TransferWise and Alipay to work together on money transfer offer

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Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely… Read more
  • New collaboration means customers will be able to make their transfers in Chinese yuan from one of 17 other currency options
  • Option to run the transaction via a series of digital wallet partners is also available
  • “Alipay functions as the primary payment method for more than a billion people in China and we are excited to be bringing instant international transfers to the fingertips of Alipay’s users”, said an Alipay statement

One of the world’s most famous fintech start-ups has announced that it will work alongside Alipay, which is owned by Chinese e-commerce giant Alibaba.

The two firms will work together to deliver international money transfers in the major Asian economy.

TransferWise customers will be able to move Chinese yuan from one of 17 other currencies and transfer it to one of Alipay’s 1.2bn users around the world.

It will also be possible to run the transaction through a range of digital wallet partners, a network of which has been built by Alipay.

The exchange rate used by customers will be up to date and accurate.

In a statement, TransferWise said that the process would run “seamlessly” for customers and users.

“We’re on a mission to make your life easier and save you money”, it said in the statement.

“With this partnership, you’ll be able to send CNY to Alipay users seamlessly or receive money faster and easier from TransferWise.”

“Your money will be sent with the real exchange rate — like the one you see on Google”, it added.

One of the founders of TransferWise added that the move was part of the company’s distinctive long-term mission –  to make all cross border payments free of charge.

“Our newest partnership with Alipay has been one of the most requested features from our users since our expansion in Asia”, said Kristo Käärmann, who serves both as CEO and co-founder of TransferWise  according to reports.

“Alipay functions as the primary payment method for more than a billion people in China and we are excited to be bringing instant international transfers to the fingertips of Alipay’s users.”

“This also brings us one step closer towards our mission of Money without Borders, and is a continuation of our vision of making cross border payments instant, convenient, transparent and eventually free”, he added.

TransferWise is a major name on the cross border payments scene, and for many it is a highly trusted one too.

This partnership with Alipay may strike some as unexpected, though: the coronavirus outbreak, which has affected China’s economy hugely, is causing some investment in the country to be pulled.

Clearly, however, the fundamentals behind the partnership between Alipay and TransferWise are strong, as this project continues to go ahead – even despite the unprecedented times in which the Chinese and indeed global economies find themselves.

If you’d like to remain at the forefront of the news about TransferWise, Alipay and other major institutions, why not head over to our magazine pages where you can find out the latest?


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