TerraPay, a facilitator of cross-border money movement, has partnered with Tenpay Global, Tencent‘s cross-border payment platform, to enable international money transfers to over one billion Weixin and WeChat users in China.
This collaboration aims to streamline remittances by offering secure solutions through the Weixin ecosystem.
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The World Bank projects that global remittances will reach $913bn by 2025, with China being one of the largest recipients, having received an estimated $53bn in recent years.
Sending money to China has traditionally posed challenges such as long processing times and limited access to digital payment options.
TerraPay’s alliance with Tenpay Global addresses these issues, providing a quick and secure alternative for millions worldwide to transfer funds to China’s advanced digital payment ecosystem.
With this integration, TerraPay’s customers can now facilitate money transfers directly to Weixin and WeChat users, ensuring faster cross-border transactions.
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By GlobalDataTerraPay founder and CEO Ambar Sur said: “This collaboration enables us to offer our users a direct, efficient way to send money home, fostering deeper connections across borders and expanding our wallet reach to more than 3.7 billion wallets.
“Furthermore, this partnership comes at an exciting time for wallet providers, as we have recently launched the Wallet Interoperability Council to drive interoperability for multiple cross-border transaction types, including remittances and merchant payments using wallets.”
According to TerraPay, research indicates that with approximately 82% of China’s population using digital wallets, TerraPay’s strategic move is aligned with the increasing adoption of mobile wallets.
In August this year, TerraPay joined forces with five wallet operators to establish an Interoperability Council.
This alliance was aimed at connecting and enabling interoperability among participating wallets for various cross-border transactions, including remittances and merchant payments.
Key remittance corridors into China, such as the US-China, Canada-China, and Southeast Asia-China routes, are crucial, driven by expatriates and overseas workers.
