TransferWise unites with Alipay for Chinese money transfers

TransferWise has unveiled a new collaboration with Alipay, as it seeks to provide its users with efficient and affordable international money transfers to China.

The launch means that TransferWise’s expansive platform of users will be able to instantly send Chinese yuan from 17 currencies to users of Alipay, which serves more than 1.2 billion people worldwide together with its local e-wallet partners. 

Users will be able to do this by adding in 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.

Kristo Käärmann, Co-founder and CEO of TransferWise, stated: “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.”

China represents one of the most fruitful markets in the world in terms of remittance recipients, with reports suggesting £54bn expected to be sent back home by Chinese expats and migrants living abroad.

The partnership is a major expansion for TransferWise as it reaches a new, additional market of people managing their money via the Alipay platform. Alipay, which is owned and operated by Ant Financial Services Group, currently serves more than 1.2 billion users around the world together with its local e-wallet partners.

Ma Zhiguo, Head of Global Remittances, Alipay added: “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.”