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17 Jan 2023  (583 Views) 
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China


Payment in RMB to sellers on e-commerce websites
1. I have suggested that the China govt get their e-commerce websites in China (e.g. Alibaba) to quote their products and receive payment in RMB.

2. The buyer can use Wise platform to pay CNY to an AliPay account of the seller. See https://www.youtube.com/watch?v=Bvk4AwpiNw8

3. My DBS Bank allows me to send CNY from my bank account to an Alipay account also.

4. The seller can quote an AliPay account for the buyer to make payment.

5. I believe that the bank fee should be quite low, compared to payment by SWIFT.

6. Two years ago, I bought some product in Alibaba and had to pay by USD. I incurred a high bank charge, maybe US$20 for a small payment.

7. If all the sellers from China quote their prices in RMB, the buyers will have to pay by RMB instead of USD. This will encourage the buyers to keep their balance in RMB (either in CNY or CNH). The RMB can become an alternative reserve currency quite quickly.

8. The USD will lose a large volume of the international payments that they enjoy now.

Tan Kin Lian


 


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