An employee at Yiwu Pay introduces the platform to a foreigner. [Photo/Zhejiang Daily]

Yiwu Pay, a cross-border payment application, has expanded its services to support transactions in 20 major currencies, as reported by local media on June 29.

Yiwu, renowned as the "World Supermarket," boasts an impressive community of over 970,000 businesses and a thriving ecosystem comprising more than 2.1 million upstream and downstream enterprises.

On Feb 20, Yiwu Pay launched the "Worry-Free Frozen Card" initiative. Under this plan, businesses conducting transactions through the Chinagoods platform can now receive payments via Yiwu Pay.

In cases related to frozen cards, Yiwu Pay's developer, Yiwu China Commodity City Group, will take the lead in providing advanced trade funding and comprehensive support and assistance.

Li Xueyan, deputy director of the Department of International Economics and Trade at NingboTech University, noted that Yiwu Pay sets itself apart from other third-party payment platforms by leveraging its close collaboration with Yiwu's small commodity industry.

The collaboration enables Yiwu Pay to offer more specialized services to its customers. Additionally, by tapping into the sales platform's vast data system, Yiwu Pay can integrate the cross-border trade supply chain and value chain.

Local commerce authorities said that Yiwu Pay aims to become a driving force in the seamless facilitation of cross-border transactions and the growth of Yiwu's global trade network.