Tencent Financial Technology has introduced Tenpay Global, a new international brand for its cross-border payment business with new remittance capabilities to Weixin.
The Tenpay Global brand consolidates a suite of business and consumer cross-border payment products and solutions to serve different customer segments, including ecommerce platforms, global corporate, and individual customers, as well as customers seeking personal remittance services.
Tenpay Global Remittance Services is an innovative remittance solution that enables global fintech institutions to connect with Weixin's open ecosystem by leveraging simple APIs and powerful global fund process capabilities.
Qualified Weixin users in the Chinese Mainland will now be able to receive remittances from abroad directly to the balance of their Weixin Wallet. This new feature builds on the existing remittance service available through Weixin-bundled bank card and is the latest evolution in our commitment to ensuring simpler, more convenient, reliable, and compliant cross-border money transfers.
Tencent Financial Technology has partnered with dozens of leading global remittance institutions since 2020, including Wise and Remitly, helping partners connect Weixin users with international remittance users in over 50 countries and regions through a Weixin Mini Programme called Weihuikuan.
To celebrate this new capability, Tenpay Global Remittance Services is pleased to offer an incentive programme to reward users sending remittances to Weixin through its partners, including E9Pay, Debunk Remit, Panda Remit, Paysend, Remitly, WireBarley, and Wise.
Tencent’s officials stated that the global ecommerce industry has developed rapidly in recent years, with China's cross border B2C export and import exceeding USD 282 billion, prompting strong demand for faster, more convenient, and high-quality cross-border payment services. Their new Tenpay Global brand represents an exciting new development in response to the market and growing demand from customers. They will continue to leverage their experiences and strengths in technology, risk control, and compliance, as well as their ecosystem, to create more value for their users and partners and build a more inclusive financial ecosystem.
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