LianLian Global, a leading global cross-border payment service provider, announced the launch of its multi-currency Cross-Border Wallet after securing licenses to operate in all 50 states. The cross-border digital wallet is designed to make payments faster, more accessible and cheaper than the traditional cash and bank transfers for U.S.-based retailers and merchants that sell their products internationally on marketplaces such as Allegro, Amazon, Cdiscount, Fruugo and Kaufland.de.
Data Catalyst found that almost 70 percent of U.S. SMEs use third-party online marketplaces or their web store, with most firms opting to use multiple online markets. However, despite having such a significant digital presence and many selling to multiple countries, cross-border payments remain a significant challenge for U.S. businesses, especially small and medium-sized organizations looking to make payments in less familiar, emerging market currencies in Africa, Asia and the Middle East.
For instance, the evolving international regulatory requirements and capital control policies concerning the transfer and movement of funds in local currencies adds a considerable compliance burden for many U.S. ecommerce businesses. This is particularly true in relation to China, Vietnam and other vital Asian supply chain hubs. Such supplier payment challenges can significantly impact the supply of goods and services from those regions. LianLian Global’s Cross-Border Wallet is designed to address these concerns by enabling U.S. businesses to make and receive payments or convert U.S. Dollars to certain regional currencies quickly and compliantly.
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The introduction of LianLian Global’s Cross-Border Wallet virtually eliminates the bureaucratic burden of facilitating payments between Western businesses, customers and suppliers in China and other emerging markets worldwide. LianLian Global allows ecommerce customers of all sizes to make payments up to U.S.$1.5 million at a time. Additionally, the wallet can hold multiple currencies, including U.S. Dollar, Canadian Dollar, Hong Kong Dollar, British Pound Sterling, European Euro, Chinese Yuan and Polish Złoty.
“We are delighted to have launched our fully-licensed Cross-Border Wallet in the United States, and see the positive response from US businesses. This is an evolution of our globally trusted platform that our customers around the world have come to rely on,” said David Messenger, Executive Chairman, LianLian Global. “Our new cross-border wallet helps businesses of all sizes grow, by making it easy to manage multiple currencies on a single platform and do foreign exchange (FX) conversion at fair and transparent rates. Our aim is to help our U.S. customers better navigate the complexity of cross-border payments and the volatility of FX.”
Unlike other prominent providers in the market, customers can use LianLian Global’s Cross-Border Wallet without committing to an annual fee or (in certain countries including the U.S., U.K. and China) paying to open an account or receive payments. Instead, LianLian Global charges a fixed 0.5% rate for FX conversion, with even more competitive rates available to high-volume customers.
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“LianLian Global’s Cross-Border Wallet is an ideal growth partner for our business,” said Jeremy Cai, Founder of Italic, a U.S.-based online retailer. “With the new platform, we can secure our supply chain networks in China and other parts of the world because the digital wallet ensures we can make and receive payments quickly, efficiently and safely. The extra time allows us to focus on growing and diversifying our business into hundreds of high-quality goods across a range of home, fashion, and lifestyle categories.”
LianLian Global is a global cross-border payments provider with offices in 12 different countries that helps more than 1.2 million ecommerce stores grow their cross-border businesses. LianLian Global owns over 60 licenses worldwide, with full coverage in all 50 U.S. states. The company has also partnered with leading financial institutions such as Citi, Deutsche Bank, and J.P. Morgan to power their solutions.