Yiwu Pay has opened cross-border RMB accounts for over 20,000 merchants and achieved over 7 billion yuan ($979.35 million) in cross-border RMB settlements since its launch, according to local media reports on Jan 3.

Yiwu's market plays a pivotal role in China's export-oriented economy and international trade. Market operators often encounter payment challenges. Yiwu Pay, a global cross-border payment platform, was conceived as the solution.

Liu Yangguang, a cosmetics seller in Yiwu International Trade Market and an initial user of Yiwu Pay, annually sells goods worth tens of millions of yuan worldwide. Recently, he set a new record for his fastest completed payment using Yiwu Pay, as a returning customer from Mexico promptly paid approximately 100,000 pesos ($8,573) for goods. The payment was received and converted to RMB in less than 12 hours.

Since its launch in 2023, Yiwu Pay has helped enterprises and operators reduce costs, improve efficiency, and secure payments, and meet a variety of other foreign trade needs.

Yiwu Pay's cross-border business operations span over 150 countries and regions, with the capability to exchange more than 20 mainstream currencies. The service has overcome obstacles in global transactions to facilitate seamless payments for more than 1 million market entities and more than 2 million small and micro enterprises in Yiwu.