TransferWise Ltd. is a British online money transfer service, that has recently announced a new partnership Alipay, a mobile payments giant. This partnership will simplify the transferring process to China for 17 currencies.
Following the agreement that was announced on Monday, the UK-headquartered company, TransferWise with its 7 million userbase, will now be able to send the Chinese Yuan from 17 currencies to the users of Alipay, a digital wallet backed by Alibaba.
Kristo Käärmann, co-founder and CEO of Transferwise, commented on the partnership by saying that the collaboration between the two companies has been one of the most requested features from their users, ever since they expanded into Asia. Additionally, Kristo mentions that Alipay will function as the primary payment method for more than a billion people in China.
What is Alipay?
Alipay is owned by Ant Financial of China, one of the world’s largest fintech companies. as the name suggests, Alipay is a way to pay for goods and services online and is used by more than 1.2 billion people across the world.
This partnership will allow the British company to further tap into the Asian market and continue its expansion in the region. Additionally, the company said that the customers of UK fintech will only need the recipient’s name and Alipay ID for a transfer to take place, a process that is said to take just a few seconds.
Furthermore, the company stated that this partnership was a major expansion for TransferWise as it allows it to reach an additional market of people who wish to manage their finances using the Alipay platform.