China is expected to be one of the top remittance recipients in the world, according to a 2019 report, with £ 54 billion expected to be returned home by Chinese expats and migrants living abroad.
Image source: Image courtesy of TransferWise
TransferWise has reached a deal with Alipay, which means its customers will be able to send money instantly to users of the Chinese mobile and online payment giant.
TransferWise said the deal would mean its customers will now be able to send Chinese yuan in less than 20 seconds from 17 countries to Alipay users.
TransferWise Customers can complete the transfer by adding the recipient’s name and Alipay ID, which will allow the money to be transferred to the bank account linked to the recipient’s Alipay profile.
Alipay says it now has over 1.2 billion users worldwide TransferWise says it has over seven million users.
Kristo Käärmann, co-founder and CEO of TransferWise (Photo), said: “Our latest partnership with Alipay is one of the most requested features by our users since our expansion in Asia.”
“Alipay operates as the primary payment method for over 1 billion people in China and we’re excited to bring instant international transfers to the fingertips of Alipay users.”
“It also brings us closer to our Money without Borders mission, and is a continuation of our vision to make cross-border payments instant, convenient, transparent and ultimately free.”
Ma Zhiguo, Head of Global Remittances at Alipay, said, “We look forward to working closely with TransferWise for global remittances, as we continue to explore new ways to apply our technology to benefit more people around the world.
“We are committed to working with partners such as TransferWise, using innovative technologies to help consumers around the world access inclusive financial services, creating greater value for society and bringing equal opportunities to the world.