerce sector.
More than one year into the COVID-19 pandemic, there have been significant shifts in consumer behaviors that accelerated the growth of eCommerce worldwide. As the cross-border eCommerce sector continues to evolve, businesses are increasingly demanding diversified and differentiated services to facilitate their daily operations.
International payment is one of their biggest pain points. Common challenges in existing services experienced by more than 100,000 trading firms in Hong Kong1, include lack of transparency, poor security, and difficulties in reconciliation due to complicated payment procedures.
With the introduction of LianLian Card, LianLian Global customers can easily make international payments in different ways and scenarios, enabled by Visa’s global payment settlement network. LianLian Card users can now pay store subscription fees on eCommerce platforms like Amazon, eBay and Shopee, and operational expenses for their eCommerce businesses, including cost of advertising on Google, Facebook and TikTok.
Arthur Zhu, President of LianLian Global: “Serving hundreds of thousands of cross-border online sellers, our team spent the past few years visiting customers and conducting research to understand the distinctive business needs of sellers in different sectors. We aim at helping sellers expand their business and brand presence globally through continuous innovation in products and technologies. We are working with Visa to introduce international payments solutions that make payments easier, faster and securer for cross-border eCommerce merchants. We will further this partnership with Visa to explore cross-border digital payments, in order to keep empowering sellers and enable cross-border eCommerce to thrive.”
Shirley Yu, Group General Manager for Visa Greater China: “The global economic landscape is changing rapidly. There are more companies trading globally. Hong Kong’s foreign trade volume totaled US$1.11 trillion in 2019, including US$535.86 billion of exports to 206 countries and territories2. Yet existing solutions fail to keep pace with this growing demand for cross-border B2B payments. As the world's leader in digital payments, Visa is delighted to partner with LianLian Global to develop solutions for cross-border commercial payments. Our efforts will help solve many of these pain points, accelerating the development of cross-border payment ecosystem."
For more information about LianLian Card, please visit: https://global.lianlianpay.com/news/5-29275.html (Chinese only).
1 According to the Census and Statistics Department of the Government of the Hong Kong Special Administrative Region, there were 99,986 import and export trading firms in Hong Kong as of December 2018 and counting.
2 Ibid. See previous footnote
3 Stores owned by Chinese cross-border merchants
About LianLian Global
LianLian Global is a sub-brand under LianLian DigiTech, one of the preeminent payments technology company founded in 2009. With a mission to help eCommerce merchants do more business across borders, LianLian Global is dedicated to creating products and services for merchants that simplify the complexity of operating in other countries. Its focused effort of global business payments and substantial footprint of licenses help both merchants and the businesses that serve them accelerate their growth into new markets.
LianLian Global is widely recognized by global financial regulators and institutions. As of 2020, LianLian owns nearly 60 payment licenses and certifications in China, US, UK, Thai, etc. As of July 2020, LianLian supports funds collection from over 20 world class eCommerce marketplaces including Amazon, Wish, Shopee, Lazada, and has built an extensive network of 700,000 Chinese cross-border e-commerce merchants3.
About Visa Inc.
Visa is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network – enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device. As the world moves from analogue to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information visit usa.visa.com/about-visa.html, usa.visa.com/visa-everywhere/blog.html and @VisaNews.