TerraPay, which facilitates cross-border funds transfers, announced a strategic partnership with Tencent’s cross-border payments platform, Tenpay Global, to directly enable international remittances to Weixin Pay users in China.
According to the World Bank, global remittances are expected to reach $913 billion by 2025, with the majority going to developing countries. China is one of the world’s largest recipients of remittances, receiving an estimated $53 billion in recent years. This represents a significant opportunity for TerraPay and Tenpay Global to leverage inbound remittance flows within the Weixin Pay ecosystem.
Sending money to China is often difficult for individuals due to long processing times and limited access to digital payment options. According to a press release, the partnership between TerraPay and Tenpay Global aims to address these challenges by providing a fast, secure and easy-to-use solution to millions of users around the world. This integration will enable TerraPay customers to send money directly to over 1 billion Weixin and WeChat users in China, ensuring faster and more reliable cross-border transactions.
TerraPay’s strategic move is in line with the growing adoption of mobile wallets, as approximately 82% of China’s population uses digital wallets for daily transactions.
To seize this opportunity, TerraPay collaborated with five major wallet operators to establish an Interoperability Council. The council will enable participating wallets to interconnect and interoperate for multiple cross-border transaction types, such as remittances and merchant payments.
Amber Soule, Founder and CEO of TerraPay, expressed excitement about the partnership, saying, “Partnering with Tenpay Global is a great opportunity for us in China, one of the most vibrant digital payments markets in the world. It’s a thrilling milestone. This collaboration allows us to offer our users a direct and efficient way to send money, fostering deeper connections across borders, and expanding our wallet reach to more than 3.7 billion wallets. You can.”
Wenhui Yang, general manager of Tenpay Global, highlighted the company’s commitment to fostering open collaboration with global partners to build a cross-border digital payment network. By providing efficient and seamless money transfer solutions, we aim to enhance global connectivity and enable individuals to stay connected with their loved ones.
See more: Ambar Sur, China, cross-border payments, digital payments, global remittance market, international remittances, Interoperability Council, mobile wallets, news, PYMNTS news, remittance solutions, Southeast Asia, Tenpay Global, TerraPay, Weixin Pay, Wenhui Yang, hot thing
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