Cross-border payments specialist PingPong Payments has partnered with the card network JCB International to enable JCB merchants in Hong Kong to receive online payments from JCB cardholders worldwide. The deal, which means PingPong now has direct relationships with all six major international credit card networks, strengthens the company’s position in the Asia-Pacific region, where JCB enjoys considerable market-share advantages, the company says. JCB is accepted in 150 countries and regions and has 146 million members.
The deal also comes at a time when global cross-border payment volume, which is being fueled in part by the explosive growth in e-commerce, is projected to reach $156 trillion this year, according to Integrated Research Ltd.
JCB merchants in Hong Kong will be able receive payments from JCB cardholders in addition to Visa, Mastercard, American Express, UnionPay and Discover, further increasing customer touchpoints. PingPong, which has been processing payments since 2015, serves a merchant portfolio of more than1 million online merchants. The company has processed more than $90 billion for global e-commerce sellers to date.
One advantage of partnering with global card networks to facilitate cross-border payments, according to PingPong, is that they maintain more stringent membership requirements for non-bank payment institutions than banks do.
These requirements include a comprehensive assessment of payment service providers’ operational qualifications, transaction history, risk-management capabilities, customer service, and brand recognition across the cross-border payment sector, the company says.