It was learned from “Yiwu Pay” that since Yiwu Pay was launched, it has opened cross-border RMB accounts for more than 20,000 merchants, and cross-border RMB settlement has exceeded 7 billion yuan. The company’s cross-border RMB business has achieved leapfrog development from 0 to 1.
The Yiwu market is a “golden business card” for China’s export-oriented economy and a very active key point in international trade, with active capital transactions among market operators. Liu Yangguang runs a cosmetics store in Yiwu International Trade City. His customers are located in Africa, Central and South America, Southeast Asia, Eastern Europe and the Middle East. Every year, goods worth tens of millions of yuan are sold around the world. As one of the first trial customers of “Yi Pay”, Liu Yangguang showed reporters a recent payment information. The payee was an old customer in Mexico. The payment was about 100,000 pesos. The payment was made directly from overseas buyers in local currency. It took less than 12 hours to transfer the money to Liu Yangguang and exchange it for RMB, setting a record for the fastest payment collection in his foreign trade business of more than 10 years.
Since 2023, Yiwu Pay has implemented a variety of special product functions by in-depth understanding of local foreign trade formats and investigating customer needs. Through localized services, it has provided online and offline assistance at the same time, achieving cost reduction and increase for enterprises and operators in multiple links. Foreign trade needs such as efficient and safe payment collection have greatly promoted the digital transformation and upgrading of traditional foreign trade formats.
According to reports, Yiwu Pay’s cross-border business currently covers more than 150 countries and regions, and has the interchangeability of more than 20 mainstream currencies, helping more than 1 million market entities in Yiwu and more than 2 million upstream, medium, small and micro enterprises to digitally chain the world .