Fintech TransferWise has announced that its 7 million+ customers can now send money instantly to Alipay users. Alipay is the payments platform provided by Ant Financial (Alibaba). Ant Financial is the highest valued Fintech in the world.
“Our newest partnership with Alipay has been one of the most requested features from our users since our expansion in Asia. Alipay functions as the primary payment method for more than a billion people in China and we are excited to be bringing instant international transfers to the fingertips of Alipay’s users,” said Kristo Käärmann, co-founder and CEO of TransferWise.
Alipay is the world’s leading payment and the world’s most-used app outside of those used for social networking in China. Launched in 2004, Alipay serves over 900 million users in China as of June 2019.
Over the years, Alipay has evolved from a digital wallet to a lifestyle enabler. Alipay also offers in-store payment service covers over 50 markets across the world, and tax reimbursement via Alipay is supported in 35 markets.
TransferWise’s users will be able to send Chinese yuan from 17 currencies to users of Alipay, which serves more than 1.2 billion people worldwide. Transfers can take place by adding the recipient’s name and Alipay ID, and the money will be transferred instantly into the bank account linked to the recipient’s Alipay profile.
China is one of the top remittance recipient countries in the world, with £54 billion expected to be sent back home by Chinese expats and migrants living abroad.
Transferwise calls the partnership a “major expansion” for its services. The partnership provides a vital connection to the most populous country in the world.
Ma Zhiguo, Head of Global Remittances at Alipay, said they look forward to working closely with TransferWise for global remittances, as they continue to explore new ways to apply our technology in order to benefit more people globally.
“We are committed to working with partners such as TransferWise, using innovative technologies to help global consumers gain access to inclusive financial services, creating greater value for society and bringing equal opportunities to the world,” Zhiguo stated.
TransferWise processes £4 billion in transactions every month for its customers. In the UK, TransferWise is the second biggest player, with a market share of 15%.