The digital bank will enable same-day money transfers in Yuan via Alipay, targeting China’s global diaspora and expanding its footprint across Asia.
Revolut is entering the lucrative Chinese remittance market through a new partnership with Ant International, enabling users to send money directly to Alipay accounts in mainland China.
In a release published by The Asian Banker today (July 8), the UK digital bank confirmed it will facilitate cross-border money transfers in Chinese yuan (CNY) via Ant International’s remittance technology.
Alipay, China’s most popular digital wallet, holds more than 53% domestic market share and part of a wider network supporting 36 e-walletsvia Alipay+.
The feature allows Revolut users to send money by entering the recipient’s AliPay ID, full name and address. Transfers settle within the day and will be available in over 80 countries where Revolut currently supports international payments.
It builds on the company’s wider cross-border push, including the recent launch of its Instant Card Transfers service for global Mastercard and Visa transactions.
Revolut has significantly reduced its remittance fees for international money transfers in recent years, helping it gain a large customer base among global remitters. . Standard plan users now pay 0.15% (down from 0.4%), while Premium plan users pay 0.12% (down from 0.2%)
China’s valuable remittance market
With a total market capitalisation of $11.87trn, China’s financial market is the second largest in the world behind the US [?], with many international companies based or established in the country. Sending reliable and secure international payments to companies and consumers becomes an imperative to help businesses streamline their operations.
Similarly, China is home to one of the world’s largest diaspora populations, with millions of citizens living and working abroad. This has created a consistent demand for fast, low-cost remittance solutions into the country. By partnering with Ant International, Revolut is tapping into this need, enabling its global customer base to send money directly to Alipay users in mainland China.
However, there are guidelines companies like Revolut must adhere to. If a single remittance is over $50,000, it must follow China’s Guidelines for Foreign Exchange. Companies must also provide relevant documentation, such as contract, invoices, payment orders, in order to verify the transaction.
The emergence and full scale adoption of e-wallets in China has enabled cross-border transactions into the country to settle quicker and instantly become available to users.
By enabling cross-border transactions, backed by the remittance services of Ant International, Revolut continues its push to become a leader in the remittance and cross-border payments by opening its services in a valuable and large financial market.
