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Alibaba teams with Russian payment service provider
By Ding Yining |
June 7, 2012, Thursday
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Online Edition
Online Edition
ALIBABA, China's largest e-commerce group, said it has teamed with a Russian payment service provide to allow overseas buyers to shop on its domestic e-commerce platform.
Alibaba said it has reached an agreement with Russia's largest electronic payment system operator Qiwi Wallet to make cross-border settlement easier for domestic vendors.
Alibaba's global online trading platform Aliexpress will take payments from Qiwi Wallet and domestic vendors will be able to draw payments from their online accounts.
Transaction volume between Russian buyers and Chinese vendors at Aliexpress grew six times in the first quarter due to strong demand for products made in China, according to Alibaba.
Alibaba said it has reached an agreement with Russia's largest electronic payment system operator Qiwi Wallet to make cross-border settlement easier for domestic vendors.
Alibaba's global online trading platform Aliexpress will take payments from Qiwi Wallet and domestic vendors will be able to draw payments from their online accounts.
Transaction volume between Russian buyers and Chinese vendors at Aliexpress grew six times in the first quarter due to strong demand for products made in China, according to Alibaba.
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