What are the most popular banks or payment services for online transactions in China?
1. Card network China UnionPay (银联) – the only domestic card network by law 2.Top banks (both for card issuing and for merchant acquiring) ICBC Bank of China China Merchants Bank China Construction Bank Agriculutural Bank of China Bank of Communications 3. Online payments services Alipay (支付宝） 99Bill (快钱） TenPay（财付通） Note that unlike most of the rest of the world, online e-commerce purchase payments in China is primarially made by online banking transfer through one of these services. The typical flow is: • Begin check-out • Chose online payment service (e.g, AliPay / 99Bill) • Chooe your bank from a list of logos • Redirected to your bank’s online banking • Log-in to your online banking and approve the transaction • Redirected to merchant payment completion pageThis is similar to the process for NACHA Secure Vault Payments in the US.
