British fintech company TransferWise has established a partnership with Chinese mobile payment service Alipay for cross-border money transfers.
The tie-up will enable TransferWise’s more than 7 million customers to send money held in 17 currencies to Alipay users as Chinese yuan, according to a statement TransferWise emailed to Caixin Tuesday. Alipay serves over 1.2 billion people globally.
TransferWise users will need to fill in the recipient’s name and Alipay ID before transferring money to the bank account linked to the recipient’s Alipay profile, the statement said.
In 2018, China received $67 billion in overseas remittances, making the country the second-largest recipient of such payments after India with $79 billion, a World Bank report showed.
Contact reporter Ding Yi (email@example.com)