TransferWise partners with Alipay to tap into the Chinese market

Tuesday 17 March 2020 06:25 CET | News

TransferWise, a UK-based online money transfer service, has teamed up with large mobile payments company Alibaba-backed Alipay to enable instant transfers to China using 17 currencies.

The move would help TransferWise tap into Alipay’s over 1.2 billion strong userbase, furthering its Asia expansion, according to Reuters.

TransferWise, which globally processes USD 6 billion in monthly transactions, had begun processing international payments into digital wallets in Indonesia and Philippines in late 2019. The European fintech startup, launched in 2011, has gained popularity by offering a simpler and cheaper alternative to banks for international money transfers.

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Keywords: TransferWise, partnership, Alipay, mobile payments, Alibaba, Alipay, money transfers
Categories: Banking & Fintech
Countries: China
This article is part of category

Banking & Fintech