- Paysend, which is a pioneer of card-to-card payment services, has announced that it will work alongside Tencent Financial Technology to encourage the use of payments in China.
- It is believed that these new payments are likely to be highly cost-effective given the commitment to good prices.
- “The meteoric rise of mobile and app-based payments in China has brought convenience to the lives of over one billion people,” said a spokesperson for Paysend.
Paysend, a provider of card-to-card services, has confirmed that it has paired up with Tencent Financial Technology.
Paysend, which was something of a pioneer in the card-to-card payments space, said that it will work with Tencent as part of a push to help people receive payments in China.
The new collaboration will see Paysend allow users to send cash to banks with permissions to operate in China.
Recipients will then be able to access the money through bank accounts of theirs that are connected to the Weixin smartphone app.
It is expected that the fees on these cross-border payments will be relatively low and that exchange rates will also be cost-effective.
In a statement, a senior figure at Paysend said that the development of the mobile app-focused world of payments had had a profound impact on people’s lives.
Alex Bessonov, who serves as group head of Network Development and Strategic Partnerships there, said that the rise had affected a billion people.
“The meteoric rise of mobile and app-based payments in China has brought convenience to the lives of over one billion people,” he said.
He went on to say that the new arrangement meant that the firm “underlines” its plans to get the best possibility technology in place.
“This new partnership with Tencent Financial Technology expands acceptance of Paysend transfers to Weixin users and underlines our ambition to use the most advanced technology to make payments faster and easier for millions of people around the world,” he explained.
For Tencent, meanwhile, the general manager of the company’s Asia Pacific branch said that it followed changes in customer behaviour.
Wenhui Yang also praised Paysend for providing cost-effective options for those looking to send money abroad.
“As customer preferences change, companies like Paysend provide an easier, more convenient, and lower-cost alternative for people to send money to friends and family,” he said.
He added that the new pairing would be a way for the two companies to promote “openness”.
“Ultimately, our partnership is another step in promoting openness and interoperability among the digital payment industry, thereby increasing convenience for customers who can send and receive money in the way that makes most sense to them,” he explained.
Do you need to keep on top of the various developments that happen in the online money transfer sector? If so, just head over to our reviews pages and see what’s happening in the industry.
