PayPal cooperated with Lianlian Pay was suspended? Frankly speaking, I personally think that there is no need to worry about the influx of foreign payment companies. A couple of reasons, first, as this Fortune article also talks about: the incumbents Ant Financial and Tencent have captured 90% of the market, leaving little room for newcomers. “China tends to only open up markets when it thinks domestic firms already have it pretty much stitched up and aren’t too worried about the competition.
Taobao pursued a free policy, while eBay insisted on charging. In the end, it was not Taobao but eBay that withdrew from the market. It is not terrible for foreign cross-border payment companies mobile number list to enter the country. On the contrary, this may also be an opportunity to force domestic payment companies to accelerate product upgrading and service improvement. In fact, even in the cross-border e-commerce industry, most domestic sellers will give priority to domestic payment companies. In addition to lower rates, customer service communication is much smoother than those foreign payment companies.
However, it still needs to be mentioned that the professional standards and professional ethics of domestic cross-border payment companies are still much lacking compared to foreign-funded companies. This may also have a certain relationship with the personnel recruitment threshold. It is undeniable that most of the employees recruited by companies like PayPal and Payoneer have higher academic backgrounds or overseas experience, and many of them are Ivy League schools, University and Tsinghua University. However, domestic payment companies seem to pay more attention to your industry background and work performance. As for values and professionalism, they don’t seem to be so important. Therefore, some scandals or leaks of customer information will happen every now and then in the cross-border payment industry.