By John Reynolds on Tuesday 17 March 2020
According to a 2019 report, China is projected to be one of the top remittance recipient countries in the world, with £54bn expected to be sent back home by Chinese expats and migrants living abroad.
TransferWise has struck 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 will mean its customers will now be able to send Chinese yuan in under 20 seconds from 17 countries to users of Alipay.
TransferWise customers can make the transfer by adding in the recipient name and Alipay ID, which will allow the money to be transferred into the bank account linked to the recipient's Alipay profile.
Alipay says it now has over 1.2 billion users around the world while TransferWise says it has over seven million users.
Kristo Käärmann, co-founder and CEO of TransferWise (pictured), said: “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."
“This also brings us one step closer towards our mission of Money without Borders, and is a continuation of our vision of making cross border payments instant, convenient, transparent and eventually free.”
Ma Zhiguo, Head of Global Remittances, Alipay, said: “We look forward to working closely with TransferWise for global remittances, as we 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.”