Ingenico Group has reported record breaking transaction volumes and payment authorisation rates on its most successful Singles Day ever. The company outperformed last year with more than four times as many online transactions as 2018’s event and recorded its highest number of Transactions Per Second (TPS) ever. During the event, Ingenico’s Amsterdam-based ePayments division processed millions of payments seamlessly for leading Chinese-owned websites and marketplaces including AliExpress, Tmall and DHGate.
Analysis of payment data from Ingenico ePayments, one of the first international payment service providers to establish a significant presence in China, shows that the historically Chinese festival is fast becoming a truly global phenomenon. Singles Day is the largest eCommerce shopping day in the world, beating rival peak sales days Black Friday and Cyber Monday and this year’s reported growth was particularly strong in the US and Russia for the company.
One of Ingenico’s focuses over the last few months has been to transform how international eCommerce companies operate in China. By introducing a suite of payment methods that fully caters to the preferences of local consumers, Ingenico can now enable online businesses to gain better access to one of the world’s most significant online markets.
Nick Tubb, VP Commercial Affairs at Ingenico ePayments, said: “Chinese eCommerce continues to grow at an impressive rate and Singles Day is the most extreme example of the opportunity it presents. This event was about overseas customers buying from the Chinese marketplace giants as they expand their international reach, but conversely, international online businesses looking to successfully expand into China and tap into the immense customer base there should understand the market is very dynamic and completely unique. With the right partner though, the reward is more than worth it”.
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