Russian And Chinese Online Payment Systems Join Forces To Offer Cross-Border Payment Service

Russia-based online payment system Yandex.Money partnered with China's online platform TradeEase to launch a cross-border e-commerce platform for consumers in the two countries. Expected to achieve a turnover of $830,000 in the first three months after its launch in summer 2015, the online service will be introduced by China's PayEase payment system, Bank of China, the Chinese province of Heilongjiang, and the border city of Suifenhe. Chinese stores near the Russian border will be able to sell their goods online using the planned platform. Trade between Heilongjiang and Russia grew to over $23 billion in 2014, accounting for about one-fourth of total Russia-China trade.