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NTT Launches China-focused Payment Solution

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June 09, 2014

NTT Launches China-focused Payment Solution

By Jonathan Keane
Contributing Writer

NTT (News - Alert) Communications Corporation has launched a new mobile payments platform aimed at Asia with a view to fostering a global reach for e-commerce companies.

The payment solution was developed by NTT’s Asian arm, NTT Comm Asia, and was created to address the burgeoning e-commerce market in China, which is expected to reach $525 billion this year. These figures were corroborated by NTT’s own research, Breaking into Asia: Opportunities and challenges of cross-border e-commerce, published earlier this year, which highlighted a number of issues for companies.

“In our survey of 200 large US and European global merchants, 99 per cent of organisations reported challenges when delivering e-Commerce in Asia such as dealing with different domestic payment methods, currency restrictions, tax regulations, and high transaction costs,” said Tyrone Lynch, vice president of eBusiness at NTT Comm Asia. “NTT Communications (News - Alert) Payment Solutions have been designed specifically to help global merchants expand their online presence and take advantage of the surge in e-Commerce activities in Asia, especially in China.”

NTT tells us that merchant can use the platform to manage payments through a single point of contact and monitor currencies and local payment methods. This also comes with a number of verification and authentication methods for the user to ensure security.

“Our experts work with merchants closely to help define and implement innovative payment strategies that yield optimised results,” explained Mr. Lynch. “In addition to advanced e-commerce payment processing, our omni-channel solution supports merchants’ evolution to new payment models, such as online-to-offline (O2O) commerce.”

“The rising tide of e-payment plays a fundamental role in the development of the ICT sector. It is encouraging to see a solution launched, taking e-commerce to another level,” added Hon Charles Mok, Legislative Councillor representing the Information Technology sector of Hong Kong.

Edited by Maurice Nagle

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