Chinese e-commerce firms should tap local payment systems, executives say

With Chinese cross-border e-commerce contentiously expanding globally, local payments are seen as of greater significance to seize opportunities and boost business growth worldwide, especially in emerging markets, said senior business executives in Shanghai on Tuesday.

The global e-commerce market has been growing rapidly in recent years and is forecast to reach $20 trillion this year. Moreover, as technology continues to develop in mature markets and become more accessible in emerging markets, the market is expected to grow 50 percent over the next three years to $30.96 trillion by 2028, according to Tristan Chiappini, senior vice-president at PPRO APAC, a leading provider of digital payments infrastructure.

"This global market presents a massive opportunity for Chinese businesses. But in many markets, local payment methods dominate with local preferences," said Chiappini, adding that offering local payment methods and catering to local payment preferences is a "must" to create trust with local consumers.