BNP Paribas, LianLian Pay to partner on e-commerce business in China

The two firms will cooperate on providing integrated collections solution for e-commerce businesses in China that will consolidate online sales and offline mobile collections

BNP Paribas (China) Limited and LianLian Yintong Electronic Payment Co., Ltd (LianLian Pay) have signed an agreement to provide an integrated collections solution for e-commerce businesses in China.

The solution streamlines the collections process by consolidating online sales and offline mobile collections onto a single platform.

With the adoption of e-commerce and the growing prominence of digital as a payments channel, China, is already the world’s largest market for mobile payments and is expected to see total cashless payments reach US$45 trillion by 2021. As the trend continues to grow, consumers, sellers and suppliers are increasingly asking for safer, faster and more reliable platform technology which can also connect them to a global financial network.

Under this partnership, BNP Paribas (China) and LianLian Pay have jointly developed a digital ecosystem to meet the evolving needs of corporate treasurers. It furthers BNP Paribas’ strategy to simplify and speed up banking operations through services such as digital applications and new payment methods.

In recent years, BNP Paribas has been actively undertaking digital transformation, adopting a variety of cooperation models with companies in the financial technology ecosystem in a bid to push the boundary of its products and services, responding to the needs of digital era more flexibly.

Founded in 2003, LianLian Yintong Electronic Payment Co., Ltd (Lianlian Pay) is a mobile payment company in China that provides all-in-one payment solution in the form of CUP cards mobile payment, cross-border payment and settlement, RMB and foreign currency disbursement for tens of millions of individual customers and thousands of merchants and partners.

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Date

18 Apr 2019

Channel

Capital Markets

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