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Failsafe Payments offer their Webmasters full access to the whole Chinese Market by being linked into the Top 10 Banks in China covering 98% of the local Chinese market.
Approximately 92% of all online Chinese payments are made with local debit cards.
As of 2005, over 1.3 billion people in China use the internet, and 34% of these internet users regularly purchase goods and services online. Unfortunately, many Western content providers do not want to accept credit card purchases from that region of the world due to the perceived fraud risk.
Chinese direct debit is a much safer proposition and we have implemented this feature into our ever growing portfolio of payment options
Only 20% of the Chinese population has a "western" credit card such as VISA, MasterCard and American Express.
Enabling this option is crucial for selling into China online.
The local debit cards are PIN based. That means that the buyer gets re-directed to a secure payment page and enters their details and their PIN code directly on the secure payment page. Once the PIN has been approved, the purchase has been done.
The PIN code is the cardholder identification and sole responsibility to keep the PIN in a safe place or location. There is no chargeback available for the buyer once the PIN has been approved and the purchase has been done.
Transaction Flow when offering Chinese Debit Cards:
Click here to see a transaction flow (pdf-file)
Supported Asian banks
Click here to see the list of Asian banks supported by Failsafe Payments (pdf-file)
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