LianLian Group, a leading global cross-border payment service provider, announced the launch of its multi-currency cross-border wallet after achieving a money transmitter license to operate in all 50 US states.
LianLian launches multi-currency cross-border wallet
The cross-border digital wallet is designed to make payments faster, more accessible, and inexpensive than the traditional cash and bank transfers for U.S-based retailers and entrepreneurs that sell their products internationally on marketplaces such as Amazon, Allegro, Cdiscount, Fruugo and Kaufland.de.
Analysis from a Data Catalyst states that in most countries opting to use multiple online markets, almost 70% of American SMEs use third-party online marketplaces or web stores. However, cross-border payments remain a significant challenge for US businesses, especially for small and medium-sized organisations looking to make payments in less familiar, emerging market currencies in Asia, Africa, and the Middle East, despite having a significant digital presence and vast selling prospects in various countries.
For instance, the evolving capital control policies and international regulatory requirements concerning transferring and moving funds in local currencies add a substantial compliance burden for several US e-commerce businesses. This is particularly right concerning China, Vietnam, and other vital Asian supply chain centres. Such supplier payment challenges can pointedly impact the supply of goods and services from those business areas. LianLian Global’s multi-currency wallet reports these concerns by permitting US businesses to make and receive payments or convert US dollars to certain regional currencies more efficiently and quickly.
The introduction of LianLian Global’s Cross-Border Wallet virtually eradicates the organisational burden of easing payments between customers and suppliers in China, Western businesses, and other emerging markets worldwide. LianLian Global allows e-commerce customers of all sizes to make payments of up to USD 1.5 million at a time. Additionally, the wallet can hold various currencies, including US Dollar, British Pound Sterling, European Euro, Canadian Dollar, Hong Kong Dollar, Chinese Yuan, and Polish Zloty.
David Messenger, Executive Chairman at LianLian Global, said that the company is delighted to launch its fully licensed cross-border wallet in the United States and to perceive the positive response from the American businesses. Messenger stated that this was an evolution of the company’s globally trusted platform that the customers around the globe came to count on.
The 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 conversions at fair and transparent rates. In addition, the group aims to help US customers navigate through the complexity of cross-border payments and FX volatility.
Customers can use LianLian Global’s Cross-Border Wallet without promising an annual fee or in certain countries (including the US, UK, and China) are paying to open an account or receive payments, unlike other prominent providers in the market. As an alternative, LianLian Global charges a fixed 0.5% rate for FX conversion, with even more competitive rates offered to high-volume customers.
Jeremy Cai, Founder of Italic, a U.S.-based online retailer, said that LianLian Global’s Cross-Border Wallet is an ideal growth partner for the business. With the new platform, the company can secure their supply chain networks in China and other parts of the world because the digital wallet ensures that they can make and receive payments quickly, safely, and efficiently. In addition, the extra time allows them to focus on growing and diversifying their business into hundreds of high-quality goods across a range of fashion, home, and lifestyle categories.