TransferWise, the London-based international money transfer service recently valued by investors at $ 3.5 billion, has partnered with Aliplay of China to make international transfers.
Launch allows TransferWise Now more than 7 million users will be able to send Chinese yuan from 17 currencies to users of Alipay, which serves more than 1.2 billion people worldwide, including through its local e-wallet partners.
Promising “instant” money transfers, apparently in less than 20 seconds, TransferWise users simply need the recipient's name and Alipay ID to initiate a money transfer. The money will be sent to the bank account linked to the recipient's Alipay profile.
TransferWise could be a potentially smart business, which has sometimes struggled to secure the kinds of partnerships that can accelerate its customer base and increase transaction volume. According to a 2019 report, financial technology is citing, China is projected to be one of the top remittance-receiving countries in the world, and £ 54 billion is expected to be sent back home by Chinese expatriates and living migrants. abroad.
"The partnership is a great expansion for TransferWise as it reaches an additional new market of people managing their money through the Alipay platform," says the company.
That said, Alipay is the second significant partnership that TransferWise has announced in recent months. In November, it joined forces with GoCardless, London's financial technology that enables customers to pay using recurring bank payments (known as UK direct debits). GoCardless is used by more than 50,000 companies worldwide, spanning from multinational corporations to small and medium-sized businesses, and the association sees its own FX functionality powered by TransferWise.