TransferWise taps into China market with Alipay partnership

March 17, 2020 09:32
TransferWise aims to expand further in Asia by tapping into Alipay’s over 1.2 billion strong user base. Photo: Bloomberg/Internet

British online money transfer service TransferWise Ltd. said it is partnering with mobile payments giant Alibaba-backed Alipay to enable instant transfers to China using 17 currencies, Reuters reports.

The move would help TransferWise tap into Alipay’s over 1.2 billion strong user base, furthering its Asia expansion.

TransferWise, which globally processes US$6 billion in monthly transactions, had begun processing international payments into digital wallets in Indonesia and the Philippines late last year.

The European fintech startup, launched in 2011, has gained popularity by offering a simpler and cheaper alternative to banks for international money transfers.

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