By
Mayowa Adebajo
March 20th, 2024
Thanks to teh partnership between TransferWise and Alipay, 7 million-plus users of TransferWise will be able to send Chinese yuan from 17 currencies to users of Alipay.
TransferWise has entered a new partnership with Alipay. Sources say that the remittance company will be able to send money to Alipay users. This expands TransferWise’s offerings to its current user base of about 7 million people. Alipay has one of the widest payment networks in the world covering about 1.2 billion people.
Many of the wallets are linked to the payment service through wallet providers in local retail markets. The $3.5 billion company may soon grow in valuation as the new partnership opens new doors.
TransferWise to Send money in Chinese Yuan to Alipay Users
Users will be able to pay the Chinese Yuan into the bank accounts linked with Alipay profiles. all that would be required for the transfer execution will be the Alipay user ID and the receiver’s name. Transfers are reported to be “almost instant” with a lag time of a couple of seconds.
With the ability to make transfers from about 17 currencies, TransferWise has become one of the world’s fintech Unicorns. It has also competed favorably in al sorts of remittance markets. Thus making it become the darling for varied users worldwide.
Many analysts in the fintech space have referred to it as one of the best moves that the remittance fir has made so far. The Chinese remittance market is one of the most lucrative in the world. Sources say that the market is about $65 billion (54 billion pounds). This is one of the most lucrative remittance markets by far.
The company has said indicated a positive outlook. It stated:
“The partnership is a major expansion for TransferWise as it reaches a new, additional market of people managing their money via the Alipay platform.”
It also indicates that the fintech space is growing. All kinds of hybrid business models are in the offing. It has created a new paradigm where cross-partnerships are the norm rather than single business models.
Fintech World Is Changing
It has also shown the need for all kinds of services which haven’t been offered before. Companies such as TransferWise have breathed new life into the way we use money and value.
TransferWise seems to have been busy in recent times. Apart from this partnership, the remittance company entered into a partnership with GoCardless. The fintech company allows for recurring payments via different platforms. It also services more than 50,000 businesses worldwide. The partnership also increases access to foreign exchange by the service.
Transferwise has also been seen by many as a direct competitor to established electronic payments providers. It is one of the leading new fintech companies that is changing the payments landscape with its unique features and services.
Shortly, such partnerships may be the new financial outlook as brick and mortar banks are considered to be “old school” by generation Z.