German digital payments company Wirecard has extended its international corporate payment services to include transactions in Chinese renminbi.
Building on Wirecard's Supplier and Commission Payments, the newly launched B2B offering provides users single- and restricted-use virtual cards that handle payments and transfers in and out of China and automate supplier payment settlements.
The virtual prepaid MasterCard accounts are created in real time for each transaction.
The company aims to cater to China's growing B2B payments market, it said in a June 8 press release. Global B2B e-commerce is projected to reach $6.7 trillion by 2020, it said, with China expected to emerge as the largest market.
The platform has built-in authorization controls like electronic remittance advices, invoice data, transaction limits, spending parameters and supplier-locking. Users can issue an unlimited number of virtual credit cards, which can be used for purchases in at least 27 currencies.
Wirecard's other international activities include supporting the Orange Cash mobile wallet in Spain and France, working with Bank Mega for a point of sale deployment in Indonesia, and working with software provider Five by Five on a mobile point of sale offering in Croatia.