Chinese Internet company Tencent's online payment service Tenpay and American Express have reached cross-border payment cooperation and the two parties have jointly launched a new virtual payment product.
The new product is reportedly an international account which is supported by both Tenpay and American Express. By opening this account, users will be able to realize cross-border RMB settlements. Chinese users will be able to buy products from about 100 U.S. websites that accept American Express credit cards, once they apply for a virtual account with Tenpay.
It is also the first virtual payment product launched on the platform of Tenpay and American Express will provide security support. For security functions, a one-time security code will be automatically generated when users implementing Internet transactions, to prevent password theft.
In addition, the new product can solve other problems such as when an American local address is required when Chinese users shop on U.S. websites. Users of this new product can access American Express's overseas direct purchase platform, which will offer an American transshipment address. When Chinese users complete their cross-border shopping, the goods will be shipped from the transshipment address to the Chinese addresses of the users.
Commenting on the cooperation, Kula Kulendran, president for American Express's global networking business in Asia Pacific, said that the cooperation between American Express and Tenpay will provide Chinese consumers with an innovative cross-border online payment service and it will promote the development of innovative products in China. This partnership is expected to bring more business opportunities to both parties.