More companies are trying to bridge that gap by working with China's online payment giants.
United States company Stripe officially launched Stripe in Hong Kong and also introduced global support for Chinese company Alibaba's e-payment platform Alipay and WeChat Pay, the digital payment feature of China's top chat app.
Starting Sunday, the partnerships will allow online merchants using Stripe to integrate the ability for Chinese users to pay with Alipay and WeChat Pay on their websites, the company said. The move enables merchants on its platform to receive money from hundreds of millions of Chinese consumers. The new partnerships will connect them to hundreds of thousands of Stripe-powered businesses around the world, he added. Stripe was founded back in 2010 by Collison and his brother, Patrick, as a technology-driven alternative that allows merchants in 25 countries to accept digital payments. It charges a fee on each payments transactions processed through its platform.
China's consumer market is massive, clocking about US$750 billion worth of sales in 2016.
A PwC consumer poll showed that over half of Chinese consumers would purchase from an online retailer overseas if they offered better prices. As the Chinese are generally more accustomed to mobile payments than to card payments, European retailers can drive their business even more attractive by offering Chinese visitors their preferred payment method.
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For companies that don't have a base in China, it can be hard to sell products to Chinese customers.
It had previously partnered with Alipay to enable only the US merchants on its platform to integrate the Chinese payment service.
"In our aim to get to a global cashless society, Alipay has evolved from a digital wallet into a global lifestyle enabler for Chinese consumers and travelers far beyond Chinese borders", said Souheil Badran, Alipay's North American president in a statement.
"If you are an internet business, this unlocks a new vast customer base", John Collison, Stripe's president and co-founder, told Reuters. The partnership coincides with the company's launch in Hong Kong.
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