italki adds China’s largest interbank payment network UnionPay to its Portfolio

italki is proceeding on its way of building a solid basis for its worldwide language learning marketplace.

After adding WebMoney, an online payment webservice popular in Russia and the CIS last week, italki announced today that the platform now offers payments via UnionPay.

According to the blog post of Kevin Chen, Co-Founder of italki, UnionPay is the largest interbank payment network in China and almost every ATM card supports UnionPay.

For many Chinese, paying with their bank card is one of the most convenient methods of purchasing products and transfering money. By simply going to any ATM machine, a person can use their card to directly transfer money to another card.

Adding payment methods that people are familiar with is of course a no-brainer but it is really astonishing that only italki is pushing themselves to embed as many payment methods as possible to their service.

When you use China UnionPay on italki – you’ll first be taken to China UnionPay’s payment gateway. Afterwards, you’ll be asked to choose which bank issued your card. Each bank will have its own payment process — most will let you transact online with your bankcard.

This process might sound a bit unconvinient because you are taken to at least two other websites that are not italki but on the other hand it also builds up trust for potential customers if they can buy their italki credits over the websites of their bank.

I wonder which region will be covered next. South America, India or Africa maybe? 

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  • chinamike

    My guess is that you need to have a full business presence in China (not a rep office) to offer this payment option. If your business were located outside China, would it be worth it to set up a business in China to avail yourself of this option?

    • http://kirstenwinkler.com KirstenWinkler

      As everyone wants to have a piece of this pie… :) . But sure, if it really goes like this, and I think you are right, it might be a bit tricky for a start up.
      On the other hand maybe an interesting business opportunity for someone to set up a business that would facilitate payments from China to Europe or the US. Like those companies who ship goods I bought in Japan for me.