(Yicai) Aug. 22 -- China’s cross-border payment industry is developing swiftly as more Chinese firms expand their global reach through online sales.

Non-banking payment institutions logged a 15.5 percent jump in cross-border online payments last year to about 8.2 billion transactions, according to data from consultancy firm Botong Analysys. And the transaction value surged 20 percent to CNY1.3 trillion (USD182 million).

Lianlian DigiTech posted a 40.1 percent surge in revenue in the first half to CNY617 million (USD86.9 million), according to the interim results released by the Hangzhou-based company on Aug. 20. And its digital payment volume more than doubled to CNY1.5 trillion (USD220.1 billion).

While Lakala Payment served over 90,000 cross-border merchants in the six months ended June 30, involving a transaction volume of CNY21.4 billion (USD3 billion).

And Chinese vendors using fintech giant Ant Group's WorldFirst to do business overseas soared 56 percent in the first three months year on year.

Payment service providers handled over CNY1 trillion (USD140 billion) worth of e-commerce export transactions in 2023, a new high, and a 11 percent jump year on year.

Chinese sellers have not slowed down the pace of their expansion into overseas markets despite geopolitical turmoil and global inflation, industry analysts said. In the first quarter, cross-border e-commerce exports made up 7.8 percent of China's total exports, driving exports up by a significant one percentage point.

Cross-border payment institutions need to keep expanding into new markets outside of Europe and America and to apply for new licenses, said Wang Pengbo, a senior financial industry analyst at Botong. Also, they need to deal with rapid developments in digital technology and continue to enhance their innovation capabilities.

With the rise of cross-border e-commerce, international payments no longer have a simple payment function, said Lv Weiyan, senior vice president at Lianlian DigiTech. Rather, they have become a key means for merchants to lower costs and increase their returns. Tech-driven digital capabilities are key for firms going global to stay competitive.

Lakala's cross-border payment network now covers over 100 countries and is connected with Amazon, eBay, and other mainstream e-retailers.

Last month, Lianlian cut its fees for receiving payment and cash withdrawal to 0.2 percent. And WorldFirst can receive payments in over 30 currencies, up from the previous 14, and it can now remit in more than 100 currencies, more than double the previous 41.

Editors: Zhang Yushuo, Kim Taylor